Comstock Resources (NYSE:CRK) Shares Down 4.1% Following Insider Selling

Comstock Resources, Inc. (NYSE:CRK) traded down 4.1% on Friday following insider selling activity. The stock traded as low as $17.77 and last traded at $17.93. 885,487 shares changed hands during trading, a decline of 36% from the average session volume of 1,383,275 shares. The stock had previously closed at $18.70.

Specifically, Director Elizabeth B. Davis sold 8,000 shares of the business’s stock in a transaction on Monday, December 30th. The stock was sold at an average price of $18.17, for a total transaction of $145,360.00. Following the transaction, the director now owns 99,632 shares of the company’s stock, valued at approximately $1,810,313.44. The trade was a 7.43 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website.

Analysts Set New Price Targets

Several equities research analysts have issued reports on the company. 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. Citigroup upped their target price on shares of Comstock Resources from $12.50 to $15.50 and gave the stock a “neutral” rating in a research note on Friday, December 6th. Mizuho upgraded shares of Comstock Resources from an “underperform” rating to a “neutral” rating and increased their target price for the stock from $10.00 to $18.00 in a report on Monday, December 16th. Truist Financial boosted their price target 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, Bank of America started coverage on Comstock Resources in a research note on Monday, October 28th. They issued a “buy” rating and a $14.00 price objective on the stock. Four investment analysts have rated the stock with a sell rating, eight have issued a hold rating and two have assigned a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $11.78.

Comstock Resources Stock Down 5.5 %

The company has a quick ratio of 0.60, a current ratio of 0.60 and a debt-to-equity ratio of 1.25. The stock has a market cap of $5.17 billion, a PE ratio of -98.22 and a beta of 0.51. The firm has a fifty day moving average of $15.03 and a 200 day moving average of $12.15.

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

Hedge Funds Weigh In On Comstock Resources

Several hedge funds have recently added to or reduced their stakes in the stock. Royce & Associates LP lifted its position in shares of Comstock Resources by 79.2% during the 3rd quarter. Royce & Associates LP now owns 689,780 shares of the oil and gas producer’s stock worth $7,677,000 after buying an additional 304,780 shares during the last quarter. Charles Schwab Investment Management Inc. raised its stake in Comstock Resources by 4.2% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,413,820 shares of the oil and gas producer’s stock worth $15,736,000 after acquiring an additional 57,376 shares in the last quarter. Intech Investment Management LLC purchased a new stake in Comstock Resources in the third quarter valued at $419,000. Barclays PLC boosted its stake in Comstock Resources by 256.3% in the third quarter. Barclays PLC now owns 155,614 shares of the oil and gas producer’s stock valued at $1,731,000 after acquiring an additional 111,934 shares in the last quarter. Finally, Goehring & Rozencwajg Associates LLC grew its holdings in shares of Comstock Resources by 27.8% during the second 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 during the last quarter. 36.13% of the stock is currently owned by hedge funds and other 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.