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

Shares of Comstock Resources, Inc. (NYSE:CRK - Get Free Report) gapped down prior to trading on Tuesday . The stock had previously closed at $11.84, but opened at $11.40. Comstock Resources shares last traded at $11.35, with a volume of 175,042 shares.

Wall Street Analysts Forecast Growth

CRK has been the subject of several research reports. Mizuho reduced their price target on Comstock Resources from $11.00 to $10.00 and set an "underperform" rating for the company in a report on Monday, September 16th. Truist Financial lifted 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, September 30th. Siebert Williams Shank lowered shares of Comstock Resources from a "hold" rating to a "sell" rating and set a $9.00 price target on the stock. in a research note on Tuesday. BMO Capital Markets lifted their price objective on shares of Comstock Resources from $10.00 to $11.00 and gave the company a "market perform" rating in a research note on Friday, October 4th. Finally, Wolfe Research assumed coverage on shares of Comstock Resources in a research report on Thursday, July 18th. They set a "peer perform" rating on the stock. 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 stock. According to MarketBeat, the stock presently has a consensus rating of "Hold" and an average target price of $9.79.

Comstock Resources Stock Down 4.1 %

The business has a 50 day moving average price of $10.64 and a 200 day moving average price of $10.48. The firm has a market capitalization of $3.32 billion, a P/E ratio of 52.55 and a beta of 0.47. The company has a debt-to-equity ratio of 1.21, a current ratio of 0.59 and a quick ratio of 0.59.

Comstock Resources (NYSE:CRK - Get Free Report) last issued its quarterly 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). The business had revenue of $246.80 million for the quarter, compared to analyst estimates of $296.02 million. Comstock Resources had a negative return on equity of 1.38% and a negative net margin of 1.48%. The company's revenue was down 14.4% compared to the same quarter last year. On average, analysts predict that Comstock Resources, Inc. will post -0.37 earnings per share for the current year.

Insider Activity at Comstock Resources

In other news, major shareholder Drilling L.P. Arkoma acquired 592,246 shares of the stock in a transaction dated Monday, August 26th. The shares were acquired at an average cost of $11.54 per share, for a total transaction of $6,834,518.84. Following the completion of the transaction, the insider now owns 208,219,992 shares in the company, valued at approximately $2,402,858,707.68. This trade represents a 0.00 % increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In other Comstock Resources news, major shareholder Drilling L.P. Arkoma acquired 592,246 shares of Comstock Resources stock in a transaction dated Monday, August 26th. The stock was bought at an average cost of $11.54 per share, with a total value of $6,834,518.84. Following the acquisition, the insider now owns 208,219,992 shares of the company's stock, valued at approximately $2,402,858,707.68. The trade was a 0.00 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, major shareholder Star Exploration Corp Blue bought 825,000 shares of the stock in a transaction that occurred on Monday, August 5th. The stock was acquired at an average cost of $8.16 per share, for a total transaction of $6,732,000.00. Following the purchase, 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 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. Company insiders own 1.50% of the company's stock.

Hedge Funds Weigh In On Comstock Resources

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

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.