Comstock Resources (NYSE:CRK) Stock Price Down 5.4% – Should You Sell?

Comstock Resources, Inc. (NYSE:CRK)’s share price dropped 5.4% on Monday . The stock traded as low as $14.57 and last traded at $14.73. Approximately 292,531 shares were traded during mid-day trading, a decline of 91% from the average daily volume of 3,438,864 shares. The stock had previously closed at $15.57.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on CRK. Siebert Williams Shank downgraded Comstock Resources from a “hold” rating to a “sell” rating and set a $9.00 price target on the stock. in a research report on Tuesday, October 15th. Bank of America began coverage on Comstock Resources in a research report on Monday, October 28th. They set a “buy” rating and a $14.00 target price on the stock. Mizuho cut their price target on shares of Comstock Resources from $11.00 to $10.00 and set an “underperform” rating for the company in a report on Monday, September 16th. BMO Capital Markets increased their price objective on shares of Comstock Resources from $10.00 to $11.00 and gave the company a “market perform” rating in a report on Friday, October 4th. Finally, Piper Sandler lowered shares of Comstock Resources from a “neutral” rating to an “underweight” rating and dropped their target price for the company from $8.00 to $5.00 in a research report on Thursday, August 15th. Five investment analysts have rated the stock with a sell rating, seven have given a hold rating and two have assigned a buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $10.31.

Comstock Resources Stock Performance

The firm has a fifty day moving average of $12.76 and a 200 day moving average of $11.33. The stock has a market cap of $4.44 billion, a price-to-earnings ratio of -84.33 and a beta of 0.57. The company has a debt-to-equity ratio of 1.25, a current ratio of 0.60 and a quick ratio of 0.60.

Comstock Resources (NYSE:CRK) last posted its quarterly earnings results on Wednesday, October 30th. The oil and gas producer reported ($0.17) EPS for the quarter, missing the consensus estimate of ($0.16) by ($0.01). Comstock Resources had a negative return on equity of 3.88% and a negative net margin of 4.93%. The company had revenue of $304.50 million for the quarter, compared to analysts’ expectations of $308.75 million. During the same quarter in the prior year, the firm earned $0.04 EPS. The firm’s revenue was down 19.2% on a year-over-year basis. As a group, sell-side analysts forecast that Comstock Resources, Inc. will post -0.44 EPS for the current year.

Institutional Trading of Comstock Resources

Institutional investors have recently made changes to their positions in the company. Harbor Capital Advisors Inc. purchased a new stake in Comstock Resources in the third quarter valued at $25,000. Sunbelt Securities Inc. increased its position in shares of Comstock Resources by 140.0% during the 3rd quarter. Sunbelt Securities Inc. now owns 2,400 shares of the oil and gas producer’s stock worth $27,000 after purchasing an additional 1,400 shares during the last quarter. Blue Trust Inc. purchased a new stake in Comstock Resources in the 2nd quarter valued at about $32,000. EverSource Wealth Advisors LLC lifted its position in Comstock Resources by 2,533.8% in the second quarter. EverSource Wealth Advisors LLC now owns 3,582 shares of the oil and gas producer’s stock valued at $34,000 after buying an additional 3,446 shares during the last quarter. Finally, GAMMA Investing LLC boosted its stake in Comstock Resources by 27.5% during the second quarter. GAMMA Investing LLC now owns 6,083 shares of the oil and gas producer’s stock worth $63,000 after buying an additional 1,312 shares during the period. Hedge funds and other institutional investors own 36.13% of the company’s stock.

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.