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

Shares of Comstock Resources, Inc. (NYSE:CRK) gapped down prior to trading 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 trading hands.

Analyst Ratings Changes

A number of brokerages recently weighed in on CRK. Truist Financial lifted their price objective on shares of Comstock Resources from $9.00 to $10.00 and gave the company a “hold” rating in a report on Monday, September 30th. Wolfe Research began coverage on shares of Comstock Resources in a report on Thursday, July 18th. They issued a “peer perform” rating for the company. KeyCorp assumed coverage on shares of Comstock Resources in a report on Thursday, June 27th. They issued a “sector weight” rating for the company. BMO Capital Markets boosted their price target on shares of Comstock Resources from $10.00 to $11.00 and gave the stock a “market perform” rating in a report on Friday, October 4th. Finally, Piper Sandler cut shares of Comstock Resources from a “neutral” rating to an “underweight” rating and lowered their price target for the stock from $8.00 to $5.00 in a report on Thursday, August 15th. Five research analysts have rated the stock with a sell rating, seven have assigned a hold rating and one has given a buy rating to the stock. Based on data from MarketBeat, Comstock Resources currently has an average rating of “Hold” and a consensus target price of $9.79.

Comstock Resources Stock Up 1.8 %

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

Comstock Resources (NYSE:CRK) last issued its earnings results 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 net margin of 1.48% and a negative return on equity of 1.38%. The company had revenue of $246.80 million during the quarter, compared to analyst estimates of $296.02 million. The business’s revenue for the quarter was down 14.4% on a year-over-year basis. Sell-side analysts predict that Comstock Resources, Inc. will post -0.37 earnings per share for the current year.

Insider Activity

In related news, major shareholder Star Exploration Corp Blue bought 825,000 shares of the stock in a transaction dated Monday, August 5th. The stock was acquired at an average price of $8.16 per share, for a total transaction of $6,732,000.00. Following the acquisition, the insider now owns 195,646,429 shares in the company, valued at approximately $1,596,474,860.64. This represents a 0.00 % increase in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In related news, major shareholder Star Exploration Corp Blue bought 825,000 shares of the stock in a transaction dated Monday, August 5th. The stock was acquired at an average price of $8.16 per share, for a total transaction of $6,732,000.00. Following the acquisition, the insider now owns 195,646,429 shares in the company, valued at approximately $1,596,474,860.64. This represents a 0.00 % increase in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, major shareholder Drilling L.P. Arkoma purchased 981,898 shares of Comstock Resources stock in a transaction that occurred on Monday, August 12th. The stock was acquired at an average price of $10.13 per share, with a total value of $9,946,626.74. Following the transaction, the insider now owns 199,931,799 shares in the company, valued at $2,025,309,123.87. The trade was a 0.00 % increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last quarter, insiders purchased 6,712,733 shares of company stock worth $67,816,851. Corporate insiders own 1.50% of the company’s stock.

Institutional Trading of Comstock Resources

Several institutional investors and hedge funds have recently bought and sold shares of CRK. Blue Trust Inc. purchased a new stake in Comstock Resources in the 2nd quarter valued at $32,000. EverSource Wealth Advisors LLC raised its position in Comstock Resources by 2,533.8% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 3,582 shares of the oil and gas producer’s stock valued at $34,000 after purchasing an additional 3,446 shares during the last quarter. GAMMA Investing LLC raised its position in Comstock Resources by 428.9% in the 1st quarter. GAMMA Investing LLC now owns 4,771 shares of the oil and gas producer’s stock valued at $44,000 after purchasing an additional 3,869 shares during the last quarter. Hexagon Capital Partners LLC raised its position in Comstock Resources by 2,161.0% in the 1st quarter. Hexagon Capital Partners LLC now owns 4,929 shares of the oil and gas producer’s stock valued at $46,000 after purchasing an additional 4,711 shares during the last quarter. Finally, Headlands Technologies LLC purchased a new position in Comstock Resources during the 1st quarter worth $91,000. 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.