Comstock Resources, Inc. (NYSE:CRK) Sees Large Decline in Short Interest

Comstock Resources, Inc. (NYSE:CRK - Get Free Report) was the target of a significant decrease in short interest in the month of November. As of November 30th, there was short interest totalling 24,700,000 shares, a decrease of 11.3% from the November 15th total of 27,840,000 shares. Approximately 31.9% of the company's shares are sold short. Based on an average daily trading volume, of 2,100,000 shares, the short-interest ratio is presently 11.8 days.

Hedge Funds Weigh In On Comstock Resources

Several large investors have recently added to or reduced their stakes in CRK. KGH Ltd boosted its stake in Comstock Resources by 8.7% in the second quarter. KGH Ltd now owns 12,125,000 shares of the oil and gas producer's stock valued at $125,858,000 after acquiring an additional 975,000 shares during the period. Dimensional Fund Advisors LP increased its position in Comstock Resources by 26.3% in the 2nd quarter. Dimensional Fund Advisors LP now owns 11,696,540 shares of the oil and gas producer's stock valued at $121,414,000 after acquiring an additional 2,438,252 shares during the period. American Century Companies Inc. raised its stake in Comstock Resources by 19.0% during the 2nd quarter. American Century Companies Inc. now owns 2,270,435 shares of the oil and gas producer's stock valued at $23,567,000 after acquiring an additional 362,043 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its position 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 during the period. Finally, Millennium Management LLC grew its stake in shares of Comstock Resources by 775.4% in the second quarter. Millennium Management LLC now owns 875,371 shares of the oil and gas producer's stock worth $9,086,000 after purchasing an additional 775,371 shares in the last quarter. 36.13% of the stock is currently owned by institutional investors.

Comstock Resources Stock Down 0.2 %

CRK stock traded down $0.04 during midday trading on Tuesday, hitting $16.09. 2,208,165 shares of the company's stock were exchanged, compared to its average volume of 3,385,048. The firm has a 50 day moving average price of $13.54 and a 200-day moving average price of $11.62. Comstock Resources has a 12-month low of $7.07 and a 12-month high of $17.79. The stock has a market capitalization of $4.70 billion, a price-to-earnings ratio of -89.28 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.

Comstock Resources (NYSE:CRK - Get Free Report) last posted its quarterly earnings data on Wednesday, October 30th. The oil and gas producer reported ($0.17) 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 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 company's revenue was down 19.2% compared to the same quarter last year. During the same quarter last year, the company earned $0.04 earnings per share. On average, analysts anticipate that Comstock Resources will post -0.44 EPS for the current year.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently commented on the company. Truist Financial lifted their price objective on Comstock Resources from $9.00 to $10.00 and gave the company a "hold" rating in a research report on Monday, September 30th. Bank of America assumed coverage on shares of Comstock Resources in a research note on Monday, October 28th. They set a "buy" rating and a $14.00 price objective for the company. Mizuho raised shares of Comstock Resources from an "underperform" rating to a "neutral" rating and raised their target price for the stock from $10.00 to $18.00 in a research report on Monday. 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. Finally, Citigroup increased their price target 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. Four equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating and two have given a buy rating to the company's stock. Based on data from MarketBeat.com, the company currently has an average rating of "Hold" and an average price target of $11.78.

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.

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