Comstock Resources (NYSE:CRK) Shares Gap Down – Here’s Why

Comstock Resources, Inc. (NYSE:CRK) shares gapped down before the market opened 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 changing hands.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on CRK. KeyCorp began coverage on shares of Comstock Resources in a report on Thursday, June 27th. They set a “sector weight” rating on the stock. Siebert Williams Shank cut shares of Comstock Resources from a “hold” rating to a “sell” rating and set a $9.00 target price for the company. in a research report on Tuesday. Mizuho reduced their target price on shares of Comstock Resources from $11.00 to $10.00 and set an “underperform” rating for the company in a research report on Monday, September 16th. Wolfe Research began coverage on shares of Comstock Resources in a research report on Thursday, July 18th. They issued a “peer perform” rating for the company. Finally, Truist Financial increased their target price on shares of Comstock Resources from $9.00 to $10.00 and gave the company a “hold” rating in a research report on Monday, September 30th. Five analysts have rated the stock with a sell rating, seven have issued a hold rating and one has issued a buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $9.79.

Comstock Resources Trading Up 1.8 %

The stock has a market capitalization of $3.38 billion, a price-to-earnings ratio of 52.64 and a beta of 0.47. The company’s 50-day moving average is $10.75 and its 200-day moving average is $10.50. The company has a quick ratio of 0.59, a current ratio of 0.59 and a debt-to-equity ratio of 1.21.

Comstock Resources (NYSE:CRK) last released its quarterly earnings data on Tuesday, July 30th. The oil and gas producer reported ($0.20) earnings per share (EPS) for the quarter, missing the consensus estimate 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 firm had revenue of $246.80 million for the quarter, compared to analyst estimates of $296.02 million. The business’s quarterly revenue was down 14.4% compared to the same quarter last year. Research analysts anticipate that Comstock Resources, Inc. will post -0.37 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, major shareholder Drilling L.P. Arkoma acquired 1,044,200 shares of the business’s stock in a transaction that occurred on Tuesday, August 20th. The stock was purchased at an average cost of $10.93 per share, for a total transaction of $11,413,106.00. Following the completion of the transaction, the insider now owns 204,495,146 shares in the company, valued at approximately $2,235,131,945.78. This trade represents a 0.00 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In related news, major shareholder Star Exploration Corp Blue purchased 825,000 shares of the company’s stock in a transaction 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 completion of the transaction, the insider now directly owns 195,646,429 shares in the company, valued at approximately $1,596,474,860.64. The trade was a 0.00 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is available at this link. Also, major shareholder Drilling L.P. Arkoma purchased 1,044,200 shares of the company’s stock in a transaction on Tuesday, August 20th. The shares were bought at an average price of $10.93 per share, with a total value of $11,413,106.00. Following the completion of the transaction, the insider now owns 204,495,146 shares of the company’s stock, valued at approximately $2,235,131,945.78. The trade was a 0.00 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last ninety days, insiders bought 6,712,733 shares of company stock worth $67,816,851. Insiders own 1.50% of the company’s stock.

Institutional Investors Weigh In On Comstock Resources

A number of institutional investors have recently made changes to their positions in the stock. Doliver Advisors LP increased its position in shares of Comstock Resources by 3.9% during the third quarter. Doliver Advisors LP now owns 26,455 shares of the oil and gas producer’s stock valued at $294,000 after acquiring an additional 988 shares during the last quarter. ProShare Advisors LLC grew its holdings in shares of Comstock Resources by 7.4% in the first quarter. ProShare Advisors LLC now owns 18,536 shares of the oil and gas producer’s stock valued at $172,000 after purchasing an additional 1,276 shares in the last quarter. GAMMA Investing LLC grew its holdings in shares of Comstock Resources by 27.5% in the second quarter. GAMMA Investing LLC now owns 6,083 shares of the oil and gas producer’s stock valued at $63,000 after purchasing an additional 1,312 shares in the last quarter. XTX Topco Ltd grew its holdings in shares of Comstock Resources by 4.8% in the second quarter. XTX Topco Ltd now owns 28,791 shares of the oil and gas producer’s stock valued at $299,000 after purchasing an additional 1,330 shares in the last quarter. Finally, Simplicity Wealth LLC grew its holdings in shares of Comstock Resources by 5.7% in the second quarter. Simplicity Wealth LLC now owns 28,544 shares of the oil and gas producer’s stock valued at $296,000 after purchasing an additional 1,552 shares in the last quarter. 36.13% of the stock is currently 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.