Comstock Resources, Inc. (NYSE:CRK – Get Free Report) was the target of a large growth in short interest during the month of August. As of August 15th, there was short interest totalling 27,710,000 shares, a growth of 26.5% from the July 31st total of 21,910,000 shares. Based on an average daily volume of 3,420,000 shares, the days-to-cover ratio is currently 8.1 days. Approximately 34.8% of the shares of the company are sold short.
Analyst Ratings Changes
CRK has been the subject of a number of research reports. Piper Sandler downgraded Comstock Resources from a “neutral” rating to an “underweight” rating and dropped their target price for the stock from $8.00 to $5.00 in a report on Thursday, August 15th. Truist Financial lifted their target price on Comstock Resources from $8.00 to $9.00 and gave the stock a “hold” rating in a report on Monday, July 22nd. KeyCorp initiated coverage on Comstock Resources in a report on Thursday, June 27th. They set a “sector weight” rating for the company. Mizuho lifted their target price on Comstock Resources from $10.00 to $11.00 and gave the stock an “underperform” rating in a report on Monday, May 13th. Finally, Wolfe Research began coverage on Comstock Resources in a report on Thursday, July 18th. They set a “peer perform” rating for the company. Four equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating and one has given a buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $9.75.
Comstock Resources Trading Down 1.1 %
Shares of NYSE:CRK traded down $0.12 during midday trading on Friday, hitting $10.63. 1,872,977 shares of the stock were exchanged, compared to its average volume of 4,184,974. The stock has a market capitalization of $3.11 billion, a price-to-earnings ratio of 48.32 and a beta of 0.51. The company has a debt-to-equity ratio of 1.21, a quick ratio of 0.59 and a current ratio of 0.59. The business’s 50-day moving average price is $10.33 and its 200 day moving average price is $9.92. Comstock Resources has a 12 month low of $7.07 and a 12 month high of $13.39.
Comstock Resources (NYSE:CRK – Get Free Report) last released its quarterly earnings results on Tuesday, July 30th. The oil and gas producer reported ($0.20) earnings per share for the quarter, missing the consensus estimate of ($0.16) by ($0.04). The firm had revenue of $246.80 million for the quarter, compared to the consensus estimate of $296.02 million. Comstock Resources had a negative return on equity of 1.38% and a negative net margin of 1.48%. The business’s quarterly revenue was down 14.4% compared to the same quarter last year. Analysts predict that Comstock Resources will post -0.33 earnings per share for the current year.
Insider Buying and Selling at Comstock Resources
In other Comstock Resources news, major shareholder Drilling L.P. Arkoma purchased 825,868 shares of the business’s stock in a transaction on Friday, August 9th. The stock was acquired at an average price of $9.76 per share, with a total value of $8,060,471.68. Following the acquisition, the insider now directly owns 198,949,901 shares of the company’s stock, valued at approximately $1,941,751,033.76. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. In other Comstock Resources news, major shareholder Drilling L.P. Arkoma purchased 825,868 shares of the business’s stock in a transaction on Friday, August 9th. The stock was acquired at an average price of $9.76 per share, with a total value of $8,060,471.68. Following the acquisition, the insider now directly owns 198,949,901 shares of the company’s stock, valued at approximately $1,941,751,033.76. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, major shareholder Star Exploration Corp Blue purchased 825,000 shares of the business’s stock in a transaction 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 acquisition, the insider now directly owns 195,646,429 shares in the company, valued at $1,596,474,860.64. The disclosure for this purchase can be found here. Insiders acquired 6,712,733 shares of company stock valued at $67,816,851 in the last quarter. 1.50% of the stock is currently owned by insiders.
Institutional Trading of Comstock Resources
Several institutional investors have recently added to or reduced their stakes in CRK. Sapient Capital LLC bought a new stake in Comstock Resources in the fourth quarter valued at approximately $201,000. Charles Schwab Investment Management Inc. lifted its stake in Comstock Resources by 10.1% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,015,403 shares of the oil and gas producer’s stock valued at $8,986,000 after buying an additional 93,140 shares during the period. Outfitter Financial LLC lifted its stake in Comstock Resources by 5.0% in the fourth quarter. Outfitter Financial LLC now owns 34,300 shares of the oil and gas producer’s stock valued at $304,000 after buying an additional 1,630 shares during the period. BNP Paribas Financial Markets lifted its stake in Comstock Resources by 106.1% in the fourth quarter. BNP Paribas Financial Markets now owns 310,289 shares of the oil and gas producer’s stock valued at $2,746,000 after buying an additional 159,757 shares during the period. Finally, Jump Financial LLC acquired a new position in Comstock Resources in the fourth quarter valued at approximately $662,000. 36.13% of the stock is currently owned by institutional investors.
Comstock Resources Company Profile
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.