Comstock Resources (NYSE:CRK) Price Target Lowered to $13.00 at Piper Sandler

Posted by Defense World Staff on Apr 20th, 2023

Comstock Resources (NYSE:CRK – Get Rating) had its target price trimmed by Piper Sandler from $14.00 to $13.00 in a report issued on Wednesday, The Fly reports.

Several other research firms also recently issued reports on CRK. Stifel Nicolaus decreased their price objective on shares of Comstock Resources from $20.00 to $15.00 and set a buy rating for the company in a research note on Friday, April 14th. Mizuho boosted their price objective on shares of Comstock Resources from $17.00 to $18.00 in a research note on Friday, March 10th. Credit Suisse Group boosted their price objective on shares of Comstock Resources from $11.00 to $12.00 and gave the stock a hold rating in a research note on Thursday, February 16th. StockNews.com started coverage on shares of Comstock Resources in a research note on Thursday, March 16th. They set a hold rating for the company. Finally, Truist Financial decreased their price objective on shares of Comstock Resources from $12.00 to $9.00 and set a hold rating for the company in a research note on Tuesday, April 11th. One analyst has rated the stock with a sell rating, ten have assigned a hold rating and two have issued a buy rating to the stock. According to MarketBeat.com, Comstock Resources presently has a consensus rating of Hold and a consensus price target of $13.94.

Comstock Resources Stock Performance

Shares of CRK stock opened at $10.94 on Wednesday. Comstock Resources has a one year low of $9.71 and a one year high of $22.11. The company has a debt-to-equity ratio of 0.94, a quick ratio of 0.85 and a current ratio of 0.85. The company has a 50 day moving average price of $11.36 and a 200 day moving average price of $14.17. The firm has a market capitalization of $3.04 billion, a price-to-earnings ratio of 2.73 and a beta of 1.19.

Comstock Resources (NYSE:CRK – Get Rating) last issued its quarterly earnings results on Wednesday, February 15th. The oil and gas producer reported $1.05 EPS for the quarter, topping the consensus estimate of $0.84 by $0.21. Comstock Resources had a net margin of 31.84% and a return on equity of 68.19%. The firm had revenue of $922.40 million during the quarter, compared to analyst estimates of $665.87 million. During the same quarter in the prior year, the business posted $0.37 earnings per share. Comstock Resources’s revenue for the quarter was up 40.7% compared to the same quarter last year. Sell-side analysts anticipate that Comstock Resources will post 1.38 EPS for the current year.

Comstock Resources Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Wednesday, March 15th. Stockholders of record on Wednesday, March 1st were paid a $0.125 dividend. The ex-dividend date was Tuesday, February 28th. This represents a $0.50 annualized dividend and a dividend yield of 4.57%. Comstock Resources’s dividend payout ratio (DPR) is presently 12.47%.

Insider Activity at Comstock Resources

In related news, CFO Roland O. Burns purchased 10,000 shares of the business’s stock in a transaction that occurred on Thursday, March 23rd. The shares were purchased at an average cost of $10.00 per share, with a total value of $100,000.00. Following the completion of the acquisition, the chief financial officer now directly owns 950,430 shares of the company’s stock, valued at approximately $9,504,300. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, VP Brian Christopher Claunch purchased 5,000 shares of the business’s stock in a transaction that occurred on Wednesday, March 15th. The shares were purchased at an average cost of $10.08 per share, with a total value of $50,400.00. Following the completion of the acquisition, the vice president now directly owns 36,764 shares of the company’s stock, valued at approximately $370,581.12. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Roland O. Burns bought 10,000 shares of the company’s stock in a transaction on Thursday, March 23rd. The shares were acquired at an average cost of $10.00 per share, for a total transaction of $100,000.00. Following the completion of the acquisition, the chief financial officer now directly owns 950,430 shares of the company’s stock, valued at approximately $9,504,300. The disclosure for this purchase can be found here. 1.20% of the stock is currently owned by corporate insiders.

Institutional Trading of Comstock Resources

Institutional investors and hedge funds have recently modified their holdings of the business. MetLife Investment Management LLC raised its holdings in shares of Comstock Resources by 3.3% during the third quarter. MetLife Investment Management LLC now owns 47,805 shares of the oil and gas producer’s stock worth $827,000 after purchasing an additional 1,531 shares during the period. LSV Asset Management raised its holdings in shares of Comstock Resources by 22.6% during the third quarter. LSV Asset Management now owns 352,974 shares of the oil and gas producer’s stock worth $6,103,000 after purchasing an additional 65,074 shares during the period. Cross Staff Investments Inc raised its holdings in shares of Comstock Resources by 6.8% during the fourth quarter. Cross Staff Investments Inc now owns 477,370 shares of the oil and gas producer’s stock worth $6,545,000 after purchasing an additional 30,568 shares during the period. Clarus Group Inc. raised its holdings in shares of Comstock Resources by 19.5% during the third quarter. Clarus Group Inc. now owns 123,113 shares of the oil and gas producer’s stock worth $2,129,000 after purchasing an additional 20,082 shares during the period. Finally, Algert Global LLC raised its holdings in shares of Comstock Resources by 62.4% during the third quarter. Algert Global LLC now owns 136,087 shares of the oil and gas producer’s stock worth $2,353,000 after purchasing an additional 52,299 shares during the period. 35.22% of the stock is owned by institutional investors and hedge funds.

Comstock Resources Company Profile

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Comstock Resources, Inc engages in the acquisition, development, and exploration of oil and natural gas. The firm operations concentrated in the Haynesville shale, a premier natural gas basin located in East Texas. The company was founded in 1919 and is headquartered in Frisco, TX.