Comstock Resources (CRK) closed the most recent trading day at $13.58, moving +0.07% from the previous trading session. This change outpaced the S&P 500's 0.93% loss on the day. Elsewhere, the Dow lost 0.43%, while the tech-heavy Nasdaq lost 0.17%.
Heading into today, shares of the oil and gas company had gained 5.36% over the past month, outpacing the Oils-Energy sector's loss of 4.39% and lagging the S&P 500's gain of 6.31% in that time.
Wall Street will be looking for positivity from Comstock Resources as it approaches its next earnings report date. This is expected to be August 1, 2022. The company is expected to report EPS of $0.86, up 290.91% from the prior-year quarter. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $631.33 million, up 83.69% from the year-ago period.
Looking at the full year, our Zacks Consensus Estimates suggest analysts are expecting earnings of $3.42 per share and revenue of $2.64 billion. These totals would mark changes of +194.83% and +42.72%, respectively, from last year.
It is also important to note the recent changes to analyst estimates for Comstock Resources. These revisions typically reflect the latest short-term business trends, which can change frequently. As a result, we can interpret positive estimate revisions as a good sign for the company's business outlook.
Research indicates that these estimate revisions are directly correlated with near-term share price momentum. We developed the Zacks Rank to capitalize on this phenomenon. Our system takes these estimate changes into account and delivers a clear, actionable rating model.
The Zacks Rank system, which ranges from #1 (Strong Buy) to #5 (Strong Sell), has an impressive outside-audited track record of outperformance, with #1 stocks generating an average annual return of +25% since 1988. Over the past month, the Zacks Consensus EPS estimate has moved 10.6% lower. Comstock Resources is holding a Zacks Rank of #3 (Hold) right now.
Investors should also note Comstock Resources's current valuation metrics, including its Forward P/E ratio of 3.97. This valuation marks a discount compared to its industry's average Forward P/E of 4.34.
The Oil and Gas - Exploration and Production - United States industry is part of the Oils-Energy sector. This industry currently has a Zacks Industry Rank of 15, which puts it in the top 6% of all 250+ industries.
The Zacks Industry Rank includes is listed in order from best to worst in terms of the average Zacks Rank of the individual companies within each of these sectors. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
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