Comstock Resources (NYSE:CRK) Releases Quarterly Earnings Results, Misses Estimates By $0.01 EPS

Comstock Resources (NYSE:CRK) announced its quarterly earnings data on Wednesday. The oil and gas producer reported ($0.17) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.16) by ($0.01), Briefing.com reports. Comstock Resources had a negative return on equity of 3.86% and a negative net margin of 4.93%. The firm had revenue of $304.50 million during the quarter, compared to analysts’ expectations of $308.75 million. During the same quarter in the previous year, the business earned $0.04 earnings per share. The company’s revenue for the quarter was down 19.2% compared to the same quarter last year.

Comstock Resources Stock Performance

Shares of NYSE:CRK opened at $11.12 on Friday. The company has a debt-to-equity ratio of 1.21, a current ratio of 0.59 and a quick ratio of 0.59. The business’s 50 day moving average price is $11.03 and its 200-day moving average price is $10.67. The firm has a market capitalization of $3.25 billion, a PE ratio of -61.77 and a beta of 0.47. Comstock Resources has a 1 year low of $7.07 and a 1 year high of $13.39.

Insider Transactions at Comstock Resources

In other news, major shareholder Drilling L.P. Arkoma purchased 825,868 shares of the stock in a transaction dated Friday, August 9th. The shares were purchased at an average cost of $9.76 per share, with a total value of $8,060,471.68. Following the completion of the purchase, the insider now directly owns 198,949,901 shares of the company’s stock, valued at approximately $1,941,751,033.76. The trade was a 0.00 % increase in their position. The transaction was disclosed in a document filed with the SEC, which is available through this link. In other news, major shareholder Star Exploration Corp Blue acquired 825,000 shares of the business’s stock in a transaction that occurred on Monday, August 5th. The shares were purchased at an average price of $8.16 per share, for a total transaction of $6,732,000.00. Following the acquisition, the insider now owns 195,646,429 shares of the company’s stock, valued at $1,596,474,860.64. This represents a 0.00 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, major shareholder Drilling L.P. Arkoma acquired 825,868 shares of the business’s stock in a transaction that occurred on Friday, August 9th. The stock was purchased at an average price of $9.76 per share, for a total transaction of $8,060,471.68. Following the acquisition, the insider now directly owns 198,949,901 shares in the company, valued at approximately $1,941,751,033.76. This trade represents a 0.00 % increase in their position. The disclosure for this purchase can be found here. Insiders have bought 6,712,733 shares of company stock valued at $67,816,851 over the last ninety days. Insiders own 2.00% of the company’s stock.

Analysts Set New Price Targets

Several research analysts have recently issued reports on CRK shares. Siebert Williams Shank cut Comstock Resources from a “hold” rating to a “sell” rating and set a $9.00 price objective for the company. in a research note on Tuesday, October 15th. Mizuho reduced their price target on Comstock Resources from $11.00 to $10.00 and set an “underperform” rating for the company in a research report on Monday, September 16th. Piper Sandler cut Comstock Resources from a “neutral” rating to an “underweight” rating and reduced their price target for the company from $8.00 to $5.00 in a research report on Thursday, August 15th. Truist Financial lifted their price target on Comstock Resources from $9.00 to $10.00 and gave the company a “hold” rating in a research report on Monday, September 30th. Finally, Wolfe Research initiated coverage on Comstock Resources in a research report on Thursday, July 18th. They set a “peer perform” rating for the company. Five analysts have rated the stock with a sell rating, seven have issued a hold rating and two have given a buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Hold” and an average price target of $10.31.

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.