Comstock Resources (NYSE:CRK) Shares Gap Down – Should You Sell?

Comstock Resources, Inc. (NYSE:CRK)’s share price gapped down before the market opened on Tuesday . The stock had previously closed at $18.92, but opened at $18.34. Comstock Resources shares last traded at $18.24, with a volume of 433,320 shares.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on CRK. Citigroup lifted their price target on Comstock Resources from $12.50 to $15.50 and gave the company a “neutral” rating in a report on Friday, December 6th. Siebert Williams Shank downgraded shares of Comstock Resources from a “hold” rating to a “sell” rating and set a $9.00 target price for the company. in a report on Tuesday, October 15th. Bank of America assumed coverage on shares of Comstock Resources in a report on Monday, October 28th. They issued a “buy” rating and a $14.00 price target on the stock. Truist Financial boosted their price objective on shares of Comstock Resources from $9.00 to $10.00 and gave the stock a “hold” rating in a research note on Monday, September 30th. Finally, 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 report on Friday, October 4th. Four 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, Comstock Resources has a consensus rating of “Hold” and a consensus price target of $11.78.

Comstock Resources Stock Performance

The stock has a market capitalization of $5.34 billion, a price-to-earnings ratio of -101.49 and a beta of 0.57. The company has a current ratio of 0.60, a quick ratio of 0.60 and a debt-to-equity ratio of 1.25. The firm has a 50-day moving average of $14.51 and a 200-day moving average of $11.96.

Comstock Resources (NYSE:CRK) last announced its quarterly earnings data on Wednesday, October 30th. The oil and gas producer reported ($0.17) earnings per share for the quarter, missing analysts’ consensus estimates 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 firm had revenue of $304.50 million during the quarter, compared to analyst estimates of $308.75 million. During the same period in the prior year, the company posted $0.04 earnings per share. The firm’s revenue for the quarter was down 19.2% on a year-over-year basis. As a group, sell-side analysts predict that Comstock Resources, Inc. will post -0.44 earnings per share for the current year.

Insider Buying and Selling at Comstock Resources

In related news, Director Elizabeth B. Davis sold 10,000 shares of the firm’s stock in a transaction on Monday, December 23rd. The shares were sold at an average price of $16.33, for a total transaction of $163,300.00. Following the completion of the transaction, the director now owns 123,781 shares of the company’s stock, valued at $2,021,343.73. This trade represents a 7.47 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. In the last ninety days, insiders sold 30,000 shares of company stock worth $489,300. Company insiders own 2.00% of the company’s stock.

Institutional Investors Weigh In On Comstock Resources

Several hedge funds have recently added to or reduced their stakes in CRK. Royce & Associates LP lifted its holdings in shares of Comstock Resources by 79.2% in the 3rd quarter. Royce & Associates LP now owns 689,780 shares of the oil and gas producer’s stock valued at $7,677,000 after buying an additional 304,780 shares during the period. Charles Schwab Investment Management Inc. lifted its holdings in Comstock Resources by 4.2% in the third quarter. Charles Schwab Investment Management Inc. now owns 1,413,820 shares of the oil and gas producer’s stock valued at $15,736,000 after acquiring an additional 57,376 shares during the period. Intech Investment Management LLC acquired a new position in Comstock Resources in the third quarter valued at approximately $419,000. Goehring & Rozencwajg Associates LLC boosted its position in Comstock Resources by 27.8% in the 2nd quarter. Goehring & Rozencwajg Associates LLC now owns 683,570 shares of the oil and gas producer’s stock worth $7,095,000 after purchasing an additional 148,700 shares in the last quarter. Finally, Barclays PLC grew its stake 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 worth $1,731,000 after purchasing an additional 111,934 shares during the period. 36.13% of the stock is owned by hedge funds and other institutional investors.

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.