Comstock Resources (CRK) closed at $19.64 in the latest trading session, marking a -1.5% move from the prior day. This move was narrower than the S&P 500's daily loss of 4.32%. At the same time, the Dow lost 3.94%, and the tech-heavy Nasdaq lost 0.35%.
Coming into today, shares of the oil and gas company had gained 18.69% in the past month. In that same time, the Oils-Energy sector gained 2.43%, while the S&P 500 lost 3.75%.
Comstock Resources will be looking to display strength as it nears its next earnings release. On that day, Comstock Resources is projected to report earnings of $0.97 per share, which would represent year-over-year growth of 185.29%. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $679 million, up 32.83% from the year-ago period.
For the full year, our Zacks Consensus Estimates are projecting earnings of $3.56 per share and revenue of $2.65 billion, which would represent changes of +206.9% and +43.11%, respectively, from the prior year.
Any recent changes to analyst estimates for Comstock Resources should also be noted by investors. Recent revisions tend to reflect the latest near-term business trends. With this in mind, we can consider positive estimate revisions a sign of optimism about the company's business outlook.
Our research shows that these estimate changes are directly correlated with near-term stock prices. 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.
Ranging from #1 (Strong Buy) to #5 (Strong Sell), the Zacks Rank system has a proven, outside-audited track record of outperformance, with #1 stocks returning an average of +25% annually since 1988. Within the past 30 days, our consensus EPS projection has moved 5.64% higher. Comstock Resources is currently sporting a Zacks Rank of #3 (Hold).
Digging into valuation, Comstock Resources currently has a Forward P/E ratio of 5.61. This valuation marks a premium compared to its industry's average Forward P/E of 5.37.
The Oil and Gas - Exploration and Production - United States industry is part of the Oils-Energy sector. This group has a Zacks Industry Rank of 45, putting it in the top 18% of all 250+ industries.
The Zacks Industry Rank gauges the strength of our individual industry groups by measuring the average Zacks Rank of the individual stocks within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Make sure to utilize Zacks.com to follow all of these stock-moving metrics, and more, in the coming trading sessions.
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