Comstock Resources (NYSE:CRK) Releases Quarterly Earnings Results, Beats Estimates By $0.05 EPS

Comstock Resources (NYSE:CRK) released its quarterly earnings data on Wednesday. The oil and gas producer reported ($0.03) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.08) by $0.05, Briefing.com reports. The firm had revenue of $335.77 million during the quarter, compared to analysts’ expectations of $343.97 million. Comstock Resources had a net margin of 4.27% and a return on equity of 1.25%. Comstock Resources’s revenue was down 31.4% compared to the same quarter last year. During the same period last year, the business earned $0.33 earnings per share.

Comstock Resources Trading Up 1.2 %

NYSE:CRK traded up $0.12 on Friday, hitting $9.98. 2,377,438 shares of the stock were exchanged, compared to its average volume of 3,558,614. The stock has a fifty day moving average of $9.04 and a 200-day moving average of $9.37. The stock has a market cap of $2.92 billion, a PE ratio of 45.37 and a beta of 0.70. The company has a current ratio of 0.64, a quick ratio of 0.68 and a debt-to-equity ratio of 1.09. Comstock Resources has a fifty-two week low of $7.07 and a fifty-two week high of $13.39.

Wall Street Analysts Forecast Growth

Several equities analysts have recently commented on CRK shares. Pickering Energy Partners upgraded shares of Comstock Resources from an “underperform” rating to a “neutral” rating in a report on Tuesday, January 9th. The Goldman Sachs Group lifted their price objective on shares of Comstock Resources from $8.00 to $9.00 and gave the company a “sell” rating in a report on Tuesday, April 2nd. Piper Sandler reduced their target price on shares of Comstock Resources from $9.00 to $8.00 and set an “overweight” rating on the stock in a report on Thursday, March 7th. Truist Financial cut their price target on Comstock Resources from $10.00 to $9.00 and set a “hold” rating on the stock in a report on Tuesday, February 13th. Finally, StockNews.com raised shares of Comstock Resources to a “sell” rating in a report on Monday, April 29th. Three research analysts have rated the stock with a sell rating, four have issued a hold rating and two have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $9.75.

Insider Activity

In other Comstock Resources news, major shareholder Star Exploration Corp Blue purchased 12,500,000 shares of the business’s stock in a transaction that occurred on Monday, March 25th. The shares were purchased at an average price of $8.04 per share, for a total transaction of $100,500,000.00. Following the completion of the acquisition, the insider now owns 194,821,429 shares of the company’s stock, valued at approximately $1,566,364,289.16. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 1.50% of the company’s stock.

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.