Comstock Resources (NYSE:CRK) Stock Price Down 7.6%

Comstock Resources, Inc. (NYSE:CRK) traded down 7.6% during trading on Wednesday . The company traded as low as $10.07 and last traded at $10.19. 2,110,032 shares changed hands during trading, a decline of 46% from the average session volume of 3,922,510 shares. The stock had previously closed at $11.03.

Analyst Ratings Changes

Several brokerages recently issued reports on CRK. The Goldman Sachs Group upped their price objective on shares of Comstock Resources from $9.00 to $10.00 and gave the company a “sell” rating in a research note on Tuesday, May 28th. Truist Financial raised their price objective on Comstock Resources from $8.00 to $9.00 and gave the stock a “hold” rating in a report on Monday, July 22nd. Capital One Financial downgraded Comstock Resources from an “overweight” rating to an “equal weight” rating in a research report on Wednesday, May 15th. Piper Sandler cut Comstock Resources from a “neutral” rating to an “underweight” rating and lowered their price target for the company from $8.00 to $5.00 in a report on Thursday, August 15th. Finally, KeyCorp initiated coverage on shares of Comstock Resources in a research note on Thursday, June 27th. They set a “sector weight” rating for the company. Four investment analysts have rated the stock with a sell rating, seven have issued a hold rating and one has given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $9.75.

Comstock Resources Stock Down 1.2 %

The company has a current ratio of 0.59, a quick ratio of 0.64 and a debt-to-equity ratio of 1.21. The firm has a market capitalization of $3.10 billion, a price-to-earnings ratio of 48.30 and a beta of 0.51. The firm has a 50 day moving average price of $10.33 and a two-hundred day moving average price of $9.90.

Comstock Resources (NYSE:CRK) last announced its quarterly earnings results on Tuesday, July 30th. The oil and gas producer reported ($0.20) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.16) by ($0.04). Comstock Resources had a negative net margin of 1.48% and a negative return on equity of 1.38%. The business had revenue of $246.80 million for the quarter, compared to analyst estimates of $296.02 million. The firm’s revenue for the quarter was down 14.4% compared to the same quarter last year. On average, equities analysts expect that Comstock Resources, Inc. will post -0.13 earnings per share for the current fiscal year.

Insider Activity at Comstock Resources

In related news, major shareholder Drilling L.P. Arkoma acquired 592,246 shares of the business’s stock in a transaction on Monday, August 26th. The shares were bought at an average cost of $11.54 per share, with a total value of $6,834,518.84. Following the completion of the transaction, the insider now directly owns 208,219,992 shares of the company’s stock, valued at approximately $2,402,858,707.68. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, major shareholder Drilling L.P. Arkoma purchased 592,246 shares of the firm’s stock in a transaction on Monday, August 26th. The stock was purchased at an average price of $11.54 per share, for a total transaction of $6,834,518.84. Following the acquisition, the insider now directly owns 208,219,992 shares in the company, valued at $2,402,858,707.68. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, major shareholder Star Exploration Corp Blue acquired 825,000 shares of the stock in a transaction on Monday, August 5th. The stock was purchased at an average cost of $8.16 per share, with a total value of $6,732,000.00. Following the transaction, the insider now directly owns 195,646,429 shares of the company’s stock, valued at $1,596,474,860.64. The disclosure for this purchase can be found here. In the last 90 days, insiders have acquired 6,712,733 shares of company stock worth $67,816,851. 1.50% of the stock is currently owned by corporate insiders.

Institutional Trading of Comstock Resources

Several large investors have recently modified their holdings of the business. Dimensional Fund Advisors LP boosted its holdings in Comstock Resources by 26.3% in the second quarter. Dimensional Fund Advisors LP now owns 11,696,540 shares of the oil and gas producer’s stock valued at $121,414,000 after purchasing an additional 2,438,252 shares during the last quarter. KGH Ltd raised its position in shares of Comstock Resources by 8.7% in the 2nd quarter. KGH Ltd now owns 12,125,000 shares of the oil and gas producer’s stock valued at $125,858,000 after purchasing an additional 975,000 shares in the last quarter. Millennium Management LLC raised its position in shares of Comstock Resources by 775.4% in the 2nd quarter. Millennium Management LLC now owns 875,371 shares of the oil and gas producer’s stock valued at $9,086,000 after purchasing an additional 775,371 shares in the last quarter. HITE Hedge Asset Management LLC purchased a new position in shares of Comstock Resources during the 2nd quarter valued at approximately $6,544,000. Finally, Raymond James Financial Services Advisors Inc. acquired a new stake in shares of Comstock Resources during the first quarter worth approximately $5,643,000. 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.