Comstock Resources, Inc. (NYSE:CRK – Get Free Report) was the target of a large drop in short interest in the month of March. As of March 15th, there was short interest totalling 22,300,000 shares, a drop of 12.3% from the February 29th total of 25,430,000 shares. Based on an average daily trading volume, of 4,740,000 shares, the days-to-cover ratio is currently 4.7 days. Approximately 24.7% of the shares of the stock are short sold.
Insider Buying and Selling
In related news, major shareholder Star Exploration Corp Blue bought 12,500,000 shares of the business’s stock in a transaction that occurred on Monday, March 25th. The stock was acquired at an average price of $8.04 per share, for a total transaction of $100,500,000.00. Following the transaction, the insider now directly owns 194,821,429 shares of the company’s stock, valued at $1,566,364,289.16. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 1.50% of the stock is owned by corporate insiders.
Institutional Inflows and Outflows
Large investors have recently bought and sold shares of the stock. PNC Financial Services Group Inc. raised its position in shares of Comstock Resources by 214.0% in the 2nd quarter. PNC Financial Services Group Inc. now owns 2,716 shares of the oil and gas producer’s stock worth $32,000 after acquiring an additional 1,851 shares in the last quarter. Federated Hermes Inc. lifted its stake in shares of Comstock Resources by 80.0% in the 3rd quarter. Federated Hermes Inc. now owns 5,500 shares of the oil and gas producer’s stock valued at $61,000 after purchasing an additional 2,445 shares during the period. Steward Financial Group LLC lifted its stake in shares of Comstock Resources by 86.9% in the 3rd quarter. Steward Financial Group LLC now owns 6,776 shares of the oil and gas producer’s stock valued at $74,000 after purchasing an additional 3,151 shares during the period. Neo Ivy Capital Management acquired a new position in shares of Comstock Resources in the 3rd quarter valued at about $80,000. Finally, Pathstone Family Office LLC acquired a new position in shares of Comstock Resources in the 4th quarter valued at about $249,000. 36.13% of the stock is owned by institutional investors.
Comstock Resources Stock Performance
NYSE:CRK traded up $0.02 on Friday, hitting $9.28. The company’s stock had a trading volume of 5,052,688 shares, compared to its average volume of 4,818,495. The company has a current ratio of 0.68, a quick ratio of 0.68 and a debt-to-equity ratio of 1.11. The stock has a fifty day moving average of $8.12 and a two-hundred day moving average of $9.65. The firm has a market capitalization of $2.58 billion, a P/E ratio of 12.21 and a beta of 0.69. Comstock Resources has a one year low of $7.07 and a one year high of $13.39.
Comstock Resources (NYSE:CRK – Get Free Report) last posted its earnings results on Tuesday, February 13th. The oil and gas producer reported $0.10 EPS for the quarter, missing the consensus estimate of $0.16 by ($0.06). The firm had revenue of $410.58 million during the quarter, compared to analyst estimates of $401.97 million. Comstock Resources had a net margin of 13.49% and a return on equity of 5.65%. Comstock Resources’s revenue for the quarter was down 55.5% compared to the same quarter last year. During the same period in the previous year, the company posted $1.05 EPS. Research analysts predict that Comstock Resources will post 0.46 earnings per share for the current year.
Wall Street Analysts Forecast Growth
CRK has been the subject of several research analyst reports. Mizuho cut their price objective on Comstock Resources from $10.00 to $9.00 and set an “underperform” rating for the company in a research report on Friday, March 15th. Truist Financial decreased their price objective on Comstock Resources from $10.00 to $9.00 and set a “hold” rating for the company in a research note on Tuesday, February 13th. Pickering Energy Partners raised Comstock Resources from an “underperform” rating to a “neutral” rating in a research note on Tuesday, January 9th. Piper Sandler decreased their target price on Comstock Resources from $9.00 to $8.00 and set an “overweight” rating for the company in a research note on Thursday, March 7th. Finally, Siebert Williams Shank began coverage on Comstock Resources in a research report on Tuesday, December 19th. They set a “hold” rating and a $10.00 price objective for the company. Two analysts have rated the stock with a sell rating, five have given a hold rating and two have assigned a buy rating to the company. Based on data from MarketBeat.com, Comstock Resources presently has a consensus rating of “Hold” and a consensus price target of $10.17.
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.