Short Interest in Comstock Resources, Inc. (NYSE:CRK) Decreases By 11.3%

Comstock Resources, Inc. (NYSE:CRK) was the target of a large drop in short interest in the month of November. As of November 30th, there was short interest totalling 24,700,000 shares, a drop of 11.3% from the November 15th total of 27,840,000 shares. Based on an average daily volume of 2,100,000 shares, the days-to-cover ratio is presently 11.8 days. Currently, 31.9% of the shares of the stock are sold short.

Comstock Resources Price Performance

CRK stock traded down $0.04 during trading on Tuesday, reaching $16.09. 2,208,165 shares of the company were exchanged, compared to its average volume of 3,385,048. The stock’s 50 day moving average price is $13.54 and its 200 day moving average price is $11.62. The company has a market cap of $4.70 billion, a P/E ratio of -89.28 and a beta of 0.57. The company has a debt-to-equity ratio of 1.25, a quick ratio of 0.60 and a current ratio of 0.60. Comstock Resources has a 52-week low of $7.07 and a 52-week high of $17.79.

Comstock Resources (NYSE:CRK) last released its quarterly earnings results on Wednesday, October 30th. The oil and gas producer reported ($0.17) EPS for the quarter, missing the consensus estimate of ($0.16) by ($0.01). Comstock Resources had a negative net margin of 4.93% and a negative return on equity of 3.88%. The business had revenue of $304.50 million during the quarter, compared to analyst estimates of $308.75 million. During the same quarter in the prior year, the company earned $0.04 earnings per share. The firm’s revenue for the quarter was down 19.2% compared to the same quarter last year. As a group, analysts predict that Comstock Resources will post -0.44 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Comstock Resources

Hedge funds have recently made changes to their positions in the stock. Harbor Capital Advisors Inc. acquired a new position in shares of Comstock Resources during the 3rd quarter valued at $25,000. Sunbelt Securities Inc. lifted its holdings in shares of Comstock Resources by 140.0% during the 3rd quarter. Sunbelt Securities Inc. now owns 2,400 shares of the oil and gas producer’s stock valued at $27,000 after acquiring an additional 1,400 shares in the last quarter. Blue Trust Inc. acquired a new position in shares of Comstock Resources during the 2nd quarter valued at $32,000. EverSource Wealth Advisors LLC lifted its holdings in shares of Comstock Resources by 2,533.8% during 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 acquiring an additional 3,446 shares in the last quarter. Finally, Choreo LLC acquired a new position in shares of Comstock Resources during the 2nd quarter valued at $105,000. Institutional investors and hedge funds own 36.13% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts recently weighed in on CRK shares. Bank of America assumed coverage on Comstock Resources in a report on Monday, October 28th. They set a “buy” rating and a $14.00 price objective on the stock. Mizuho raised Comstock Resources from an “underperform” rating to a “neutral” rating and lifted their price target for the stock from $10.00 to $18.00 in a research note on Monday. Truist Financial lifted their price target on Comstock Resources from $9.00 to $10.00 and gave the stock a “hold” rating in a research note on Monday, September 30th. Citigroup lifted their price target on Comstock Resources from $12.50 to $15.50 and gave the stock a “neutral” rating in a research note on Friday, December 6th. Finally, Siebert Williams Shank cut Comstock Resources from a “hold” rating to a “sell” rating and set a $9.00 price target on the stock. in a research note on Tuesday, October 15th. Four investment 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. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $11.78.

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.