KeyCorp Begins Coverage on Comstock Resources (NYSE:CRK)

KeyCorp started coverage on shares of Comstock Resources (NYSE:CRKGet Rating) in a research note published on Monday morning, MarketBeat reports. The brokerage issued an overweight rating and a $26.00 price objective on the oil and gas producer’s stock. KeyCorp also issued estimates for Comstock Resources’ Q3 2022 earnings at $1.24 EPS, Q4 2022 earnings at $1.43 EPS, FY2022 earnings at $4.17 EPS, Q1 2023 earnings at $2.15 EPS, Q2 2023 earnings at $1.04 EPS, Q3 2023 earnings at $1.05 EPS, Q4 2023 earnings at $1.42 EPS and FY2023 earnings at $5.66 EPS.

A number of other equities research analysts have also recently weighed in on the stock. Citigroup reissued a buy rating and issued a $17.00 price target on shares of Comstock Resources in a research report on Thursday, July 21st. Piper Sandler raised shares of Comstock Resources from an underweight rating to a neutral rating and upped their target price for the company from $16.00 to $17.00 in a report on Tuesday, August 2nd. Mizuho reduced their target price on shares of Comstock Resources from $23.00 to $21.00 and set a buy rating for the company in a report on Tuesday, July 19th. The Goldman Sachs Group upped their target price on shares of Comstock Resources from $12.00 to $13.50 and gave the company a sell rating in a report on Monday, August 22nd. Finally, Stifel Nicolaus upped their target price on shares of Comstock Resources from $22.00 to $27.00 and gave the company a buy rating in a report on Monday, September 12th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and five have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of Hold and a consensus target price of $19.88.

Comstock Resources Price Performance

Comstock Resources stock opened at $18.11 on Monday. The stock has a market cap of $4.22 billion, a P/E ratio of 20.12 and a beta of 1.32. The company has a fifty day simple moving average of $17.42 and a 200-day simple moving average of $15.78. Comstock Resources has a 12-month low of $6.88 and a 12-month high of $22.11. The company has a current ratio of 0.55, a quick ratio of 0.55 and a debt-to-equity ratio of 1.97.

Comstock Resources (NYSE:CRKGet Rating) last announced its quarterly earnings results on Monday, August 1st. The oil and gas producer reported $1.00 earnings per share for the quarter, beating analysts’ consensus estimates of $0.95 by $0.05. Comstock Resources had a net margin of 12.80% and a return on equity of 63.77%. The firm had revenue of $946.25 million during the quarter, compared to analysts’ expectations of $627.80 million. During the same period in the previous year, the company earned $0.22 earnings per share. Comstock Resources’s quarterly revenue was up 175.3% compared to the same quarter last year. Equities analysts expect that Comstock Resources will post 3.71 EPS for the current fiscal year.

Insider Transactions at Comstock Resources

In related news, VP Patrick Mcgough bought 28,800 shares of the stock in a transaction on Monday, August 8th. The shares were bought at an average cost of $14.86 per share, for a total transaction of $427,968.00. Following the completion of the transaction, the vice president now owns 92,190 shares of the company’s stock, valued at approximately $1,369,943.40. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In related news, VP Patrick Mcgough bought 28,800 shares of the stock in a transaction on Monday, August 8th. The shares were bought at an average cost of $14.86 per share, for a total transaction of $427,968.00. Following the completion of the transaction, the vice president now owns 92,190 shares of the company’s stock, valued at approximately $1,369,943.40. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Morris E. Foster bought 14,000 shares of the stock in a transaction on Friday, September 16th. The shares were bought at an average price of $18.16 per share, for a total transaction of $254,240.00. Following the completion of the transaction, the director now directly owns 144,084 shares of the company’s stock, valued at approximately $2,616,565.44. The disclosure for this purchase can be found here. Insiders have bought a total of 142,800 shares of company stock worth $2,574,208 over the last ninety days. 1.20% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Dimensional Fund Advisors LP lifted its holdings in shares of Comstock Resources by 23.2% in the fourth quarter. Dimensional Fund Advisors LP now owns 4,525,044 shares of the oil and gas producer’s stock valued at $36,610,000 after purchasing an additional 852,596 shares in the last quarter. Principal Financial Group Inc. purchased a new stake in shares of Comstock Resources in the fourth quarter valued at about $1,752,000. Citigroup Inc. lifted its holdings in shares of Comstock Resources by 1,584.9% in the fourth quarter. Citigroup Inc. now owns 198,160 shares of the oil and gas producer’s stock valued at $1,603,000 after purchasing an additional 186,399 shares in the last quarter. Qube Research & Technologies Ltd purchased a new stake in shares of Comstock Resources in the fourth quarter valued at about $192,000. Finally, Renaissance Technologies LLC lifted its stake in shares of Comstock Resources by 379.2% during the fourth quarter. Renaissance Technologies LLC now owns 502,709 shares of the oil and gas producer’s stock valued at $4,067,000 after buying an additional 397,809 shares during the period. 34.02% of the stock is currently owned by institutional investors and hedge funds.

Comstock Resources Company Profile

(Get Rating)

Comstock Resources, Inc, an independent energy company, engages in the acquisition, exploration, development, and production of oil and natural gas primarily in North Louisiana and East Texas, the United States. As of December 31, 2021, the company had 6.1 trillion cubic feet of the natural gas equivalent of proved reserves.

See Also

Analyst Recommendations for Comstock Resources (NYSE:CRK)

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