Investors Purchase Large Volume of Call Options on Comstock Resources (NYSE:CRK)

Comstock Resources, Inc. (NYSE:CRK) saw some unusual options trading on Tuesday. Investors purchased 4,517 call options on the company. This represents an increase of 92% compared to the average daily volume of 2,353 call options.

Insider Activity at Comstock Resources

In related news, Director Elizabeth B. Davis sold 10,000 shares of Comstock Resources 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 transaction, the director now owns 123,781 shares in the company, valued at approximately $2,021,343.73. The trade was a 7.47 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In the last ninety days, insiders sold 30,000 shares of company stock worth $489,300. 2.00% of the stock is owned by company insiders.

Institutional Trading of Comstock Resources

Institutional investors have recently bought and sold shares of the stock. Doliver Advisors LP raised its stake in shares of Comstock Resources by 3.9% in the third quarter. Doliver Advisors LP now owns 26,455 shares of the oil and gas producer’s stock valued at $294,000 after acquiring an additional 988 shares during the period. XTX Topco Ltd raised its position in Comstock Resources by 4.8% in the 2nd quarter. XTX Topco Ltd now owns 28,791 shares of the oil and gas producer’s stock worth $299,000 after purchasing an additional 1,330 shares during the period. Sunbelt Securities Inc. lifted its stake in Comstock Resources by 140.0% in the third 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 last quarter. The Manufacturers Life Insurance Company boosted its position in shares of Comstock Resources by 2.9% during the second quarter. The Manufacturers Life Insurance Company now owns 57,876 shares of the oil and gas producer’s stock valued at $601,000 after buying an additional 1,656 shares during the period. Finally, Arizona State Retirement System boosted its position in shares of Comstock Resources by 6.9% during the second quarter. Arizona State Retirement System now owns 28,630 shares of the oil and gas producer’s stock valued at $297,000 after buying an additional 1,848 shares during the period. 36.13% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several brokerages have recently commented on CRK. Siebert Williams Shank downgraded Comstock Resources from a “hold” rating to a “sell” rating and set a $9.00 price objective on the stock. in a research report on Tuesday, October 15th. Citigroup increased their price objective on shares of Comstock Resources from $12.50 to $15.50 and gave the company a “neutral” rating in a report on Friday, December 6th. Truist Financial boosted their target price on shares of Comstock Resources from $9.00 to $10.00 and gave the stock a “hold” rating in a report on Monday, September 30th. BMO Capital Markets raised their target price on shares of Comstock Resources from $10.00 to $11.00 and gave the company a “market perform” rating in a research note on Friday, October 4th. Finally, Bank of America started coverage on shares of Comstock Resources in a research note on Monday, October 28th. They issued a “buy” rating and a $14.00 price target on the stock. Four 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’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $11.78.

Comstock Resources Stock Down 3.7 %

Shares of NYSE CRK opened at $18.22 on Thursday. The company has a current ratio of 0.60, a quick ratio of 0.60 and a debt-to-equity ratio of 1.25. Comstock Resources has a 12-month low of $7.07 and a 12-month high of $19.25. The firm’s 50-day moving average price is $14.78 and its 200-day moving average price is $12.06. The stock has a market capitalization of $5.32 billion, a price-to-earnings ratio of -101.22 and a beta of 0.57.

Comstock Resources (NYSE:CRK) last issued its quarterly earnings data 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 for 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 company’s revenue for the quarter was down 19.2% on a year-over-year basis. During the same quarter last year, the company earned $0.04 earnings per share. On average, equities research analysts anticipate that Comstock Resources will post -0.44 EPS for the current fiscal year.

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.