Short Interest in Comstock Resources, Inc. (NYSE:CRK) Declines By 8.3%

Comstock Resources, Inc. (NYSE:CRK) was the target of a large drop in short interest in June. As of June 15th, there was short interest totalling 26,960,000 shares, a drop of 8.3% from the May 31st total of 29,390,000 shares. Based on an average trading volume of 3,440,000 shares, the short-interest ratio is currently 7.8 days. Currently, 29.5% of the shares of the stock are short sold.

Wall Street Analyst Weigh In

Several brokerages have commented on CRK. StockNews.com upgraded shares of Comstock Resources to a “sell” rating in a research report on Monday, April 29th. The Goldman Sachs Group upped their price objective on Comstock Resources from $9.00 to $10.00 and gave the stock a “sell” rating in a research report on Tuesday, May 28th. Piper Sandler reduced their price objective on Comstock Resources from $9.00 to $8.00 and set an “overweight” rating on the stock in a research note on Thursday, March 7th. KeyCorp assumed coverage on Comstock Resources in a research note on Thursday, June 27th. They set a “sector weight” rating for the company. Finally, Mizuho raised their price target on shares of Comstock Resources from $10.00 to $11.00 and gave the company an “underperform” rating in a research note on Monday, May 13th. Three investment analysts have rated the stock with a sell rating, six have given a hold rating and two have given a buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $10.25.

Comstock Resources Trading Up 3.4 %

Shares of NYSE:CRK traded up $0.36 during midday trading on Wednesday, hitting $10.92. 1,508,844 shares of the stock were exchanged, compared to its average volume of 4,020,642. The business’s 50-day moving average price is $10.87 and its 200 day moving average price is $9.36. The stock has a market capitalization of $3.19 billion, a price-to-earnings ratio of 48.02 and a beta of 0.51. Comstock Resources has a 12 month low of $7.07 and a 12 month high of $13.39. The company has a debt-to-equity ratio of 1.09, a quick ratio of 0.64 and a current ratio of 0.64.

Comstock Resources (NYSE:CRK) last posted its earnings results on Wednesday, May 1st. The oil and gas producer reported ($0.03) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.08) by $0.05. The firm had revenue of $335.77 million for the quarter, compared to analyst estimates of $343.97 million. Comstock Resources had a net margin of 4.27% and a return on equity of 1.25%. The company’s revenue for the quarter was down 31.4% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.33 EPS. Analysts predict that Comstock Resources will post -0.09 earnings per share for the current year.

Institutional Trading of Comstock Resources

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Deutsche Bank AG increased its stake in shares of Comstock Resources by 13.1% in the third quarter. Deutsche Bank AG now owns 46,858 shares of the oil and gas producer’s stock valued at $517,000 after buying an additional 5,411 shares during the period. PNC Financial Services Group Inc. increased its position in Comstock Resources by 144.7% during the 3rd quarter. PNC Financial Services Group Inc. now owns 6,645 shares of the oil and gas producer’s stock valued at $73,000 after purchasing an additional 3,929 shares during the period. Federated Hermes Inc. raised its holdings in Comstock Resources by 80.0% during the 3rd quarter. Federated Hermes Inc. now owns 5,500 shares of the oil and gas producer’s stock worth $61,000 after purchasing an additional 2,445 shares during the last quarter. Hodges Capital Management Inc. acquired a new position in shares of Comstock Resources in the 3rd quarter worth approximately $366,000. Finally, KGH Ltd lifted its position in shares of Comstock Resources by 119.3% in the 3rd quarter. KGH Ltd now owns 8,586,000 shares of the oil and gas producer’s stock worth $94,704,000 after purchasing an additional 4,670,959 shares during the period. 36.13% of the stock is currently owned by institutional investors and hedge funds.

About Comstock Resources

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.