Comstock Resources (NYSE:CRK) Sets New 12-Month High – Here’s What Happened

Comstock Resources, Inc. (NYSE:CRK) reached a new 52-week high during trading on Wednesday . The company traded as high as $12.60 and last traded at $12.57, with a volume of 359353 shares traded. The stock had previously closed at $11.66.

Analyst Ratings Changes

Several analysts recently issued reports on the stock. Wolfe Research began coverage on shares of Comstock Resources in a report on Thursday, July 18th. They issued a “peer perform” rating on the stock. Mizuho dropped their target price on Comstock Resources from $11.00 to $10.00 and set an “underperform” rating on the stock in a report on Monday, September 16th. Bank of America started coverage on Comstock Resources in a report on Monday, October 28th. They issued a “buy” rating and a $14.00 target price on the stock. BMO Capital Markets upped their target price on Comstock Resources from $10.00 to $11.00 and gave the company a “market perform” rating in a report on Friday, October 4th. Finally, Piper Sandler downgraded Comstock Resources from a “neutral” rating to an “underweight” rating and dropped their price objective for the stock from $8.00 to $5.00 in a report on Thursday, August 15th. Five investment analysts have rated the stock with a sell rating, seven have assigned a hold rating and two have given a buy rating to the stock. According to data from MarketBeat.com, Comstock Resources presently has a consensus rating of “Hold” and an average target price of $10.31.

Comstock Resources Stock Performance

The company has a debt-to-equity ratio of 1.25, a current ratio of 0.60 and a quick ratio of 0.60. The firm has a fifty day simple moving average of $11.04 and a 200 day simple moving average of $10.74. The company has a market cap of $3.77 billion, a price-to-earnings ratio of -64.75 and a beta of 0.47.

Comstock Resources (NYSE:CRK) last announced its quarterly earnings results on Wednesday, October 30th. The oil and gas producer reported ($0.17) EPS for the quarter, missing the consensus estimate of ($0.16) by ($0.01). Comstock Resources had a negative net margin of 4.93% and a negative return on equity of 3.88%. The company had revenue of $304.50 million for the quarter, compared to analyst estimates of $308.75 million. During the same quarter last year, the business earned $0.04 EPS. The company’s revenue for the quarter was down 19.2% on a year-over-year basis. On average, sell-side analysts expect that Comstock Resources, Inc. will post -0.44 earnings per share for the current fiscal year.

Insider Activity

In other news, major shareholder Drilling L.P. Arkoma bought 1,044,200 shares of Comstock Resources stock in a transaction that occurred on Tuesday, August 20th. The stock was purchased at an average cost of $10.93 per share, with a total value of $11,413,106.00. Following the completion of the transaction, the insider now directly owns 204,495,146 shares in the company, valued at $2,235,131,945.78. This trade represents a 0.00 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Over the last three months, insiders acquired 5,061,865 shares of company stock valued at $53,800,695. 2.00% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in CRK. Harbor Capital Advisors Inc. acquired a new stake in shares of Comstock Resources in the third quarter valued at $25,000. Blue Trust Inc. acquired a new stake in shares of Comstock Resources in the second quarter valued at $32,000. EverSource Wealth Advisors LLC increased its stake in shares of Comstock Resources by 2,533.8% in the second quarter. EverSource Wealth Advisors LLC now owns 3,582 shares of the oil and gas producer’s stock valued at $34,000 after buying an additional 3,446 shares in the last quarter. GAMMA Investing LLC increased its stake in shares of Comstock Resources by 27.5% in the second quarter. GAMMA Investing LLC now owns 6,083 shares of the oil and gas producer’s stock valued at $63,000 after buying an additional 1,312 shares in the last quarter. Finally, Headlands Technologies LLC acquired a new stake in shares of Comstock Resources in the first quarter valued at $91,000. 36.13% of the stock is owned by institutional investors.

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.