Mizuho Trims Comstock Resources (NYSE:CRK) Target Price to $10.00

Comstock Resources (NYSE:CRK) had its price objective lowered by equities researchers at Mizuho from $11.00 to $10.00 in a research report issued to clients and investors on Monday, Benzinga reports. The brokerage currently has an “underperform” rating on the oil and gas producer’s stock. Mizuho’s price objective suggests a potential upside of 1.83% from the company’s previous close.

Several other brokerages also recently issued reports on CRK. Truist Financial raised their price objective on shares of Comstock Resources from $8.00 to $9.00 and gave the stock a “hold” rating in a research report on Monday, July 22nd. KeyCorp assumed coverage on shares of Comstock Resources in a report on Thursday, June 27th. They issued a “sector weight” rating for the company. The Goldman Sachs Group upped their target price on Comstock Resources from $9.00 to $10.00 and gave the company a “sell” rating in a research report on Tuesday, May 28th. Piper Sandler downgraded Comstock Resources from a “neutral” rating to an “underweight” rating and dropped their price target for the company from $8.00 to $5.00 in a research note on Thursday, August 15th. Finally, Wolfe Research initiated coverage on Comstock Resources in a research note on Thursday, July 18th. They issued a “peer perform” rating on the stock. Four investment analysts have rated the stock with a sell rating, seven have given a hold rating and one has assigned a buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $9.58.

Comstock Resources Stock Down 2.0 %

CRK traded down $0.20 during trading hours on Monday, hitting $9.82. 109,247 shares of the company’s stock were exchanged, compared to its average volume of 3,832,227. 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 1-year low of $7.07 and a 1-year high of $13.39. The stock’s 50-day moving average is $10.15 and its two-hundred day moving average is $10.07. The stock has a market cap of $2.87 billion, a price-to-earnings ratio of 44.77 and a beta of 0.48.

Comstock Resources (NYSE:CRK) last posted its quarterly earnings results on Tuesday, July 30th. The oil and gas producer reported ($0.20) earnings per share for the quarter, missing analysts’ consensus estimates 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 company had revenue of $246.80 million during the quarter, compared to the consensus estimate of $296.02 million. The business’s revenue for the quarter was down 14.4% compared to the same quarter last year. Sell-side analysts predict that Comstock Resources will post -0.33 earnings per share for the current fiscal year.

Insider Activity

In other news, major shareholder Star Exploration Corp Blue bought 825,000 shares of the stock in a transaction dated Monday, August 5th. The shares were bought at an average cost of $8.16 per share, with a total value of $6,732,000.00. Following the completion of the transaction, the insider now directly owns 195,646,429 shares of the company’s stock, valued at $1,596,474,860.64. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, major shareholder Star Exploration Corp Blue purchased 825,000 shares of the company’s stock in a transaction that occurred on Monday, August 5th. The shares were bought at an average cost of $8.16 per share, with a total value of $6,732,000.00. Following the completion of the transaction, the insider now directly owns 195,646,429 shares of the company’s stock, valued at $1,596,474,860.64. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, major shareholder Drilling L.P. Arkoma bought 825,868 shares of the business’s stock in a transaction dated Friday, August 9th. The stock was acquired at an average price of $9.76 per share, for a total transaction of $8,060,471.68. Following the purchase, the insider now directly owns 198,949,901 shares in the company, valued at $1,941,751,033.76. The disclosure for this purchase can be found here. Insiders bought a total of 6,712,733 shares of company stock worth $67,816,851 in the last three months. Company insiders own 1.50% of the company’s stock.

Hedge Funds Weigh In On Comstock Resources

Several hedge funds have recently made changes to their positions in the stock. ProShare Advisors LLC increased its holdings in Comstock Resources by 7.4% during the 1st quarter. ProShare Advisors LLC now owns 18,536 shares of the oil and gas producer’s stock worth $172,000 after acquiring an additional 1,276 shares during the period. GAMMA Investing LLC increased its holdings in shares of Comstock Resources by 27.5% in the second quarter. GAMMA Investing LLC now owns 6,083 shares of the oil and gas producer’s stock worth $63,000 after purchasing an additional 1,312 shares during the period. XTX Topco Ltd raised its holdings in shares of Comstock Resources by 4.8% in the 2nd quarter. XTX Topco Ltd now owns 28,791 shares of the oil and gas producer’s stock valued at $299,000 after acquiring an additional 1,330 shares in the last quarter. Simplicity Wealth LLC raised its stake in Comstock Resources by 5.7% in the second quarter. Simplicity Wealth LLC now owns 28,544 shares of the oil and gas producer’s stock valued at $296,000 after purchasing an additional 1,552 shares in the last quarter. Finally, The Manufacturers Life Insurance Company grew its stake in Comstock Resources by 2.9% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 57,876 shares of the oil and gas producer’s stock worth $601,000 after buying an additional 1,656 shares in the last quarter. 36.13% of the stock is currently owned by hedge funds and other institutional investors.

About Comstock Resources

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.