Comstock Resources Sees Unusually Large Options Volume (NYSE:CRK)

Comstock Resources, Inc. (NYSE:CRKGet Rating) was the target of some unusual options trading activity on Wednesday. Stock traders bought 6,037 put options on the stock. This is an increase of 73% compared to the average volume of 3,494 put options.

Insider Activity

In related news, Director Morris E. Foster purchased 14,000 shares of the firm’s stock in a transaction dated Friday, September 16th. The shares were acquired at an average cost of $18.16 per share, with a total value of $254,240.00. Following the completion of the purchase, the director now directly owns 144,084 shares of the company’s stock, valued at $2,616,565.44. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In other news, Director Jim L. Turner purchased 50,000 shares of Comstock Resources stock in a transaction dated Thursday, September 8th. The shares were bought at an average cost of $18.34 per share, with a total value of $917,000.00. Following the completion of the transaction, the director now directly owns 265,805 shares in the company, valued at approximately $4,874,863.70. The acquisition was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Morris E. Foster purchased 14,000 shares of Comstock Resources stock in a transaction dated Friday, September 16th. The shares were purchased at an average cost of $18.16 per share, for a total transaction of $254,240.00. Following the completion of the transaction, the director now owns 144,084 shares of the company’s stock, valued at $2,616,565.44. The disclosure for this purchase can be found here. Insiders have purchased 122,000 shares of company stock valued at $2,291,680 over the last three months. 1.20% of the stock is owned by insiders.

Institutional Trading of Comstock Resources

Institutional investors and hedge funds have recently made changes to their positions in the company. CoreCap Advisors LLC purchased a new stake in shares of Comstock Resources in the second quarter valued at about $32,000. Spire Wealth Management purchased a new stake in shares of Comstock Resources in the third quarter valued at about $35,000. Neo Ivy Capital Management purchased a new stake in shares of Comstock Resources in the third quarter valued at about $41,000. Cullen Frost Bankers Inc. purchased a new stake in shares of Comstock Resources in the second quarter valued at about $48,000. Finally, USA Financial Portformulas Corp purchased a new stake in shares of Comstock Resources in the third quarter valued at about $83,000. Hedge funds and other institutional investors own 34.02% of the company’s stock.

Comstock Resources Stock Performance

CRK opened at $19.24 on Friday. The company has a current ratio of 0.65, a quick ratio of 0.65 and a debt-to-equity ratio of 1.40. The company’s fifty day moving average price is $18.07 and its two-hundred day moving average price is $17.08. Comstock Resources has a 1-year low of $6.88 and a 1-year high of $22.11. The company has a market cap of $4.50 billion, a price-to-earnings ratio of 5.59 and a beta of 1.35.

Comstock Resources Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, December 15th. Shareholders of record on Thursday, December 1st will be issued a dividend of $0.125 per share. The ex-dividend date of this dividend is Wednesday, November 30th. This represents a $0.50 annualized dividend and a yield of 2.60%.

Analysts Set New Price Targets

A number of equities research analysts recently commented on the stock. Stifel Nicolaus raised their price objective on shares of Comstock Resources from $22.00 to $27.00 and gave the stock a “buy” rating in a report on Monday, September 12th. Tudor, Pickering, Holt & Co. assumed coverage on shares of Comstock Resources in a report on Wednesday, November 16th. They set a “hold” rating on the stock. Citigroup raised their price objective on shares of Comstock Resources from $17.00 to $24.00 and gave the stock a “buy” rating in a report on Wednesday, September 21st. TheStreet upgraded shares of Comstock Resources from a “c” rating to a “b-” rating in a research note on Monday, August 1st. Finally, KeyCorp assumed coverage on shares of Comstock Resources in a research note on Monday, September 19th. They issued an “overweight” rating and a $26.00 price target on the stock. One analyst has rated the stock with a sell rating, five have given a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $19.88.

About Comstock Resources

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Comstock Resources, Inc, an independent energy company, engages in the acquisition, exploration, development, and production of oil and natural gas primarily in North Louisiana and East Texas, the United States. As of December 31, 2021, the company had 6.1 trillion cubic feet of the natural gas equivalent of proved reserves.

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