Short Interest in Comstock Resources, Inc. (NYSE:CRK) Decreases By 7.4%

Comstock Resources, Inc. (NYSE:CRK) was the target of a significant decrease in short interest in the month of September. As of September 30th, there was short interest totalling 25,170,000 shares, a decrease of 7.4% from the September 15th total of 27,180,000 shares. Approximately 32.3% of the shares of the stock are short sold. Based on an average daily trading volume, of 3,190,000 shares, the days-to-cover ratio is currently 7.9 days.

Analyst Upgrades and Downgrades

CRK has been the topic of several recent analyst reports. KeyCorp assumed coverage on Comstock Resources in a report on Thursday, June 27th. They set a “sector weight” rating on the stock. BMO Capital Markets upped their price objective on Comstock Resources from $10.00 to $11.00 and gave the stock a “market perform” rating in a research note on Friday, October 4th. Piper Sandler downgraded Comstock Resources from a “neutral” rating to an “underweight” rating and lowered their price target for the stock from $8.00 to $5.00 in a research report on Thursday, August 15th. Truist Financial upped their price target on shares of Comstock Resources from $9.00 to $10.00 and gave the company a “hold” rating in a research note on Monday, September 30th. Finally, Mizuho decreased their price target on shares of Comstock Resources from $11.00 to $10.00 and set an “underperform” rating on the stock in a research note on Monday, September 16th. Five analysts have rated the stock with a sell rating, seven have assigned a hold rating and one has assigned a buy rating to the company. According to MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $9.79.

Insider Activity

In related news, major shareholder Drilling L.P. Arkoma acquired 573,453 shares of the stock in a transaction that occurred on Friday, August 16th. The shares were purchased at an average cost of $10.64 per share, with a total value of $6,101,539.92. Following the completion of the transaction, the insider now owns 203,450,946 shares of the company’s stock, valued at approximately $2,164,718,065.44. This trade represents a 0.00 % increase in their position. The purchase was disclosed in a filing with the SEC, which can be accessed through this link. In related news, major shareholder Star Exploration Corp Blue purchased 825,000 shares of the stock in a transaction on Monday, August 5th. The shares were purchased at an average cost of $8.16 per share, for a total transaction of $6,732,000.00. Following the completion of the transaction, the insider now directly owns 195,646,429 shares of the company’s stock, valued at approximately $1,596,474,860.64. The trade was a 0.00 % increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, major shareholder Drilling L.P. Arkoma purchased 573,453 shares of Comstock Resources stock in a transaction on Friday, August 16th. The stock was purchased at an average price of $10.64 per share, for a total transaction of $6,101,539.92. Following the completion of the transaction, the insider now owns 203,450,946 shares of the company’s stock, valued at approximately $2,164,718,065.44. This represents a 0.00 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders bought a total of 6,712,733 shares of company stock worth $67,816,851 over the last 90 days. 1.50% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Comstock Resources

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Virtu Financial LLC increased its holdings in shares of Comstock Resources by 537.8% during the fourth quarter. Virtu Financial LLC now owns 64,197 shares of the oil and gas producer’s stock valued at $568,000 after acquiring an additional 54,132 shares in the last quarter. Vanguard Group Inc. lifted its position in shares of Comstock Resources by 0.3% during the 4th quarter. Vanguard Group Inc. now owns 10,829,100 shares of the oil and gas producer’s stock worth $95,838,000 after buying an additional 34,231 shares in the last quarter. GAMMA Investing LLC grew its stake in Comstock Resources by 428.9% in the 1st quarter. GAMMA Investing LLC now owns 4,771 shares of the oil and gas producer’s stock valued at $44,000 after purchasing an additional 3,869 shares during the period. Sanders Morris Harris LLC bought a new stake in Comstock Resources in the first quarter worth about $1,717,000. Finally, Ballentine Partners LLC purchased a new stake in Comstock Resources in the first quarter worth $138,000. 36.13% of the stock is owned by institutional investors.

Comstock Resources Trading Up 0.2 %

NYSE CRK traded up $0.03 on Thursday, reaching $11.61. The company had a trading volume of 1,167,523 shares, compared to its average volume of 3,656,482. The firm has a market cap of $3.39 billion, a price-to-earnings ratio of 52.77 and a beta of 0.47. The business has a 50 day moving average of $10.75 and a two-hundred day moving average of $10.50. The company has a debt-to-equity ratio of 1.21, a current ratio of 0.59 and a quick ratio of 0.59. Comstock Resources has a fifty-two week low of $7.07 and a fifty-two week high of $13.39.

Comstock Resources (NYSE:CRK) last issued its quarterly earnings results on Tuesday, July 30th. The oil and gas producer reported ($0.20) EPS for the quarter, missing analysts’ consensus estimates 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 firm had revenue of $246.80 million for the quarter, compared to the consensus estimate of $296.02 million. The firm’s quarterly revenue was down 14.4% compared to the same quarter last year. Analysts forecast that Comstock Resources will post -0.37 EPS for the current year.

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.