The stock of Comstock Resources, Inc. (NYSE:CRK) is now priced at $5.76 and the shares are -0.37 points down or -6.04% lower compared to its previous closing price of $6.13. The stock had 1.826 million contracts set over the past session. CRK shares’ daily volume is compared to its average trading volume at 1.904 million shares. However, it has a float of 61.27 million and although its performance was -4.48% over the week, it’s one to watch. Analysts have given the CRK stock a yearly average price target of $8.59 per share. It means the stock’s upside potential is 49.13% with the CRK share price recently placing at $5.685 to $6.07. However, some brokerage firms have priced the stock below the average, including one that has called $6.
The shorts are running away from the Comstock Resources, Inc. stock, with the latest data on short interest released on July 31, 2020, showing that short interest numbers in the CRK shares have declined. Short interest in the stock represents just 5.01% of its float, but the volume has dropped by 0.
In the last trading session, Comstock Resources, Inc. (NYSE:CRK) dropped by -$0.27 over the week and lost -$0.23 on its 20-day. The stock’s high in the recent session is lower when compared to its 52-week high of $10.7. The stock recorded its established 52-week high on 09/16/19.
Since 03/16/20, the stock has traded to a low of $4.05 at 42.22%, an encouraging piece of data likely to interest most investors out to exploit the stock’s recent surge. The stock has a beta allocation of 2.16. Being above 1 means that the stock’s volatility is higher than the market and traders are keenly watching it.
Looking at current readings, Comstock Resources, Inc.’s two-week RSI is 49.29. This suggests that the stock is neutral at the moment and that CRK shares’ price movement remains stable. The stochastic readings are equally revealing at 29.44% meaning the CRK share price is currently in overbought territory.
The technical chart shows that the CRK stock will likely settle at between $5.99 and $6.22 per share. However, if the stock dips below $5.61, then its market would become much weaker. Any downside could see the stock price sliding to levels as low as $5.45.
Currently, the stock is trading in the green of MACD, with a reading of 0.01. Investors always pay attention to any move above or below the zero-line, mainly because the indicator points to the position of the stock’s short-term average relative to its long-term measure. A MACD -a reading above the zero line means that the short-term is above the long-term average. This scenario implies that there is an upward momentum. The opposite is true when the MACD falls below the zero-line.
Analysts at Maxim Group assigned CRK a rating of Neutral in their intiating review released on August 13. Citigroup analysts see the stock as a Buy with a target price of $8 in a flash note released to investors on July 21 initiating covering the stock. Piper Sandler analysts see the stock as Neutral when the analysts initiated the share price coverage on July 09, placing it at $5.5.
The average rating for the CRK equity is 2.29 and is currently gathering a bullish momentum. Of 10 analysts tracking Comstock Resources, Inc. polled by Reuters, 2 rated CRK as a hold. The remaining 8 analysts were split evenly. However, the split wasn’t equal as a majority (8) rated it as a buy or strong buy. 0 analyst advised investors against buying the stock or to sell if they own any of the stock.
Elsewhere, the CRK stock price is 8.15X ahead of its 12-month Consensus earnings per share estimates.
Zacks Consensus Estimate forecasts that the current-quarter revenues for Comstock Resources, Inc. (NYSE:CRK) will decrease by about -99.87%, which will see them reach $228 million. The company’s full-year revenues are, however, expected to increase by about 26.07%, up from $769 million to $969 million. CRK’s expected adjusted earnings should drop almost -100% to end up at $0 per share, while for the fiscal year, analysts project the company’s earnings to drop by about -75.32% to record $0.19/share.