Comstock Resources (NYSE:CRK) Shares Gap Down to $11.13

Comstock Resources, Inc. (NYSE:CRK) gapped down prior to trading on Tuesday . The stock had previously closed at $11.13, but opened at $10.88. Comstock Resources shares last traded at $11.07, with a volume of 65,413 shares changing hands.

Analysts Set New Price Targets

A number of analysts recently weighed in on CRK shares. Truist Financial increased their price objective on Comstock Resources from $9.00 to $10.00 and gave the company a “hold” rating in a report on Monday. Wolfe Research assumed coverage on Comstock Resources in a report on Thursday, July 18th. They issued a “peer perform” rating for the company. Mizuho cut their target price on Comstock Resources from $11.00 to $10.00 and set an “underperform” rating on the stock in a research report on Monday, September 16th. Piper Sandler downgraded Comstock Resources from a “neutral” rating to an “underweight” rating and lowered their target price for the stock from $8.00 to $5.00 in a report on Thursday, August 15th. Finally, KeyCorp assumed coverage on shares of Comstock Resources in a research report on Thursday, June 27th. They set a “sector weight” rating for the company. Four equities research analysts have rated the stock with a sell rating, seven have given a hold rating and one has issued a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $9.75.

Comstock Resources Stock Performance

The firm’s 50-day moving average is $10.20 and its 200-day moving average is $10.24. The company has a current ratio of 0.59, a quick ratio of 0.59 and a debt-to-equity ratio of 1.21. The firm has a market cap of $3.25 billion, a price-to-earnings ratio of 50.59 and a beta of 0.48.

Comstock Resources (NYSE:CRK) last posted its quarterly earnings results on Tuesday, July 30th. The oil and gas producer reported ($0.20) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.16) by ($0.04). Comstock Resources had a negative net margin of 1.48% and a negative return on equity of 1.38%. The business had revenue of $246.80 million during the quarter, compared to analyst estimates of $296.02 million. Comstock Resources’s quarterly revenue was down 14.4% on a year-over-year basis. As a group, sell-side analysts anticipate that Comstock Resources, Inc. will post -0.37 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, major shareholder Star Exploration Corp Blue acquired 825,868 shares of the business’s stock in a transaction on Wednesday, August 7th. The shares were purchased at an average cost of $8.82 per share, with a total value of $7,284,155.76. Following the acquisition, the insider now directly owns 197,298,165 shares of the company’s stock, valued at $1,740,169,815.30. The transaction was disclosed in a document filed with the SEC, which is available through this link. In other Comstock Resources news, major shareholder Star Exploration Corp Blue bought 825,868 shares of the stock in a transaction dated Wednesday, August 7th. The shares were bought at an average cost of $8.82 per share, for a total transaction of $7,284,155.76. Following the purchase, the insider now directly owns 197,298,165 shares of the company’s stock, valued at approximately $1,740,169,815.30. The purchase was disclosed in a document filed with the SEC, which can be accessed through this link. Also, major shareholder Drilling L.P. Arkoma bought 592,246 shares of the stock in a transaction dated Monday, August 26th. The shares were acquired at an average price of $11.54 per share, for a total transaction of $6,834,518.84. Following the completion of the purchase, the insider now directly owns 208,219,992 shares in the company, valued at $2,402,858,707.68. The disclosure for this purchase can be found here. Insiders have bought 6,712,733 shares of company stock valued at $67,816,851 in the last three months. 1.50% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Comstock Resources

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. ProShare Advisors LLC raised its stake in Comstock Resources by 7.4% in the 1st quarter. ProShare Advisors LLC now owns 18,536 shares of the oil and gas producer’s stock valued at $172,000 after acquiring an additional 1,276 shares during the period. GAMMA Investing LLC lifted its holdings in Comstock Resources by 27.5% during the 2nd quarter. GAMMA Investing LLC now owns 6,083 shares of the oil and gas producer’s stock worth $63,000 after purchasing an additional 1,312 shares in the last quarter. XTX Topco Ltd boosted its stake in Comstock Resources by 4.8% in the 2nd quarter. XTX Topco Ltd now owns 28,791 shares of the oil and gas producer’s stock worth $299,000 after purchasing an additional 1,330 shares during the period. Simplicity Wealth LLC grew its holdings in Comstock Resources by 5.7% during the 2nd quarter. Simplicity Wealth LLC now owns 28,544 shares of the oil and gas producer’s stock valued at $296,000 after buying an additional 1,552 shares in the last quarter. Finally, The Manufacturers Life Insurance Company increased its position in shares of Comstock Resources by 2.9% during 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 during the period. 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.