Comstock Resources (NYSE:CRK) Cut to “Sell” at Siebert Williams Shank

Siebert Williams Shank cut shares of Comstock Resources (NYSE:CRK) from a hold rating to a sell rating in a report published on Tuesday, MarketBeat.com reports. The firm currently has $9.00 price target on the oil and gas producer’s stock.

Several other analysts have also commented on CRK. Truist Financial lifted their price objective on Comstock Resources from $9.00 to $10.00 and gave the stock a “hold” rating in a report on Monday, September 30th. Piper Sandler lowered Comstock Resources from a “neutral” rating to an “underweight” rating and cut their price objective for the stock from $8.00 to $5.00 in a report on Thursday, August 15th. Mizuho cut their price objective on Comstock Resources from $11.00 to $10.00 and set an “underperform” rating for the company in a report on Monday, September 16th. KeyCorp initiated coverage on Comstock Resources in a report on Thursday, June 27th. They issued a “sector weight” rating for the company. Finally, Wolfe Research initiated coverage on Comstock Resources in a report on Thursday, July 18th. They issued a “peer perform” rating for the company. Five equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating and one has issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $9.79.

Comstock Resources Price Performance

Shares of NYSE:CRK opened at $11.61 on Tuesday. The company has a debt-to-equity ratio of 1.21, a quick ratio of 0.59 and a current ratio of 0.59. The firm has a market cap of $3.39 billion, a price-to-earnings ratio of 52.75 and a beta of 0.47. The business has a 50-day simple moving average of $10.79 and a two-hundred day simple moving average of $10.51. Comstock Resources has a fifty-two week low of $7.07 and a fifty-two week high of $13.39.

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 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 for the quarter, compared to analysts’ expectations of $296.02 million. Comstock Resources’s revenue for the quarter was down 14.4% compared to the same quarter last year. On average, analysts expect that Comstock Resources will post -0.37 earnings per share for the current year.

Insider Activity at Comstock Resources

In related news, major shareholder Drilling L.P. Arkoma bought 592,246 shares of the stock in a transaction that occurred on Monday, August 26th. The shares were bought at an average cost of $11.54 per share, for a total transaction of $6,834,518.84. Following the completion of the transaction, the insider now owns 208,219,992 shares of the company’s stock, valued at approximately $2,402,858,707.68. This trade represents a 0.00 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other Comstock Resources news, major shareholder Drilling L.P. Arkoma acquired 592,246 shares of the stock in a transaction dated Monday, August 26th. The shares were acquired at an average cost of $11.54 per share, for a total transaction of $6,834,518.84. Following the completion of the transaction, the insider now directly owns 208,219,992 shares of the company’s stock, valued at approximately $2,402,858,707.68. The trade was a 0.00 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, major shareholder Star Exploration Corp Blue acquired 825,868 shares of the stock in a transaction dated Wednesday, August 7th. The stock was acquired at an average price of $8.82 per share, for a total transaction of $7,284,155.76. Following the completion of the transaction, the insider now directly owns 197,298,165 shares of the company’s stock, valued at approximately $1,740,169,815.30. This represents a 0.00 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last three months, insiders have purchased 6,712,733 shares of company stock worth $67,816,851. Corporate insiders own 1.50% of the company’s stock.

Institutional Investors Weigh In On Comstock Resources

A number of hedge funds have recently made changes to their positions in the company. nVerses Capital LLC purchased a new stake in shares of Comstock Resources in the third quarter worth about $215,000. SG Americas Securities LLC lifted its position in shares of Comstock Resources by 269.4% in the third quarter. SG Americas Securities LLC now owns 55,044 shares of the oil and gas producer’s stock worth $613,000 after buying an additional 40,142 shares in the last quarter. Doliver Advisors LP lifted its position in shares of Comstock Resources by 3.9% in the third quarter. Doliver Advisors LP now owns 26,455 shares of the oil and gas producer’s stock worth $294,000 after buying an additional 988 shares in the last quarter. Heritage Oak Wealth Advisors LLC purchased a new stake in shares of Comstock Resources in the second quarter worth about $220,000. Finally, KGH Ltd lifted its position in shares of Comstock Resources by 8.7% in the second quarter. KGH Ltd now owns 12,125,000 shares of the oil and gas producer’s stock worth $125,858,000 after buying an additional 975,000 shares in the last quarter. 36.13% of the stock is currently owned by hedge funds and other institutional investors.

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.