Comstock Resources (NYSE:CRK) Releases Earnings Results, Misses Estimates By $0.01 EPS

Comstock Resources (NYSE:CRK) posted its quarterly earnings data on Wednesday. The oil and gas producer reported ($0.17) EPS for the quarter, missing analysts’ consensus estimates of ($0.16) by ($0.01), Briefing.com reports. Comstock Resources had a negative return on equity of 1.38% and a negative net margin of 1.48%. The business had revenue of $304.50 million for the quarter, compared to analyst estimates of $308.75 million. During the same quarter in the prior year, the company earned $0.04 earnings per share. The company’s quarterly revenue was down 19.2% on a year-over-year basis.

Comstock Resources Stock Performance

Shares of CRK traded down $0.69 during mid-day trading on Thursday, hitting $11.74. 5,053,047 shares of the company’s stock were exchanged, compared to its average volume of 3,574,124. Comstock Resources has a 52 week low of $7.07 and a 52 week high of $13.39. The stock’s 50-day simple moving average is $11.02 and its 200-day simple moving average is $10.67. The firm has a market cap of $3.43 billion, a price-to-earnings ratio of 53.64 and a beta of 0.47. The company has a quick ratio of 0.59, a current ratio of 0.59 and a debt-to-equity ratio of 1.21.

Analysts Set New Price Targets

A number of equities analysts have recently commented on CRK shares. Bank of America assumed coverage on shares of Comstock Resources in a research note on Monday. They set a “buy” rating and a $14.00 price objective for the company. Mizuho cut their target price on shares of Comstock Resources from $11.00 to $10.00 and set an “underperform” rating for the company in a research note on Monday, September 16th. Wolfe Research assumed coverage on shares of Comstock Resources in a research note on Thursday, July 18th. They issued a “peer perform” rating for the company. Truist Financial raised their target price on shares of Comstock Resources from $9.00 to $10.00 and gave the company a “hold” rating in a research note on Monday, September 30th. Finally, Siebert Williams Shank downgraded shares of 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. Five analysts have rated the stock with a sell rating, seven have given a hold rating and two have given a buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $10.31.

Insider Transactions at Comstock Resources

In other news, major shareholder Star Exploration Corp Blue acquired 825,000 shares of the firm’s stock in a transaction that occurred on Monday, August 5th. The shares were acquired at an average cost of $8.16 per share, with a total value of $6,732,000.00. Following the completion of the purchase, the insider now directly owns 195,646,429 shares of the company’s stock, valued at $1,596,474,860.64. The trade was a 0.00 % increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In other news, major shareholder Star Exploration Corp Blue acquired 825,000 shares of the firm’s stock in a transaction that occurred on Monday, August 5th. The shares were acquired at an average cost of $8.16 per share, with a total value of $6,732,000.00. Following the completion of the purchase, the insider now directly owns 195,646,429 shares of the company’s stock, valued at $1,596,474,860.64. The trade was a 0.00 % increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, major shareholder Drilling L.P. Arkoma bought 825,868 shares of the business’s stock in a transaction on Friday, August 9th. The stock was bought at an average price of $9.76 per share, for a total transaction of $8,060,471.68. Following the transaction, the insider now directly owns 198,949,901 shares of the company’s stock, valued at approximately $1,941,751,033.76. This represents a 0.00 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last ninety days, insiders have acquired 6,712,733 shares of company stock valued at $67,816,851. 1.50% of the stock is currently owned by company insiders.

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.