Zacks Investment Research Lowers Comstock Resources (NYSE:CRK) to Hold

Zacks Investment Research cut shares of Comstock Resources (NYSE:CRK) from a buy rating to a hold rating in a research report released on Tuesday, Zacks.com reports.

According to Zacks, “Comstock Resources, Inc. is an independent energy company engaged in the acquisition, development, production and exploration of oil and natural gas properties. The company’s oil and natural gas reserve base is entirely concentrated in the Gulf of Mexico, Southeast Texas and East Texas/North Louisiana regions. “

A number of other research firms also recently weighed in on CRK. MKM Partners decreased their price target on Comstock Resources from $8.00 to $7.00 and set a buy rating for the company in a research note on Friday, May 15th. Johnson Rice upgraded Comstock Resources from an accumulate rating to a buy rating in a research note on Monday, May 18th. Stifel Nicolaus upgraded Comstock Resources from a hold rating to a buy rating and raised their price target for the company from $6.00 to $8.00 in a research note on Tuesday, March 31st. Capital One Financial upgraded Comstock Resources from an equal weight rating to an overweight rating in a research note on Monday, May 18th. Finally, ValuEngine downgraded Comstock Resources from a sell rating to a strong sell rating in a research note on Monday, May 18th. One analyst has rated the stock with a sell rating, two have given a hold rating and six have issued a buy rating to the stock. The stock has a consensus rating of Buy and a consensus target price of $7.83.

CRK stock opened at $4.31 on Tuesday. The company has a quick ratio of 0.82, a current ratio of 0.82 and a debt-to-equity ratio of 2.14. The business has a 50 day moving average price of $4.98 and a two-hundred day moving average price of $6.10. The company has a market cap of $820.99 million, a price-to-earnings ratio of 8.13 and a beta of 1.02. Comstock Resources has a twelve month low of $4.05 and a twelve month high of $10.70.

Comstock Resources (NYSE:CRK) last posted its quarterly earnings results on Wednesday, May 6th. The oil and gas producer reported $0.12 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.06 by $0.06. The firm had revenue of $225.88 million during the quarter, compared to the consensus estimate of $242.75 million. Comstock Resources had a return on equity of 14.63% and a net margin of 14.45%. On average, equities research analysts anticipate that Comstock Resources will post 0.38 EPS for the current fiscal year.

In other news, Director Jim L. Turner purchased 75,000 shares of the company’s stock in a transaction that occurred on Thursday, May 14th. The stock was acquired at an average cost of $4.73 per share, with a total value of $354,750.00. Following the acquisition, the director now owns 164,470 shares in the company, valued at approximately $777,943.10. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Roland O. Burns purchased 25,000 shares of the company’s stock in a transaction that occurred on Thursday, May 14th. The shares were purchased at an average cost of $4.74 per share, with a total value of $118,500.00. Following the completion of the acquisition, the chief financial officer now owns 778,440 shares in the company, valued at approximately $3,689,805.60. The disclosure for this purchase can be found here. Insiders have bought a total of 140,000 shares of company stock valued at $663,250 over the last quarter. 1.50% of the stock is currently owned by corporate insiders.

Large investors have recently added to or reduced their stakes in the stock. Guggenheim Capital LLC acquired a new stake in Comstock Resources during the 1st quarter worth approximately $69,000. Creative Planning lifted its holdings in Comstock Resources by 63.8% during the 1st quarter. Creative Planning now owns 18,014 shares of the oil and gas producer’s stock worth $97,000 after purchasing an additional 7,014 shares during the last quarter. Principal Financial Group Inc. acquired a new stake in Comstock Resources during the 4th quarter worth approximately $109,000. Bank of America Corp DE raised its holdings in Comstock Resources by 58.1% in the 4th quarter. Bank of America Corp DE now owns 15,625 shares of the oil and gas producer’s stock valued at $129,000 after acquiring an additional 5,745 shares in the last quarter. Finally, Man Group plc acquired a new position in Comstock Resources in the 4th quarter valued at $137,000. 3.22% of the stock is owned by institutional investors and hedge funds.

Comstock Resources Company Profile

Comstock Resources, Inc and its subsidiaries engage in the acquisition, exploration for, development, and production of oil and natural gas properties, primarily in Texas, Louisiana, and North Dakota. The company is headquartered in Frisco, Texas.

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