Comstock Resources (NYSE:CRK) Cut to "Sell" at Siebert Williams Shank

Comstock Resources (NYSE:CRK - Get Free Report) was downgraded by equities research analysts at Siebert Williams Shank from a "hold" rating to a "sell" rating in a research note issued on Tuesday, Marketbeat.com reports. They presently have a $9.00 target price on the oil and gas producer's stock. Siebert Williams Shank's price objective would suggest a potential downside of 20.84% from the stock's previous close.

A number of other equities research analysts also recently weighed in on CRK. BMO Capital Markets lifted their price target on shares of Comstock Resources from $10.00 to $11.00 and gave the stock a "market perform" rating in a research note on Friday, October 4th. Wolfe Research started coverage on shares of Comstock Resources in a research report on Thursday, July 18th. They set a "peer perform" rating on the stock. Mizuho lowered their price objective on Comstock Resources from $11.00 to $10.00 and set an "underperform" rating for the company in a research report on Monday, September 16th. KeyCorp assumed coverage on Comstock Resources in a research note on Thursday, June 27th. They issued a "sector weight" rating on the stock. Finally, Piper Sandler downgraded shares of Comstock Resources from a "neutral" rating to an "underweight" rating and lowered their target price for the company from $8.00 to $5.00 in a research note on Thursday, August 15th. Five investment analysts have rated the stock with a sell rating, seven have issued a hold rating and one has given a buy rating to the company. According to data from MarketBeat, the company currently has an average rating of "Hold" and an average price target of $9.79.

Comstock Resources Stock Down 4.0 %

Shares of Comstock Resources stock traded down $0.47 during midday trading on Tuesday, hitting $11.37. The company's stock had a trading volume of 2,605,614 shares, compared to its average volume of 3,680,888. The firm has a market capitalization of $3.32 billion, a P/E ratio of 52.55 and a beta of 0.47. Comstock Resources has a 1-year low of $7.07 and a 1-year high of $13.39. The company has a quick ratio of 0.59, a current ratio of 0.59 and a debt-to-equity ratio of 1.21. The stock has a 50-day simple moving average of $10.64 and a 200-day simple moving average of $10.48.

Comstock Resources (NYSE:CRK - Get Free Report) last released its quarterly earnings results on Tuesday, July 30th. The oil and gas producer reported ($0.20) earnings per share for the quarter, missing analysts' consensus estimates of ($0.16) by ($0.04). The business had revenue of $246.80 million for the quarter, compared to the consensus estimate of $296.02 million. Comstock Resources had a negative net margin of 1.48% and a negative return on equity of 1.38%. The business's quarterly revenue was down 14.4% on a year-over-year basis. As a group, sell-side analysts expect that Comstock Resources will post -0.37 earnings per share for the current year.

Insider Buying and Selling

In related news, major shareholder Drilling L.P. Arkoma bought 825,868 shares of Comstock Resources stock in a transaction dated Friday, August 9th. The stock was purchased at an average cost of $9.76 per share, with a total value of $8,060,471.68. Following the transaction, the insider now directly owns 198,949,901 shares of the company's stock, valued at approximately $1,941,751,033.76. The trade was a 0.00 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, major shareholder Star Exploration Corp Blue acquired 825,000 shares of the business's stock in a transaction dated Monday, August 5th. The stock was purchased at an average cost of $8.16 per share, for a total transaction of $6,732,000.00. Following the acquisition, the insider now owns 195,646,429 shares of the company's stock, valued at $1,596,474,860.64. This trade represents a 0.00 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, major shareholder Drilling L.P. Arkoma bought 825,868 shares of the firm's stock in a transaction that occurred on Friday, August 9th. The stock was acquired at an average price of $9.76 per share, for a total transaction of $8,060,471.68. Following the transaction, the insider now owns 198,949,901 shares in the company, valued at $1,941,751,033.76. This trade represents a 0.00 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last 90 days, insiders purchased 6,712,733 shares of company stock worth $67,816,851. 1.50% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Comstock Resources

Large investors have recently made changes to their positions in the business. Blue Trust Inc. bought a new stake in Comstock Resources during the second quarter worth about $32,000. EverSource Wealth Advisors LLC lifted its holdings in Comstock Resources by 2,533.8% during the second quarter. EverSource Wealth Advisors LLC now owns 3,582 shares of the oil and gas producer's stock valued at $34,000 after purchasing an additional 3,446 shares in the last quarter. GAMMA Investing LLC boosted its stake in shares of Comstock Resources by 428.9% in the first quarter. GAMMA Investing LLC now owns 4,771 shares of the oil and gas producer's stock worth $44,000 after acquiring an additional 3,869 shares during the period. Hexagon Capital Partners LLC boosted its position in shares of Comstock Resources by 2,161.0% during the first quarter. Hexagon Capital Partners LLC now owns 4,929 shares of the oil and gas producer's stock worth $46,000 after acquiring an additional 4,711 shares during the last quarter. Finally, Headlands Technologies LLC bought a new position in shares of Comstock Resources during the 1st quarter valued at about $91,000. 36.13% of the stock is currently 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.