Truist Financial Boosts Comstock Resources (NYSE:CRK) Price Target to $10.00

Comstock Resources (NYSE:CRK) had its target price lifted by Truist Financial from $9.00 to $10.00 in a research report sent to investors on Monday, Benzinga reports. Truist Financial currently has a hold rating on the oil and gas producer’s stock.

Several other brokerages have also recently weighed in on CRK. Mizuho decreased their target price on Comstock Resources from $11.00 to $10.00 and set an underperform rating for the company in a research note on Monday, September 16th. Wolfe Research began coverage on Comstock Resources in a research note on Thursday, July 18th. They set a peer perform rating for the company. Piper Sandler cut Comstock Resources from a neutral rating to an underweight rating and decreased their target price for the company from $8.00 to $5.00 in a research note on Thursday, August 15th. Finally, KeyCorp began coverage on Comstock Resources in a research note on Thursday, June 27th. They set a sector weight rating for the company. Four investment analysts have rated the stock with a sell rating, seven have assigned a hold rating and one has issued a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of Hold and a consensus target price of $9.75.

Comstock Resources Price Performance

Shares of NYSE CRK opened at $11.95 on Monday. Comstock Resources has a 1-year low of $7.07 and a 1-year high of $13.39. The company has a debt-to-equity ratio of 1.21, a current ratio of 0.59 and a quick ratio of 0.59. The business’s fifty day moving average price is $10.28 and its two-hundred day moving average price is $10.28. The firm has a market capitalization of $3.49 billion, a PE ratio of 54.30 and a beta of 0.48.

Comstock Resources (NYSE:CRK) last issued 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). The company had revenue of $246.80 million during the quarter, compared to analyst estimates of $296.02 million. Comstock Resources had a negative return on equity of 1.38% and a negative net margin of 1.48%. The firm’s revenue was down 14.4% compared to the same quarter last year. On average, research analysts expect that Comstock Resources will post -0.37 EPS for the current year.

Insider Activity at Comstock Resources

In related news, major shareholder Drilling L.P. Arkoma purchased 592,246 shares of the firm’s stock in a transaction that occurred on Monday, August 26th. The stock was acquired at an average price of $11.54 per share, for a total transaction of $6,834,518.84. Following the transaction, the insider now directly owns 208,219,992 shares of the company’s stock, valued at approximately $2,402,858,707.68. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Comstock Resources news, major shareholder Drilling L.P. Arkoma acquired 592,246 shares of Comstock Resources stock in a transaction that occurred on Monday, August 26th. The stock was purchased at an average cost of $11.54 per share, with a total value of $6,834,518.84. Following the purchase, the insider now owns 208,219,992 shares in the company, valued at $2,402,858,707.68. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, major shareholder Star Exploration Corp Blue acquired 825,868 shares of Comstock Resources stock in a transaction that occurred on Wednesday, August 7th. The stock was acquired at an average cost of $8.82 per share, with a total value of $7,284,155.76. Following the completion of the purchase, the insider now owns 197,298,165 shares in the company, valued at approximately $1,740,169,815.30. The disclosure for this purchase can be found here. Insiders purchased 6,712,733 shares of company stock worth $67,816,851 in the last quarter. 1.50% of the stock is owned by company insiders.

Institutional Investors Weigh In On Comstock Resources

Several hedge funds have recently bought and sold shares of the business. Doliver Advisors LP lifted its stake in Comstock Resources by 3.9% in the 3rd quarter. Doliver Advisors LP now owns 26,455 shares of the oil and gas producer’s stock worth $294,000 after acquiring an additional 988 shares in the last quarter. ProShare Advisors LLC raised its stake in shares of 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 purchasing an additional 1,276 shares in the last quarter. GAMMA Investing LLC raised its stake in shares of Comstock Resources by 27.5% during the 2nd 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 in the last quarter. XTX Topco Ltd raised its stake in shares of Comstock Resources by 4.8% during the 2nd quarter. XTX Topco Ltd now owns 28,791 shares of the oil and gas producer’s stock worth $299,000 after purchasing an additional 1,330 shares in the last quarter. Finally, Simplicity Wealth LLC raised its stake in shares of Comstock Resources by 5.7% during the 2nd quarter. Simplicity Wealth LLC now owns 28,544 shares of the oil and gas producer’s stock worth $296,000 after purchasing an additional 1,552 shares in the last quarter. 36.13% of the stock is owned by hedge funds and other institutional investors.

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.