Traders Purchase High Volume of Call Options on Comstock Resources (NYSE:CRK)

Comstock Resources, Inc. (NYSE:CRK) saw some unusual options trading on Thursday. Stock investors purchased 10,906 call options on the stock. This represents an increase of approximately 435% compared to the typical daily volume of 2,040 call options.

Analysts Set New Price Targets

CRK has been the topic of several recent research reports. Truist Financial raised their price objective on Comstock Resources from $9.00 to $10.00 and gave the company a “hold” rating in a report on Monday, September 30th. Siebert Williams Shank lowered shares of Comstock Resources from a “hold” rating to a “sell” rating and set a $9.00 target price on the stock. in a report on Tuesday, October 15th. Piper Sandler lowered shares of Comstock Resources from a “neutral” rating to an “underweight” rating and cut their price target for the stock from $8.00 to $5.00 in a report on Thursday, August 15th. BMO Capital Markets increased their price objective on Comstock Resources from $10.00 to $11.00 and gave the company a “market perform” rating in a report on Friday, October 4th. Finally, Bank of America initiated coverage on Comstock Resources in a research report on Monday, October 28th. They issued a “buy” rating and a $14.00 price target on the stock. Five investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and two have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $10.89.

Comstock Resources Stock Up 4.1 %

Shares of NYSE:CRK opened at $17.59 on Friday. The firm has a market cap of $5.14 billion, a P/E ratio of -97.69 and a beta of 0.57. Comstock Resources has a 52-week low of $7.07 and a 52-week high of $17.59. The business’s 50 day simple moving average is $13.36 and its two-hundred day simple moving average is $11.54. The company has a debt-to-equity ratio of 1.25, a quick ratio of 0.60 and a current ratio of 0.60.

Comstock Resources (NYSE:CRK) last released its quarterly earnings data on Wednesday, October 30th. The oil and gas producer reported ($0.17) earnings per share for the quarter, missing the consensus estimate of ($0.16) by ($0.01). The business had revenue of $304.50 million for the quarter, compared to analyst estimates of $308.75 million. Comstock Resources had a negative return on equity of 3.88% and a negative net margin of 4.93%. The business’s quarterly revenue was down 19.2% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.04 EPS. As a group, research analysts forecast that Comstock Resources will post -0.44 EPS for the current fiscal year.

Institutional Trading of Comstock Resources

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Harbor Capital Advisors Inc. purchased a new position in shares of Comstock Resources during the third quarter valued at approximately $25,000. Sunbelt Securities Inc. raised its holdings in shares of Comstock Resources by 140.0% in the third quarter. Sunbelt Securities Inc. now owns 2,400 shares of the oil and gas producer’s stock valued at $27,000 after purchasing an additional 1,400 shares during the last quarter. Blue Trust Inc. bought a new position in shares of Comstock Resources during the second quarter valued at about $32,000. EverSource Wealth Advisors LLC boosted its holdings in Comstock Resources by 2,533.8% during the second quarter. EverSource Wealth Advisors LLC now owns 3,582 shares of the oil and gas producer’s stock worth $34,000 after purchasing an additional 3,446 shares during the last quarter. Finally, Choreo LLC bought a new stake in Comstock Resources in the 2nd quarter worth about $105,000. 36.13% of the stock is owned by institutional investors.

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.