Comstock Resources, Inc. (NYSE:CRK) Major Shareholder Drilling L.P. Arkoma Acquires 981,898 Shares

Comstock Resources, Inc. (NYSE:CRK) major shareholder Drilling L.P. Arkoma bought 981,898 shares of the firm’s stock in a transaction that occurred on Monday, August 12th. The stock was bought at an average cost of $10.13 per share, for a total transaction of $9,946,626.74. Following the completion of the acquisition, the insider now owns 199,931,799 shares in the company, valued at approximately $2,025,309,123.87. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Major shareholders that own more than 10% 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 Friday, August 9th, Drilling L.P. Arkoma purchased 825,868 shares of Comstock Resources stock. The shares were acquired at an average cost of $9.76 per share, for a total transaction of $8,060,471.68.

Comstock Resources Trading Up 3.8 %

CRK traded up $0.37 on Monday, hitting $10.12. The company had a trading volume of 4,584,504 shares, compared to its average volume of 3,945,094. The company has a market cap of $2.96 billion, a PE ratio of 46.00 and a beta of 0.51. Comstock Resources, Inc. has a 12-month low of $7.07 and a 12-month high of $13.39. 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 business’s fifty day simple moving average is $10.50 and its 200 day simple moving average is $9.62.

Comstock Resources (NYSE:CRK) last released its quarterly earnings results on Tuesday, July 30th. The oil and gas producer reported ($0.20) EPS for the quarter, missing the consensus estimate of ($0.16) by ($0.04). The company had revenue of $246.80 million during the quarter, compared to analysts’ expectations 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 quarterly revenue was down 14.4% compared to the same quarter last year. Equities research analysts expect that Comstock Resources, Inc. will post -0.13 EPS for the current year.

Analyst Upgrades and Downgrades

A number of research firms have commented on CRK. Capital One Financial cut Comstock Resources from an “overweight” rating to an “equal weight” rating in a report on Wednesday, May 15th. StockNews.com raised Comstock Resources to a “sell” rating in a report on Monday, April 29th. Stifel Nicolaus decreased their price target on Comstock Resources from $14.00 to $13.50 and set a “buy” rating on the stock in a report on Tuesday, April 23rd. The Goldman Sachs Group raised their price objective on Comstock Resources from $9.00 to $10.00 and gave the company a “sell” rating in a research report on Tuesday, May 28th. Finally, Mizuho raised their price objective on Comstock Resources from $10.00 to $11.00 and gave the company an “underperform” rating in a research report on Monday, May 13th. Three research analysts have rated the stock with a sell rating, seven have given a hold rating and two have issued a buy rating to the company’s stock. According to MarketBeat.com, Comstock Resources has a consensus rating of “Hold” and a consensus target price of $10.25.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Dimensional Fund Advisors LP lifted its stake in Comstock Resources by 26.3% in the second quarter. Dimensional Fund Advisors LP now owns 11,696,540 shares of the oil and gas producer’s stock worth $121,414,000 after purchasing an additional 2,438,252 shares during the last quarter. Raymond James Financial Services Advisors Inc. bought a new stake in Comstock Resources in the first quarter worth about $5,643,000. Readystate Asset Management LP lifted its stake in Comstock Resources by 718.7% in the fourth quarter. Readystate Asset Management LP now owns 603,846 shares of the oil and gas producer’s stock worth $5,344,000 after purchasing an additional 530,090 shares during the last quarter. American Century Companies Inc. lifted its stake in Comstock Resources by 19.0% in the second quarter. American Century Companies Inc. now owns 2,270,435 shares of the oil and gas producer’s stock worth $23,567,000 after purchasing an additional 362,043 shares during the last quarter. Finally, CastleKnight Management LP bought a new stake in Comstock Resources in the fourth quarter worth about $3,167,000. Hedge funds and other institutional investors own 36.13% of the company’s stock.

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.