Comstock Resources (NYSE:CRK) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Thursday. The firm presently has a $6.50 price objective on the oil and gas producer’s stock. Zacks Investment Research‘s price target indicates a potential upside of 18.40% from the company’s current price.
According to Zacks, “Shares of Comstock have gained more than 16% over the past three months, easily outperforming the Zacks Oil & Gas U.S. E&P industry's 0.4% increase during the same period. In particular, Comstock's large acreage position in the prolific Haynesville/Bossier Shale play provides a multi-year inventory of low-risk development drilling opportunities that continues to achieve excellent results even in this difficult operating environment. Supplemented with a low-cost structure, CRK remains well positioned to maintain a strong growth trajectory in the near- to-medium term. A 27% jump in its proved reserves is set to provide further impetus this year. Consequently, we view Comstock as an attractive investment.”
Shares of CRK stock opened at $5.49 on Thursday. Comstock Resources has a 12-month low of $4.01 and a 12-month high of $10.72. The company has a debt-to-equity ratio of -3.01, a quick ratio of 1.80 and a current ratio of 1.80. The company has a market capitalization of $93.44, a P/E ratio of -1.41 and a beta of -0.09.
A number of hedge funds have recently modified their holdings of the stock. Guggenheim Capital LLC purchased a new position in shares of Comstock Resources during the 4th quarter worth $2,223,000. Renaissance Technologies LLC purchased a new position in shares of Comstock Resources during the 4th quarter worth $1,228,000. Macquarie Group Ltd. purchased a new position in shares of Comstock Resources during the 3rd quarter worth $430,000. Virtu Financial LLC boosted its stake in shares of Comstock Resources by 362.4% during the 4th quarter. Virtu Financial LLC now owns 58,828 shares of the oil and gas producer’s stock worth $498,000 after acquiring an additional 46,107 shares during the last quarter. Finally, Prime Capital Investment Advisors LLC purchased a new position in shares of Comstock Resources during the 4th quarter worth $307,000. Institutional investors own 44.19% of the company’s stock.
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About Comstock Resources
Comstock Resources, Inc is an energy company engaged in the acquisition, exploration, development and production of oil and natural gas in the United States. The Company operates in the segment of exploration and production of oil and natural gas. The Company’s oil and gas operations are concentrated in Texas and Louisiana.
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