Comstock Resources Sees Unusually High Options Volume (NYSE:CRK)

Comstock Resources, Inc. (NYSE:CRK) was the target of unusually large options trading activity on Tuesday. Stock traders bought 4,517 call options on the stock. This represents an increase of approximately 92% compared to the typical volume of 2,353 call options.

Comstock Resources Stock Down 3.2 %

Shares of CRK stock traded down $0.60 on Tuesday, reaching $18.32. 1,111,996 shares of the company’s stock traded hands, compared to its average volume of 3,333,465. The company has a market capitalization of $5.35 billion, a P/E ratio of -101.77 and a beta of 0.57. Comstock Resources has a 12-month low of $7.07 and a 12-month high of $19.25. The company has a debt-to-equity ratio of 1.25, a quick ratio of 0.60 and a current ratio of 0.60. The business’s 50 day moving average price is $14.51 and its two-hundred day moving average price is $11.96.

Comstock Resources (NYSE:CRK) last released its earnings results on Wednesday, October 30th. The oil and gas producer reported ($0.17) earnings per share for the quarter, missing the consensus estimate of ($0.16) by ($0.01). The business had revenue of $304.50 million for the quarter, compared to analysts’ expectations of $308.75 million. Comstock Resources had a negative net margin of 4.93% and a negative return on equity of 3.88%. The company’s revenue was down 19.2% compared to the same quarter last year. During the same period last year, the firm earned $0.04 EPS. On average, equities analysts forecast that Comstock Resources will post -0.44 earnings per share for the current year.

Insider Transactions at Comstock Resources

In related news, Director Elizabeth B. Davis sold 10,000 shares of the stock in a transaction dated Friday, December 27th. The shares were sold at an average price of $16.98, for a total value of $169,800.00. Following the completion of the transaction, the director now owns 107,632 shares in the company, valued at $1,827,591.36. This represents a 8.50 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Over the last quarter, insiders sold 30,000 shares of company stock worth $489,300. Insiders own 2.00% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in the stock. Dimensional Fund Advisors LP grew its stake in shares of Comstock Resources by 26.3% in the 2nd 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 buying an additional 2,438,252 shares in the last quarter. KGH Ltd boosted its holdings in Comstock Resources by 8.7% in the second quarter. KGH Ltd now owns 12,125,000 shares of the oil and gas producer’s stock worth $125,858,000 after purchasing an additional 975,000 shares in the last quarter. Millennium Management LLC raised its holdings in Comstock Resources by 775.4% during the second quarter. Millennium Management LLC now owns 875,371 shares of the oil and gas producer’s stock valued at $9,086,000 after buying an additional 775,371 shares in the last quarter. HITE Hedge Asset Management LLC acquired a new stake in shares of Comstock Resources in the second quarter worth about $6,544,000. Finally, American Century Companies Inc. boosted its stake in shares of Comstock Resources by 19.0% during the 2nd quarter. American Century Companies Inc. now owns 2,270,435 shares of the oil and gas producer’s stock worth $23,567,000 after acquiring an additional 362,043 shares in the last quarter. Institutional investors and hedge funds own 36.13% of the company’s stock.

Analysts Set New Price Targets

CRK has been the topic of several recent analyst reports. BMO Capital Markets boosted their target price on Comstock Resources from $10.00 to $11.00 and gave the stock a “market perform” rating in a report on Friday, October 4th. Siebert Williams Shank cut Comstock Resources from a “hold” rating to a “sell” rating and set a $9.00 target price for the company. in a research note on Tuesday, October 15th. Bank of America assumed coverage on shares of Comstock Resources in a research report on Monday, October 28th. They issued a “buy” rating and a $14.00 price target on the stock. Citigroup raised their price objective on shares of Comstock Resources from $12.50 to $15.50 and gave the company a “neutral” rating in a research report on Friday, December 6th. Finally, Truist Financial upped their price target on Comstock Resources from $9.00 to $10.00 and gave the company a “hold” rating in a report on Monday, September 30th. Four equities research analysts have rated the stock with a sell rating, eight have issued a hold rating and two have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $11.78.

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.