Comstock Resources, Inc. (NYSE:CRK) Sees Significant Decline in Short Interest

Comstock Resources, Inc. (NYSE:CRK) was the recipient of a large decline in short interest in June. As of June 15th, there was short interest totalling 26,960,000 shares, a decline of 8.3% from the May 31st total of 29,390,000 shares. Based on an average daily trading volume, of 3,440,000 shares, the short-interest ratio is currently 7.8 days. Approximately 29.5% of the shares of the company are sold short.

Comstock Resources Trading Up 3.4 %

Shares of NYSE CRK traded up $0.36 during trading hours on Wednesday, hitting $10.92. 1,508,844 shares of the company traded hands, compared to its average volume of 4,020,642. The company’s 50 day moving average price is $10.87 and its 200 day moving average price is $9.36. Comstock Resources has a 12 month low of $7.07 and a 12 month high of $13.39. The stock has a market capitalization of $3.19 billion, a price-to-earnings ratio of 49.64 and a beta of 0.51. The company has a current ratio of 0.64, a quick ratio of 0.64 and a debt-to-equity ratio of 1.09.

Comstock Resources (NYSE:CRK) last released its earnings results on Wednesday, May 1st. The oil and gas producer reported ($0.03) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.08) by $0.05. Comstock Resources had a net margin of 4.27% and a return on equity of 1.25%. The firm had revenue of $335.77 million during the quarter, compared to analyst estimates of $343.97 million. During the same quarter last year, the business earned $0.33 EPS. The business’s revenue was down 31.4% on a year-over-year basis. On average, equities research analysts anticipate that Comstock Resources will post -0.09 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Comstock Resources

Several hedge funds and other institutional investors have recently modified their holdings of the business. Advisory Services Network LLC bought a new position in Comstock Resources in the 4th quarter valued at $1,204,000. Corient Private Wealth LLC purchased a new stake in Comstock Resources in the 4th quarter valued at about $1,665,000. Sanders Morris Harris LLC bought a new position in Comstock Resources in the 1st quarter worth about $1,717,000. Jump Financial LLC purchased a new position in shares of Comstock Resources during the fourth quarter worth approximately $662,000. Finally, KGH Ltd raised its stake in shares of Comstock Resources by 119.3% during the third quarter. KGH Ltd now owns 8,586,000 shares of the oil and gas producer’s stock valued at $94,704,000 after acquiring an additional 4,670,959 shares in the last quarter. 36.13% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several research firms recently issued reports on CRK. Capital One Financial lowered shares of Comstock Resources from an “overweight” rating to an “equal weight” rating in a report on Wednesday, May 15th. KeyCorp started coverage on Comstock Resources in a research report on Thursday, June 27th. They issued a “sector weight” rating on the stock. Piper Sandler decreased their price objective on Comstock Resources from $9.00 to $8.00 and set an “overweight” rating on the stock in a report on Thursday, March 7th. Mizuho increased their target price on Comstock Resources from $10.00 to $11.00 and gave the company an “underperform” rating in a research report on Monday, May 13th. Finally, The Goldman Sachs Group boosted their price target on shares of Comstock Resources from $9.00 to $10.00 and gave the stock a “sell” rating in a research report on Tuesday, May 28th. Three analysts have rated the stock with a sell rating, six have issued a hold rating and two have assigned a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $10.25.

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.