Comstock Resources (NYSE:CRK) Posts Earnings Results, Misses Estimates By $0.01 EPS

Comstock Resources (NYSE:CRK) announced its quarterly earnings results on Wednesday. The oil and gas producer reported ($0.17) earnings per share for the quarter, missing the consensus estimate of ($0.16) by ($0.01), Briefing.com reports. The company had revenue of $304.50 million during the quarter, compared to analysts’ expectations of $308.75 million. Comstock Resources had a negative net margin of 4.93% and a negative return on equity of 3.86%. Comstock Resources’s revenue for the quarter was down 19.2% compared to the same quarter last year. During the same quarter last year, the firm posted $0.04 earnings per share.

Comstock Resources Stock Down 7.0 %

Shares of NYSE CRK opened at $11.56 on Friday. Comstock Resources has a one year low of $7.07 and a one year high of $13.39. The firm’s 50 day simple moving average is $11.02 and its two-hundred day simple moving average is $10.67. The company has a current ratio of 0.59, a quick ratio of 0.59 and a debt-to-equity ratio of 1.21.

Insider Activity

In other Comstock Resources news, major shareholder Drilling L.P. Arkoma purchased 573,453 shares of the stock in a transaction on Friday, August 16th. The stock was acquired at an average cost of $10.64 per share, with a total value of $6,101,539.92. Following the completion of the purchase, the insider now directly owns 203,450,946 shares of the company’s stock, valued at approximately $2,164,718,065.44. This trade represents a 0.00 % increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available at this hyperlink. In related news, major shareholder Drilling L.P. Arkoma acquired 573,453 shares of the company’s stock in a transaction dated Friday, August 16th. The stock was purchased at an average price of $10.64 per share, with a total value of $6,101,539.92. Following the completion of the purchase, the insider now owns 203,450,946 shares in the company, valued at $2,164,718,065.44. This trade represents a 0.00 % increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, major shareholder Star Exploration Corp Blue bought 825,868 shares of the business’s stock in a transaction dated Wednesday, August 7th. The stock was purchased at an average price of $8.82 per share, for a total transaction of $7,284,155.76. Following the acquisition, the insider now directly owns 197,298,165 shares of the company’s stock, valued at approximately $1,740,169,815.30. The trade was a 0.00 % increase in their position. The disclosure for this purchase can be found here. In the last 90 days, insiders acquired 6,712,733 shares of company stock valued at $67,816,851. Corporate insiders own 2.00% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on CRK shares. Wolfe Research assumed coverage on Comstock Resources in a report on Thursday, July 18th. They set a “peer perform” rating for the company. Piper Sandler cut shares of Comstock Resources from a “neutral” rating to an “underweight” rating and reduced their price objective for the company from $8.00 to $5.00 in a research note on Thursday, August 15th. Mizuho lowered their target price on shares of Comstock Resources from $11.00 to $10.00 and set an “underperform” rating on the stock in a research note on Monday, September 16th. BMO Capital Markets boosted their price target on shares of Comstock Resources from $10.00 to $11.00 and gave the company a “market perform” rating in a research report on Friday, October 4th. Finally, Siebert Williams Shank cut shares of Comstock Resources from a “hold” rating to a “sell” rating and set a $9.00 price target on the stock. in a report on Tuesday, October 15th. Five analysts have rated the stock with a sell rating, seven have given a hold rating and two have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Comstock Resources currently has a consensus rating of “Hold” and an average target price of $10.31.

About Comstock Resources

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.