Bank of America Begins Coverage on Comstock Resources (NYSE:CRK)

Analysts at Bank of America began coverage on shares of Comstock Resources (NYSE:CRK) in a research note issued to investors on Monday, Briefing.com reports. The brokerage set a “buy” rating and a $14.00 price target on the oil and gas producer’s stock. Bank of America‘s price objective indicates a potential upside of 16.67% from the stock’s current price.

Several other research firms have also commented on CRK. Truist Financial boosted their price target on Comstock Resources from $9.00 to $10.00 and gave the stock a “hold” rating in a research report on Monday, September 30th. BMO Capital Markets boosted their target price on shares of Comstock Resources from $10.00 to $11.00 and gave the stock a “market perform” rating in a research report on Friday, October 4th. Wolfe Research assumed coverage on shares of Comstock Resources in a report on Thursday, July 18th. They set a “peer perform” rating for the company. Mizuho dropped their price target on shares of Comstock Resources from $11.00 to $10.00 and set an “underperform” rating on the stock in a research note on Monday, September 16th. Finally, Piper Sandler cut shares of Comstock Resources from a “neutral” rating to an “underweight” rating and decreased their price objective for the company from $8.00 to $5.00 in a research report on Thursday, August 15th. Five equities research analysts have rated the stock with a sell rating, seven have issued a hold rating and two have issued a buy rating to the stock. According to data from MarketBeat, Comstock Resources currently has a consensus rating of “Hold” and a consensus target price of $10.31.

Comstock Resources Trading Down 0.1 %

Shares of CRK stock opened at $12.00 on Monday. The company has a quick ratio of 0.59, a current ratio of 0.59 and a debt-to-equity ratio of 1.21. Comstock Resources has a fifty-two week low of $7.07 and a fifty-two week high of $13.39. The firm’s 50 day moving average price is $10.95 and its two-hundred day moving average price is $10.62. The stock has a market cap of $3.51 billion, a price-to-earnings ratio of 54.55 and a beta of 0.47.

Comstock Resources (NYSE:CRK) last posted its earnings results on Tuesday, July 30th. The oil and gas producer reported ($0.20) earnings per share for the quarter, missing the consensus estimate of ($0.16) by ($0.04). Comstock Resources had a negative net margin of 1.48% and a negative return on equity of 1.38%. The business had revenue of $246.80 million for the quarter, compared to analyst estimates of $296.02 million. The business’s revenue for the quarter was down 14.4% on a year-over-year basis. On average, analysts anticipate that Comstock Resources will post -0.37 EPS for the current year.

Insider Buying and Selling at Comstock Resources

In other news, major shareholder Drilling L.P. Arkoma bought 573,453 shares of the firm’s stock in a transaction dated Friday, August 16th. The stock was bought at an average price of $10.64 per share, for a total transaction of $6,101,539.92. Following the transaction, the insider now owns 203,450,946 shares in the company, valued at $2,164,718,065.44. The trade was a 0.00 % increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is accessible through this link. In other news, major shareholder Drilling L.P. Arkoma acquired 573,453 shares of Comstock Resources stock in a transaction that occurred on Friday, August 16th. The shares were purchased at an average cost of $10.64 per share, for a total transaction of $6,101,539.92. Following the completion of the purchase, the insider now directly owns 203,450,946 shares of the company’s stock, valued at $2,164,718,065.44. This trade represents a 0.00 % increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, major shareholder Star Exploration Corp Blue acquired 825,000 shares of the firm’s stock in a transaction on Monday, August 5th. The stock was acquired at an average cost of $8.16 per share, with a total value of $6,732,000.00. Following the acquisition, the insider now owns 195,646,429 shares of the company’s stock, valued at $1,596,474,860.64. This trade represents a 0.00 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have bought 6,712,733 shares of company stock worth $67,816,851 over the last quarter. 1.50% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Comstock Resources

A number of institutional investors have recently modified their holdings of the business. Vanguard Group Inc. lifted its holdings in shares of Comstock Resources by 0.3% in the 4th quarter. Vanguard Group Inc. now owns 10,829,100 shares of the oil and gas producer’s stock worth $95,838,000 after purchasing an additional 34,231 shares during the last quarter. Hexagon Capital Partners LLC boosted its holdings in shares of Comstock Resources by 2,161.0% during the first quarter. Hexagon Capital Partners LLC now owns 4,929 shares of the oil and gas producer’s stock valued at $46,000 after acquiring an additional 4,711 shares during the period. Kovack Advisors Inc. bought a new position in shares of Comstock Resources during the first quarter worth about $1,058,000. J.W. Cole Advisors Inc. increased its holdings in shares of Comstock Resources by 39.0% in the 1st quarter. J.W. Cole Advisors Inc. now owns 27,604 shares of the oil and gas producer’s stock worth $256,000 after acquiring an additional 7,749 shares during the period. Finally, Janney Montgomery Scott LLC increased its holdings in shares of Comstock Resources by 17.0% in the 1st quarter. Janney Montgomery Scott LLC now owns 334,376 shares of the oil and gas producer’s stock worth $3,103,000 after acquiring an additional 48,480 shares during the period. Institutional investors own 36.13% of the company’s stock.

Comstock Resources Company Profile

Comstock Resources, Inc, an independent energy company, engages in the acquisition, exploration, development, and production of natural gas and oil properties in the United States. Its assets are located in the Haynesville and Bossier shales located in North Louisiana and East Texas. The company was incorporated in 1919 and is headquartered in Frisco, Texas.