Comstock Resources (NYSE:CRK) Shares Gap Up on Strong Earnings

Comstock Resources, Inc. (NYSE:CRK) shares gapped up before the market opened on Wednesday after the company announced better than expected quarterly earnings. The stock had previously closed at $18.94, but opened at $20.49. Comstock Resources shares last traded at $20.45, with a volume of 295,155 shares traded.

The oil and gas producer reported $0.16 earnings per share for the quarter, beating the consensus estimate of $0.02 by $0.14. Comstock Resources had a negative return on equity of 3.88% and a negative net margin of 4.93%. The firm had revenue of $366.51 million during the quarter, compared to the consensus estimate of $370.62 million.

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on CRK shares. Piper Sandler raised their price target on shares of Comstock Resources from $5.00 to $6.00 and gave the stock an “underweight” rating in a report on Wednesday, January 29th. Mizuho upgraded shares of Comstock Resources from an “underperform” rating to a “neutral” rating and increased their target price for the stock from $10.00 to $18.00 in a report on Monday, December 16th. Citigroup boosted their price target on Comstock Resources from $12.50 to $15.50 and gave the company a “neutral” rating in a report on Friday, December 6th. Truist Financial upped their price target on Comstock Resources from $11.00 to $19.00 and gave the company a “hold” rating in a research report on Monday, January 13th. Finally, Bank of America assumed coverage on Comstock Resources in a research report on Monday, October 28th. They issued a “buy” rating and a $14.00 price objective on the stock. Four research analysts have rated the stock with a sell rating, eight have assigned a hold rating and two have issued a buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $13.40.

Insider Buying and Selling at Comstock Resources

In other Comstock Resources news, Director Elizabeth B. Davis sold 10,000 shares of the company’s stock in a transaction dated Monday, December 23rd. The shares were sold at an average price of $16.33, for a total value of $163,300.00. Following the sale, the director now owns 123,781 shares in the company, valued at approximately $2,021,343.73. This represents a 7.47 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Over the last 90 days, insiders sold 38,000 shares of company stock valued at $634,660. 2.00% of the stock is currently owned by company insiders.

Institutional Trading of Comstock Resources

Hedge funds have recently made changes to their positions in the stock. Royce & Associates LP increased its position in Comstock Resources by 79.2% during the 3rd quarter. Royce & Associates LP now owns 689,780 shares of the oil and gas producer’s stock valued at $7,677,000 after buying an additional 304,780 shares in the last quarter. Barclays PLC increased its holdings in shares of Comstock Resources by 256.3% during the third quarter. Barclays PLC now owns 155,614 shares of the oil and gas producer’s stock valued at $1,731,000 after acquiring an additional 111,934 shares in the last quarter. JPMorgan Chase & Co. raised its position in shares of Comstock Resources by 9.0% in the 3rd quarter. JPMorgan Chase & Co. now owns 170,338 shares of the oil and gas producer’s stock worth $1,896,000 after purchasing an additional 13,998 shares during the last quarter. Charles Schwab Investment Management Inc. raised its position in shares of Comstock Resources by 4.2% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,413,820 shares of the oil and gas producer’s stock worth $15,736,000 after purchasing an additional 57,376 shares during the last quarter. Finally, Intech Investment Management LLC bought a new position in Comstock Resources in the 3rd quarter worth about $419,000. 36.13% of the stock is owned by institutional investors.

Comstock Resources Stock Up 9.3 %

The company has a market capitalization of $6.05 billion, a PE ratio of -115.04, a P/E/G ratio of 1.52 and a beta of 0.48. The company has a debt-to-equity ratio of 1.25, a quick ratio of 0.60 and a current ratio of 0.60. The company’s 50-day moving average is $18.60 and its 200 day moving average is $14.24.

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.