Comstock Resources (NYSE:CRK) Shares Down 3.5% – Here’s What Happened

Comstock Resources, Inc. (NYSE:CRK)’s share price traded down 3.5% on Tuesday . The company traded as low as $17.93 and last traded at $17.95. 652,688 shares traded hands during trading, a decline of 75% from the average session volume of 2,594,598 shares. The stock had previously closed at $18.61.

Analyst Ratings Changes

CRK has been the subject of several analyst reports. Citigroup upped their price target on Comstock Resources from $12.50 to $15.50 and gave the stock a “neutral” rating in a research note on Friday, December 6th. Truist Financial boosted their price target on shares of Comstock Resources from $11.00 to $19.00 and gave the stock a “hold” rating in a research note on Monday, January 13th. Piper Sandler lifted their price objective on Comstock Resources from $5.00 to $6.00 and gave the company an “underweight” rating in a report on Wednesday, January 29th. Bank of America started coverage on Comstock Resources in a research note on Monday, October 28th. They set a “buy” rating and a $14.00 target price for the company. Finally, Morgan Stanley initiated coverage on Comstock Resources in a research note on Friday, January 10th. They issued an “equal weight” rating and a $18.00 price target on the stock. Four analysts have rated the stock with a sell rating, eight have assigned a hold rating and two have assigned a buy rating to the stock. Based on data from MarketBeat.com, Comstock Resources presently has an average rating of “Hold” and a consensus target price of $13.40.

Comstock Resources Stock Down 4.5 %

The firm has a market capitalization of $5.13 billion, a PE ratio of -97.58, a price-to-earnings-growth ratio of 1.52 and a beta of 0.48. The firm’s 50-day moving average is $17.96 and its 200 day moving average is $13.64. The company has a debt-to-equity ratio of 1.25, a quick ratio of 0.60 and a current ratio of 0.60.

Insider Activity

In other Comstock Resources news, Director Elizabeth B. Davis sold 10,000 shares of Comstock Resources stock in a transaction dated Monday, December 23rd. The stock was sold at an average price of $16.33, for a total value of $163,300.00. Following the completion of the sale, the director now owns 123,781 shares in the company, valued at $2,021,343.73. The trade was a 7.47 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Insiders have sold 38,000 shares of company stock worth $634,660 over the last ninety days. 2.00% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Comstock Resources

A number of institutional investors have recently added to or reduced their stakes in CRK. Bank of Montreal Can raised its stake in shares of Comstock Resources by 45.3% in the 2nd quarter. Bank of Montreal Can now owns 57,346 shares of the oil and gas producer’s stock valued at $641,000 after acquiring an additional 17,885 shares during the period. Millennium Management LLC boosted its position in shares of Comstock Resources by 775.4% in the second quarter. Millennium Management LLC now owns 875,371 shares of the oil and gas producer’s stock worth $9,086,000 after buying an additional 775,371 shares during the period. The Manufacturers Life Insurance Company grew its stake in shares of Comstock Resources by 2.9% in the second quarter. The Manufacturers Life Insurance Company now owns 57,876 shares of the oil and gas producer’s stock valued at $601,000 after buying an additional 1,656 shares in the last quarter. Algert Global LLC purchased a new stake in shares of Comstock Resources during the 2nd quarter valued at about $107,000. Finally, SG Americas Securities LLC lifted its position in Comstock Resources by 269.4% during the 3rd quarter. SG Americas Securities LLC now owns 55,044 shares of the oil and gas producer’s stock worth $613,000 after acquiring an additional 40,142 shares in the last quarter. Hedge funds and other institutional investors own 36.13% of the company’s stock.

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.