Comstock Resources (NYSE:CRK) Shares Gap Down to $11.13

Comstock Resources, Inc. (NYSE:CRK)’s share price gapped down prior to trading on Tuesday . The stock had previously closed at $11.13, but opened at $10.88. Comstock Resources shares last traded at $11.07, with a volume of 65,413 shares traded.

Analysts Set New Price Targets

A number of brokerages have weighed in on CRK. Piper Sandler lowered Comstock Resources from a “neutral” rating to an “underweight” rating and decreased their target price for the stock from $8.00 to $5.00 in a research note on Thursday, August 15th. Truist Financial raised their target price on shares of Comstock Resources from $9.00 to $10.00 and gave the company a “hold” rating in a research note on Monday. Mizuho cut their price target on shares of Comstock Resources from $11.00 to $10.00 and set an “underperform” rating for the company in a research note on Monday, September 16th. KeyCorp initiated coverage on shares of Comstock Resources in a report on Thursday, June 27th. They set a “sector weight” rating for the company. Finally, Wolfe Research started coverage on Comstock Resources in a research note on Thursday, July 18th. They issued a “peer perform” rating on the stock. Four research analysts have rated the stock with a sell rating, seven have issued a hold rating and one has given a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $9.75.

Comstock Resources Stock Performance

The company has a market cap of $3.25 billion, a PE ratio of 50.59 and a beta of 0.48. The business’s 50-day moving average is $10.20 and its 200 day moving average is $10.24. The company has a debt-to-equity ratio of 1.21, a quick ratio of 0.59 and a current ratio of 0.59.

Comstock Resources (NYSE:CRK) last issued its earnings results on Tuesday, July 30th. The oil and gas producer reported ($0.20) EPS for the quarter, missing analysts’ consensus estimates of ($0.16) by ($0.04). Comstock Resources had a negative return on equity of 1.38% and a negative net margin of 1.48%. The business had revenue of $246.80 million during the quarter, compared to analysts’ expectations of $296.02 million. The company’s revenue was down 14.4% on a year-over-year basis. On average, equities research analysts predict that Comstock Resources, Inc. will post -0.37 EPS for the current fiscal year.

Insider Buying and Selling at Comstock Resources

In other news, major shareholder Star Exploration Corp Blue acquired 825,868 shares of the firm’s stock in a transaction on Wednesday, August 7th. The shares were purchased at an average price of $8.82 per share, for a total transaction of $7,284,155.76. Following the completion of the transaction, the insider now owns 197,298,165 shares of the company’s stock, valued at $1,740,169,815.30. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In related news, major shareholder Star Exploration Corp Blue bought 825,868 shares of the business’s stock in a transaction dated Wednesday, August 7th. The shares were purchased at an average price of $8.82 per share, with a total value of $7,284,155.76. Following the purchase, the insider now owns 197,298,165 shares of the company’s stock, valued at approximately $1,740,169,815.30. The acquisition was disclosed in a document filed with the SEC, which is available through the SEC website. Also, major shareholder Drilling L.P. Arkoma bought 573,453 shares of the business’s stock in a transaction dated Friday, August 16th. The shares were bought at an average cost of $10.64 per share, for a total transaction of $6,101,539.92. Following the purchase, the insider now directly owns 203,450,946 shares in the company, valued at approximately $2,164,718,065.44. The disclosure for this purchase can be found here. Over the last quarter, insiders have bought 6,712,733 shares of company stock worth $67,816,851. 1.50% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Comstock Resources

A number of large investors have recently modified their holdings of CRK. Heritage Oak Wealth Advisors LLC bought a new stake in Comstock Resources during the second quarter worth about $220,000. KGH Ltd boosted its stake in Comstock Resources by 8.7% during the second quarter. KGH Ltd now owns 12,125,000 shares of the oil and gas producer’s stock worth $125,858,000 after acquiring an additional 975,000 shares in the last quarter. Algert Global LLC bought a new stake in Comstock Resources during the second quarter worth about $107,000. Susquehanna Fundamental Investments LLC boosted its stake in Comstock Resources by 110.9% during the second quarter. Susquehanna Fundamental Investments LLC now owns 432,857 shares of the oil and gas producer’s stock worth $4,493,000 after acquiring an additional 227,657 shares in the last quarter. Finally, The Manufacturers Life Insurance Company boosted its stake in 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 worth $601,000 after acquiring an additional 1,656 shares in the last quarter. Institutional investors own 36.13% of the company’s stock.

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.