Comstock Resources (NYSE:CRK) Trading Down 4.7%

Comstock Resources, Inc. (NYSE:CRK - Get Free Report) shares were down 4.7% during mid-day trading on Wednesday . The company traded as low as $9.73 and last traded at $9.76. Approximately 1,571,789 shares were traded during trading, a decline of 60% from the average daily volume of 3,904,868 shares. The stock had previously closed at $10.24.

Wall Street Analyst Weigh In

A number of analysts recently weighed in on the stock. KeyCorp started coverage on shares of Comstock Resources in a research note on Thursday, June 27th. They issued a "sector weight" rating on the stock. Truist Financial upped their price objective on Comstock Resources from $8.00 to $9.00 and gave the company a "hold" rating in a research note on Monday, July 22nd. Mizuho raised their target price on Comstock Resources from $10.00 to $11.00 and gave the stock an "underperform" rating in a research report on Monday, May 13th. Piper Sandler lowered Comstock Resources from a "neutral" rating to an "underweight" rating and decreased their price target for the company from $8.00 to $5.00 in a research note on Thursday, August 15th. Finally, Wolfe Research started coverage on Comstock Resources in a research note on Thursday, July 18th. They set a "peer perform" rating for the company. Four equities research 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 MarketBeat, the company presently has an average rating of "Hold" and an average target price of $9.75.

Comstock Resources Stock Down 5.9 %

The business's fifty day simple moving average is $10.29 and its 200 day simple moving average is $9.97. The stock has a market cap of $2.82 billion, a price-to-earnings ratio of 43.82 and a beta of 0.51. The company has a current ratio of 0.59, a quick ratio of 0.59 and a debt-to-equity ratio of 1.21.

Comstock Resources (NYSE:CRK - Get Free Report) last announced 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 return on equity of 1.38% and a negative net margin of 1.48%. The company had revenue of $246.80 million for the quarter, compared to analyst estimates of $296.02 million. The firm's revenue was down 14.4% compared to the same quarter last year. Equities analysts forecast that Comstock Resources, Inc. will post -0.33 earnings per share for the current fiscal year.

Insider Activity

In related news, major shareholder Star Exploration Corp Blue purchased 825,000 shares of Comstock Resources stock in a transaction dated Monday, August 5th. The stock was bought at an average price of $8.16 per share, for a total transaction of $6,732,000.00. Following the completion of the acquisition, the insider now directly owns 195,646,429 shares of the company's stock, valued at $1,596,474,860.64. The acquisition was disclosed in a filing with the SEC, which is available through this hyperlink. In other news, major shareholder Star Exploration Corp Blue purchased 825,000 shares of Comstock Resources stock in a transaction on Monday, August 5th. The stock was purchased at an average price of $8.16 per share, with a total value of $6,732,000.00. Following the transaction, the insider now directly owns 195,646,429 shares in the company, valued at approximately $1,596,474,860.64. The acquisition was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, major shareholder Drilling L.P. Arkoma purchased 981,898 shares of the firm's stock in a transaction dated Monday, August 12th. The shares were acquired at an average cost of $10.13 per share, with a total value of $9,946,626.74. Following the completion of the purchase, the insider now directly owns 199,931,799 shares in the company, valued at $2,025,309,123.87. The disclosure for this purchase can be found here. Insiders bought 6,712,733 shares of company stock valued at $67,816,851 in the last quarter. Company insiders own 1.50% of the company's stock.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the stock. Heritage Oak Wealth Advisors LLC bought a new stake in shares of Comstock Resources in the 2nd quarter valued at about $220,000. KGH Ltd increased its position in Comstock Resources by 8.7% during the second quarter. KGH Ltd now owns 12,125,000 shares of the oil and gas producer's stock worth $125,858,000 after buying an additional 975,000 shares during the last quarter. Algert Global LLC acquired a new position in Comstock Resources during the second quarter worth approximately $107,000. Susquehanna Fundamental Investments LLC raised its stake in Comstock Resources by 110.9% in the second quarter. Susquehanna Fundamental Investments LLC now owns 432,857 shares of the oil and gas producer's stock valued at $4,493,000 after buying an additional 227,657 shares during the period. Finally, The Manufacturers Life Insurance Company lifted its position in shares of Comstock Resources by 2.9% in the second quarter. The Manufacturers Life Insurance Company now owns 57,876 shares of the oil and gas producer's stock valued at $601,000 after buying an additional 1,656 shares during the last quarter. 36.13% of the stock is currently owned by institutional investors.

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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