Comstock Resources (NYSE:CRK) Shares Gap Down – What’s Next?

Comstock Resources, Inc. (NYSE:CRK)’s share price gapped down before the market opened on Friday . The stock had previously closed at $21.52, but opened at $20.88. Comstock Resources shares last traded at $21.31, with a volume of 237,113 shares traded.

Analyst Ratings Changes

Several brokerages have recently issued reports on CRK. Citigroup increased their price objective on Comstock Resources from $12.50 to $15.50 and gave the company a “neutral” rating in a research note on Friday, December 6th. BMO Capital Markets lifted their price target on shares of Comstock Resources from $10.00 to $11.00 and gave the stock a “market perform” rating in a research note on Friday, October 4th. Bank of America began 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. Truist Financial upped their price objective on Comstock Resources from $11.00 to $19.00 and gave the stock a “hold” rating in a research report on Monday. Finally, Siebert Williams Shank cut Comstock Resources from a “hold” rating to a “sell” rating and set a $9.00 target price for the company. in a research note on Tuesday, October 15th. Four research analysts have rated the stock with a sell rating, eight have assigned a hold rating and two have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $13.30.

Comstock Resources Stock Performance

The stock has a 50 day moving average of $16.46 and a two-hundred day moving average of $12.72. The stock has a market capitalization of $6.25 billion, a PE ratio of -118.88 and a beta of 0.51. The company has a debt-to-equity ratio of 1.25, a current ratio of 0.60 and a quick ratio of 0.60.

Comstock Resources (NYSE:CRK) last announced its quarterly earnings results on Wednesday, October 30th. The oil and gas producer reported ($0.17) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.16) by ($0.01). The company had revenue of $304.50 million during the quarter, compared to analysts’ expectations of $308.75 million. Comstock Resources had a negative net margin of 4.93% and a negative return on equity of 3.88%. The business’s revenue for the quarter was down 19.2% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.04 EPS. Research analysts expect that Comstock Resources, Inc. will post -0.43 EPS for the current fiscal year.

Insider Activity at Comstock Resources

In related news, Director Elizabeth B. Davis sold 10,000 shares of the stock in a transaction dated Monday, December 23rd. The shares were sold at an average price of $16.33, for a total value of $163,300.00. Following the sale, the director now directly owns 123,781 shares of the company’s stock, valued at approximately $2,021,343.73. This represents a 7.47 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders sold 38,000 shares of company stock valued at $634,660 in the last ninety days. Corporate insiders own 2.00% of the company’s stock.

Hedge Funds Weigh In On Comstock Resources

Several institutional investors have recently added to or reduced their stakes in CRK. Harbor Capital Advisors Inc. acquired a new position in shares of Comstock Resources in the 3rd quarter valued at $25,000. Sunbelt Securities Inc. raised its holdings in shares of Comstock Resources by 140.0% in the 3rd quarter. Sunbelt Securities Inc. now owns 2,400 shares of the oil and gas producer’s stock worth $27,000 after purchasing an additional 1,400 shares during the period. EverSource Wealth Advisors LLC grew its holdings in Comstock Resources by 2,533.8% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 3,582 shares of the oil and gas producer’s stock valued at $34,000 after purchasing an additional 3,446 shares in the last quarter. Blue Trust Inc. increased its holdings in Comstock Resources by 116.3% during the 3rd quarter. Blue Trust Inc. now owns 6,715 shares of the oil and gas producer’s stock worth $70,000 after purchasing an additional 3,611 shares during the last quarter. Finally, Choreo LLC acquired a new stake in Comstock Resources in the second quarter valued at $105,000. 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.