Comstock Resources (NYSE:CRK) Shares Down 5.2% – Here’s Why

Comstock Resources, Inc. (NYSE:CRK)’s share price was down 5.2% during mid-day trading on Wednesday . The company traded as low as $18.02 and last traded at $18.15. Approximately 144,165 shares were traded during mid-day trading, a decline of 95% from the average daily volume of 2,861,800 shares. The stock had previously closed at $19.14.

Analyst Upgrades and Downgrades

Several equities analysts have commented on CRK shares. Citigroup increased their price target on shares of Comstock Resources from $12.50 to $15.50 and gave the company a “neutral” rating in a research note on Friday, December 6th. Mizuho raised shares of Comstock Resources from an “underperform” rating to a “neutral” rating and increased their price target for the stock from $10.00 to $18.00 in a report on Monday, December 16th. Truist Financial lifted their price target on shares of Comstock Resources from $11.00 to $19.00 and gave the company a “hold” rating in a research report on Monday, January 13th. StockNews.com raised shares of Comstock Resources to a “sell” rating in a research note on Thursday, February 20th. Finally, Morgan Stanley began coverage on Comstock Resources in a research report on Friday, January 10th. They issued an “equal weight” rating and a $18.00 price objective on the stock. Four analysts have rated the stock with a sell rating, eight have issued a hold rating and two have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $13.40.

Comstock Resources Price Performance

The company has a debt-to-equity ratio of 1.27, a quick ratio of 0.60 and a current ratio of 0.46. The stock has a 50 day moving average of $19.03 and a two-hundred day moving average of $14.85. The firm has a market capitalization of $5.36 billion, a P/E ratio of -24.06, a P/E/G ratio of 1.65 and a beta of 0.48.

Comstock Resources (NYSE:CRK) last posted its quarterly earnings results on Tuesday, February 18th. The oil and gas producer reported $0.16 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.02 by $0.14. The firm had revenue of $366.51 million during the quarter, compared to analyst estimates of $370.62 million. Comstock Resources had a negative net margin of 18.32% and a negative return on equity of 3.10%. Sell-side analysts predict that Comstock Resources, Inc. will post 0.54 earnings per share for the current fiscal year.

Insider Buying and Selling at Comstock Resources

In other news, Director Elizabeth B. Davis sold 10,000 shares of the business’s stock in a transaction dated Thursday, December 19th. The stock was sold at an average price of $15.62, for a total value of $156,200.00. Following the sale, the director now directly owns 143,781 shares in the company, valued at $2,245,859.22. The trade was a 6.50 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. In the last 90 days, insiders sold 38,000 shares of company stock worth $634,660. Insiders own 2.00% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the company. Bank of Montreal Can lifted its position in Comstock Resources by 1.9% during the fourth quarter. Bank of Montreal Can now owns 40,983 shares of the oil and gas producer’s stock worth $747,000 after acquiring an additional 772 shares during the last quarter. Sunbelt Securities Inc. grew its stake 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 acquiring an additional 1,400 shares in the last quarter. VSM Wealth Advisory LLC bought a new position in Comstock Resources during the fourth quarter worth about $27,000. Natixis Advisors LLC increased its holdings in shares of Comstock Resources by 6.6% during the fourth quarter. Natixis Advisors LLC now owns 25,778 shares of the oil and gas producer’s stock worth $470,000 after purchasing an additional 1,585 shares during the period. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position in shares of Comstock Resources by 3.5% in the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 52,539 shares of the oil and gas producer’s stock valued at $957,000 after buying an additional 1,793 shares in the last quarter. 36.13% of the stock is currently owned by institutional investors and hedge funds.

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.