Comstock Resources Sees Unusually Large Options Volume (NYSE:CRK)

Comstock Resources, Inc. (NYSE:CRK) was the recipient of some unusual options trading activity on Wednesday. Stock investors purchased 10,064 call options on the company. This represents an increase of 154% compared to the average daily volume of 3,963 call options.

Comstock Resources Stock Down 4.3 %

CRK opened at $20.57 on Friday. Comstock Resources has a twelve month low of $7.74 and a twelve month high of $22.06. The company’s 50-day moving average price is $18.97 and its two-hundred day moving average price is $16.15. The stock has a market cap of $6.02 billion, a price-to-earnings ratio of -27.06, a PEG ratio of 1.65 and a beta of 0.55. The company has a quick ratio of 0.60, a current ratio of 0.46 and a debt-to-equity ratio of 1.27.

Comstock Resources (NYSE:CRK) last posted its quarterly earnings data on Tuesday, February 18th. The oil and gas producer reported $0.16 EPS for the quarter, beating the consensus estimate of $0.02 by $0.14. Comstock Resources had a negative return on equity of 3.10% and a negative net margin of 18.32%. The business had revenue of $366.51 million for the quarter, compared to the consensus estimate of $370.62 million. As a group, equities analysts expect that Comstock Resources will post 0.54 earnings per share for the current year.

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on CRK shares. Williams Trading set a $13.00 target price on shares of Comstock Resources in a report on Wednesday, March 5th. StockNews.com raised Comstock Resources to a “sell” rating in a research note on Thursday, March 20th. Morgan Stanley reaffirmed a “cautious” rating and set a $22.00 target price (up previously from $21.00) on shares of Comstock Resources in a research report on Wednesday, March 26th. Citigroup increased their price target on Comstock Resources from $12.50 to $15.50 and gave the company a “neutral” rating in a research report on Friday, December 6th. Finally, Truist Financial lifted their price objective on shares of Comstock Resources from $11.00 to $19.00 and gave the stock a “hold” rating in a report on Monday, January 13th. Five analysts have rated the stock with a sell rating, seven have given a hold rating and two have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Comstock Resources presently has a consensus rating of “Hold” and a consensus price target of $13.73.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. Sunbelt Securities Inc. lifted its holdings in Comstock Resources by 140.0% during 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. VSM Wealth Advisory LLC purchased a new stake in shares of Comstock Resources during the 4th quarter valued at approximately $27,000. Sterling Capital Management LLC lifted its stake in shares of Comstock Resources by 804.6% during the 4th quarter. Sterling Capital Management LLC now owns 2,958 shares of the oil and gas producer’s stock valued at $54,000 after buying an additional 2,631 shares in the last quarter. Smartleaf Asset Management LLC boosted its holdings in Comstock Resources by 225.2% in the 4th quarter. Smartleaf Asset Management LLC now owns 3,359 shares of the oil and gas producer’s stock worth $64,000 after buying an additional 2,326 shares during the period. Finally, Quarry LP purchased a new position in Comstock Resources in the 4th quarter valued at approximately $70,000. Institutional investors own 36.13% of the company’s stock.

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.