Comstock Resources (NYSE:CRK) Shares Down 5.2% - Here's What Happened

Comstock Resources, Inc. (NYSE:CRK - Get Free Report) shares dropped 5.2% during trading on Wednesday . The stock traded as low as $18.02 and last traded at $18.15. Approximately 144,165 shares traded hands during mid-day trading, a decline of 95% from the average daily volume of 2,861,800 shares. The stock had previously closed at $19.14.

Analyst Upgrades and Downgrades

CRK has been the topic of several analyst reports. Mizuho upgraded Comstock Resources from an "underperform" rating to a "neutral" rating and lifted their price objective for the stock from $10.00 to $18.00 in a report on Monday, December 16th. Morgan Stanley began coverage on Comstock Resources in a report on Friday, January 10th. They set an "equal weight" rating and a $18.00 price target on the stock. Citigroup boosted 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. Truist Financial boosted their price target on Comstock Resources from $11.00 to $19.00 and gave the company a "hold" rating in a report on Monday, January 13th. Finally, Piper Sandler boosted their price target on Comstock Resources from $5.00 to $6.00 and gave the company an "underweight" rating in a report on Wednesday, January 29th. Four equities research analysts have rated the stock with a sell rating, eight have given a hold rating and two have issued a buy rating to the company's stock. Based on data from MarketBeat, Comstock Resources has an average rating of "Hold" and an average target price of $13.40.

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Comstock Resources Stock Performance

The company has a 50-day simple moving average of $19.10 and a two-hundred day simple moving average of $14.96. The company has a debt-to-equity ratio of 1.27, a quick ratio of 0.60 and a current ratio of 0.46. The firm has a market capitalization of $5.26 billion, a P/E ratio of -23.62, a PEG ratio of 1.65 and a beta of 0.55.

Comstock Resources (NYSE:CRK - Get Free Report) last posted its quarterly earnings data on Tuesday, February 18th. The oil and gas producer reported $0.16 earnings per share for the quarter, beating the consensus estimate of $0.02 by $0.14. The business had revenue of $366.51 million for the quarter, compared to analysts' expectations of $370.62 million. Comstock Resources had a negative return on equity of 3.10% and a negative net margin of 18.32%. As a group, equities analysts forecast that Comstock Resources, Inc. will post 0.54 EPS for the current year.

Insider Transactions at Comstock Resources

In other news, Director Elizabeth B. Davis sold 10,000 shares of the business's stock in a transaction that occurred on Monday, December 23rd. The stock was sold at an average price of $16.33, for a total value of $163,300.00. Following the sale, the director now directly owns 123,781 shares of the company's stock, valued at $2,021,343.73. The trade was a 7.47 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Insiders have sold a total of 38,000 shares of company stock valued at $634,660 in the last ninety days. 2.00% of the stock is currently owned by corporate insiders.

Institutional Trading of Comstock Resources

Hedge funds have recently made changes to their positions in the stock. VSM Wealth Advisory LLC bought a new stake in shares of Comstock Resources in the 4th quarter worth approximately $27,000. Harbor Capital Advisors Inc. bought a new position in Comstock Resources in the 3rd quarter valued at approximately $25,000. Sunbelt Securities Inc. lifted its position in Comstock Resources by 140.0% in the 3rd quarter. Sunbelt Securities Inc. now owns 2,400 shares of the oil and gas producer's stock valued at $27,000 after acquiring an additional 1,400 shares in the last quarter. Sterling Capital Management LLC lifted its position in Comstock Resources by 804.6% in the 4th quarter. Sterling Capital Management LLC now owns 2,958 shares of the oil and gas producer's stock valued at $54,000 after acquiring an additional 2,631 shares in the last quarter. Finally, Smartleaf Asset Management LLC lifted its position in Comstock Resources by 225.2% in the 4th quarter. Smartleaf Asset Management LLC now owns 3,359 shares of the oil and gas producer's stock valued at $64,000 after acquiring an additional 2,326 shares in the last quarter. 36.13% of the stock is owned by 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.