Short Interest in Comstock Resources, Inc. (NYSE:CRK) Declines By 5.0%

Comstock Resources, Inc. (NYSE:CRK) saw a large drop in short interest in the month of January. As of January 15th, there was short interest totalling 24,200,000 shares, a drop of 5.0% from the December 31st total of 25,480,000 shares. Based on an average daily trading volume, of 2,150,000 shares, the short-interest ratio is currently 11.3 days. Approximately 31.2% of the shares of the company are short sold.

Insider Buying and Selling

In related news, Director Elizabeth B. Davis sold 10,000 shares of Comstock Resources stock in a transaction on Monday, December 23rd. The stock was sold at an average price of $16.33, for a total transaction of $163,300.00. Following the completion of the sale, the director now owns 123,781 shares of the company’s stock, valued at approximately $2,021,343.73. This trade represents a 7.47 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In the last ninety days, insiders sold 38,000 shares of company stock valued at $634,660. Company insiders own 2.00% of the company’s stock.

Institutional Investors Weigh In On Comstock Resources

A number of large investors have recently added to or reduced their stakes in the stock. Harbor Capital Advisors Inc. purchased a new stake in shares of Comstock Resources in the 3rd quarter worth $25,000. Sunbelt Securities Inc. raised its stake in shares of Comstock Resources by 140.0% in the third quarter. Sunbelt Securities Inc. now owns 2,400 shares of the oil and gas producer’s stock worth $27,000 after buying an additional 1,400 shares during the period. Blue Trust Inc. lifted its position in shares of Comstock Resources by 116.3% during the 3rd quarter. Blue Trust Inc. now owns 6,715 shares of the oil and gas producer’s stock valued at $70,000 after buying an additional 3,611 shares in the last quarter. Algert Global LLC bought a new position in shares of Comstock Resources during the 2nd quarter valued at approximately $107,000. Finally, KBC Group NV lifted its holdings in Comstock Resources by 46.8% during the fourth quarter. KBC Group NV now owns 6,480 shares of the oil and gas producer’s stock valued at $118,000 after purchasing an additional 2,066 shares in the last quarter. Institutional investors own 36.13% of the company’s stock.

Comstock Resources Stock Performance

Shares of NYSE:CRK traded up $0.06 during midday trading on Monday, reaching $18.62. 2,520,796 shares of the company’s stock traded hands, compared to its average volume of 2,692,747. The stock has a 50 day moving average of $17.84 and a 200 day moving average of $13.55. The company has a debt-to-equity ratio of 1.25, a quick ratio of 0.60 and a current ratio of 0.60. The company has a market cap of $5.44 billion, a price-to-earnings ratio of -103.43, a P/E/G ratio of 1.52 and a beta of 0.48. Comstock Resources has a one year low of $7.07 and a one year high of $22.06.

Analyst Upgrades and Downgrades

CRK has been the topic of several research analyst reports. Mizuho upgraded shares of Comstock Resources from an “underperform” rating to a “neutral” rating and upped their price objective for the stock from $10.00 to $18.00 in a research report on Monday, December 16th. Bank of America initiated coverage on shares of Comstock Resources in a research report on Monday, October 28th. They issued a “buy” rating and a $14.00 target price for the company. Piper Sandler raised their price target on Comstock Resources from $5.00 to $6.00 and gave the company an “underweight” rating in a research report on Wednesday, January 29th. Truist Financial increased their price objective on Comstock Resources from $11.00 to $19.00 and gave the company a “hold” rating in a research report on Monday, January 13th. Finally, Morgan Stanley began coverage on Comstock Resources in a research report on Friday, January 10th. They issued an “equal weight” rating and a $18.00 target price for the company. Four equities research analysts have rated the stock with a sell rating, eight have given a hold rating and two have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $13.40.

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.