Insider Buying: Comstock Resources, Inc. (NYSE:CRK) Major Shareholder Purchases 1,044,200 Shares of Stock

Comstock Resources, Inc. (NYSE:CRK - Get Free Report) major shareholder Drilling L.P. Arkoma bought 1,044,200 shares of the business's stock in a transaction on Tuesday, August 20th. The stock was purchased at an average price of $10.93 per share, for a total transaction of $11,413,106.00. Following the purchase, the insider now directly owns 204,495,146 shares in the company, valued at approximately $2,235,131,945.78. The purchase was disclosed in a legal filing with the SEC, which is accessible through this link. Major shareholders that own 10% or more of a company's stock are required to disclose their sales and purchases with the SEC.

Drilling L.P. Arkoma also recently made the following trade(s):

• On Thursday, August 22nd, Drilling L.P. Arkoma bought 1,044,200 shares of Comstock Resources stock. The stock was purchased at an average price of $10.96 per share, for a total transaction of $11,444,432.00.
• On Friday, August 16th, Drilling L.P. Arkoma bought 573,453 shares of Comstock Resources stock. The stock was purchased at an average price of $10.64 per share, for a total transaction of $6,101,539.92.
• On Monday, August 12th, Drilling L.P. Arkoma bought 981,898 shares of Comstock Resources stock. The stock was purchased at an average price of $10.13 per share, for a total transaction of $9,946,626.74.
• On Friday, August 9th, Drilling L.P. Arkoma bought 825,868 shares of Comstock Resources stock. The stock was purchased at an average price of $9.76 per share, for a total transaction of $8,060,471.68.

Comstock Resources Stock Performance

Shares of CRK stock traded down $0.28 during trading on Thursday, reaching $10.71. 3,450,521 shares of the company's stock were exchanged, compared to its average volume of 3,951,785. The company has a quick ratio of 0.64, a current ratio of 0.59 and a debt-to-equity ratio of 1.21. The firm's fifty day moving average price is $10.33 and its 200-day moving average price is $9.76. Comstock Resources, Inc. has a twelve month low of $7.07 and a twelve month high of $13.39. The stock has a market capitalization of $3.13 billion, a PE ratio of 48.66 and a beta of 0.51.

Comstock Resources (NYSE:CRK - Get Free Report) last issued its quarterly earnings data 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 net margin of 1.48% and a negative return on equity of 1.38%. The firm had revenue of $246.80 million during the quarter, compared to analyst estimates of $296.02 million. The firm's revenue for the quarter was down 14.4% on a year-over-year basis. As a group, sell-side analysts anticipate that Comstock Resources, Inc. will post -0.13 EPS for the current year.

Analyst Ratings Changes

CRK has been the topic of a number of analyst reports. The Goldman Sachs Group upped their price objective on Comstock Resources from $9.00 to $10.00 and gave the stock a "sell" rating in a research note on Tuesday, May 28th. Truist Financial upped their price objective on Comstock Resources from $8.00 to $9.00 and gave the stock a "hold" rating in a research note on Monday, July 22nd. Piper Sandler cut Comstock Resources from a "neutral" rating to an "underweight" rating and dropped their price objective for the stock from $8.00 to $5.00 in a research note on Thursday, August 15th. StockNews.com upgraded Comstock Resources to a "sell" rating in a research note on Monday, April 29th. Finally, Wolfe Research initiated coverage on Comstock Resources in a research note on Thursday, July 18th. They set a "peer perform" rating on the stock. Four analysts have rated the stock with a sell rating, seven have given a hold rating and one has assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus target price of $9.75.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in CRK. Blue Trust Inc. acquired a new position in Comstock Resources in the 2nd quarter valued at $32,000. EverSource Wealth Advisors LLC grew its holdings in Comstock Resources by 2,533.8% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 3,582 shares of the oil and gas producer's stock valued at $34,000 after buying an additional 3,446 shares in the last quarter. GAMMA Investing LLC grew its holdings in shares of 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 worth $44,000 after purchasing an additional 3,869 shares in the last quarter. Hexagon Capital Partners LLC grew its holdings in shares of 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 worth $46,000 after purchasing an additional 4,711 shares in the last quarter. Finally, Forum Financial Management LP acquired a new stake in shares of Comstock Resources during the 4th quarter worth $90,000. 36.13% of the stock is owned by institutional investors and hedge funds.

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.