Comstock Resources Target of Unusually Large Options Trading (NYSE:CRK)

Comstock Resources, Inc. (NYSE:CRK) was the recipient of some unusual options trading activity on Friday. Investors purchased 13,647 call options on the stock. This represents an increase of 269% compared to the typical daily volume of 3,701 call options.

Comstock Resources Stock Up 2.5 %

CRK traded up $0.45 during trading on Friday, hitting $18.35. The stock had a trading volume of 905,451 shares, compared to its average volume of 2,827,393. The company has a market capitalization of $5.37 billion, a PE ratio of -24.17, a PEG ratio of 1.65 and a beta of 0.55. Comstock Resources has a twelve month low of $7.74 and a twelve month high of $22.06. The company has a debt-to-equity ratio of 1.27, a quick ratio of 0.60 and a current ratio of 0.46. The stock has a 50 day simple moving average of $19.06 and a two-hundred day simple moving average of $15.13.

Comstock Resources (NYSE:CRK) last announced its earnings results on Tuesday, February 18th. The oil and gas producer reported $0.16 earnings per share for the quarter, beating the consensus estimate of $0.02 by $0.14. The company had revenue of $366.51 million during the quarter, compared to the consensus estimate of $370.62 million. Comstock Resources had a negative net margin of 18.32% and a negative return on equity of 3.10%. On average, research analysts predict that Comstock Resources will post 0.54 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of research firms recently weighed in on CRK. Truist Financial increased their price objective on shares of Comstock Resources from $11.00 to $19.00 and gave the stock a “hold” rating in a research report on Monday, January 13th. Williams Trading set a $13.00 price objective on shares of Comstock Resources in a research report on Wednesday, March 5th. Citigroup increased their price objective on shares of Comstock Resources from $12.50 to $15.50 and gave the stock a “neutral” rating in a research report on Friday, December 6th. Piper Sandler increased their price objective on shares of Comstock Resources from $5.00 to $6.00 and gave the stock an “underweight” rating in a research report on Wednesday, January 29th. Finally, Morgan Stanley assumed coverage on shares of Comstock Resources in a research report on Friday, January 10th. They set an “equal weight” rating and a $18.00 target price on the stock. Four analysts have rated the stock with a sell rating, eight have issued a hold rating and two have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $13.36.

Insider Activity

In related news, Director Elizabeth B. Davis sold 10,000 shares of the stock in a transaction dated Thursday, December 19th. The shares were sold at an average price of $15.62, for a total value of $156,200.00. Following the sale, the director now directly owns 143,781 shares of the company’s stock, valued at $2,245,859.22. This represents a 6.50 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. In the last three months, insiders have sold 38,000 shares of company stock worth $634,660. 2.00% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Comstock Resources

Several institutional investors and hedge funds have recently made changes to their positions in CRK. Royce & Associates LP lifted its stake in shares of Comstock Resources by 79.2% during the third quarter. Royce & Associates LP now owns 689,780 shares of the oil and gas producer’s stock worth $7,677,000 after buying an additional 304,780 shares during the period. Empowered Funds LLC lifted its stake in shares of Comstock Resources by 8.7% during the third quarter. Empowered Funds LLC now owns 31,536 shares of the oil and gas producer’s stock worth $351,000 after buying an additional 2,534 shares during the period. Quest Partners LLC lifted its stake in shares of Comstock Resources by 2,818,600.0% during the third quarter. Quest Partners LLC now owns 28,187 shares of the oil and gas producer’s stock worth $314,000 after buying an additional 28,186 shares during the period. Intech Investment Management LLC acquired a new stake in shares of Comstock Resources during the third quarter worth $419,000. Finally, Charles Schwab Investment Management Inc. lifted its stake in shares of Comstock Resources by 4.2% during the third quarter. Charles Schwab Investment Management Inc. now owns 1,413,820 shares of the oil and gas producer’s stock worth $15,736,000 after buying an additional 57,376 shares during the period. 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.