Comstock Resources Sees Unusually High Options Volume (NYSE:CRK)

Comstock Resources, Inc. (NYSE:CRK) was the recipient of some unusual options trading on Thursday. Traders acquired 10,906 call options on the company. This is an increase of 435% compared to the typical daily volume of 2,040 call options.

Hedge Funds Weigh In On Comstock Resources

Several large investors have recently modified their holdings of the stock. Sanctuary Advisors LLC bought a new position in shares of Comstock Resources during the 3rd quarter valued at approximately $169,000. Barclays PLC increased its position in shares of Comstock Resources by 256.3% during the 3rd quarter. Barclays PLC now owns 155,614 shares of the oil and gas producer’s stock valued at $1,731,000 after purchasing an additional 111,934 shares during the last quarter. Sunbelt Securities Inc. increased its position in shares of Comstock Resources by 140.0% during the 3rd quarter. Sunbelt Securities Inc. now owns 2,400 shares of the oil and gas producer’s stock valued at $27,000 after purchasing an additional 1,400 shares during the last quarter. XTX Topco Ltd increased its position in shares of Comstock Resources by 74.1% during the 3rd quarter. XTX Topco Ltd now owns 50,127 shares of the oil and gas producer’s stock valued at $558,000 after purchasing an additional 21,336 shares during the last quarter. Finally, Weiss Asset Management LP bought a new position in shares of Comstock Resources during the 3rd quarter valued at approximately $1,263,000. Institutional investors own 36.13% of the company’s stock.

Comstock Resources Stock Performance

NYSE:CRK opened at $16.80 on Friday. 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 has a 1 year low of $7.07 and a 1 year high of $17.79. The stock’s 50 day simple moving average is $13.45 and its two-hundred day simple moving average is $11.59. The company has a market cap of $4.91 billion, a price-to-earnings ratio of -93.30 and a beta of 0.57.

Comstock Resources (NYSE:CRK) last released its earnings results on Wednesday, October 30th. The oil and gas producer reported ($0.17) earnings per share for the quarter, missing the consensus estimate of ($0.16) by ($0.01). The company had revenue of $304.50 million for the quarter, compared to the consensus estimate 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 period in the prior year, the firm posted $0.04 EPS. As a group, equities analysts anticipate that Comstock Resources will post -0.44 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several analysts recently issued reports on the company. Bank of America assumed coverage on Comstock Resources in a research note on Monday, October 28th. They set a “buy” rating and a $14.00 target price on the stock. Mizuho decreased their target price on Comstock Resources from $11.00 to $10.00 and set an “underperform” rating on the stock in a research note on Monday, September 16th. BMO Capital Markets lifted their target price on Comstock Resources from $10.00 to $11.00 and gave the company a “market perform” rating in a research note on Friday, October 4th. Citigroup lifted their target price on Comstock Resources from $12.50 to $15.50 and gave the company a “neutral” rating in a research note on Friday, December 6th. Finally, Truist Financial lifted their target price on Comstock Resources from $9.00 to $10.00 and gave the company a “hold” rating in a research note on Monday, September 30th. Five equities research analysts have rated the stock with a sell rating, eight have given a hold rating and two have given a buy rating to the company. According to MarketBeat, Comstock Resources presently has an average rating of “Hold” and a consensus target price of $10.89.

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.