Comstock Resources (NYSE:CRK) Announces Quarterly Earnings Results

Comstock Resources (NYSE:CRK) released its quarterly earnings results on Wednesday. The oil and gas producer reported ($0.17) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.16) by ($0.01), Briefing.com reports. Comstock Resources had a negative net margin of 1.48% and a negative return on equity of 1.38%. The company had revenue of $304.50 million for the quarter, compared to analyst estimates of $308.75 million. During the same quarter last year, the firm posted $0.04 EPS. Comstock Resources’s revenue for the quarter was down 19.2% on a year-over-year basis.

Comstock Resources Trading Down 4.7 %

NYSE CRK traded down $0.59 during trading hours on Thursday, hitting $11.84. 5,126,861 shares of the company were exchanged, compared to its average volume of 3,574,474. Comstock Resources has a 52 week low of $7.07 and a 52 week high of $13.39. The company has a quick ratio of 0.59, a current ratio of 0.59 and a debt-to-equity ratio of 1.21. The stock has a 50-day moving average price of $11.02 and a 200 day moving average price of $10.67. The stock has a market cap of $3.46 billion, a PE ratio of 53.64 and a beta of 0.47.

Insider Buying and Selling

In other Comstock Resources news, major shareholder Drilling L.P. Arkoma purchased 825,868 shares of Comstock Resources stock in a transaction dated Friday, August 9th. The shares were purchased at an average cost of $9.76 per share, for a total transaction of $8,060,471.68. Following the completion of the acquisition, the insider now owns 198,949,901 shares in the company, valued at $1,941,751,033.76. This represents a 0.00 % increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available at this hyperlink. In related news, major shareholder Drilling L.P. Arkoma acquired 825,868 shares of the stock in a transaction on Friday, August 9th. The stock was bought at an average cost of $9.76 per share, with a total value of $8,060,471.68. Following the transaction, the insider now directly owns 198,949,901 shares in the company, valued at approximately $1,941,751,033.76. This represents a 0.00 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, major shareholder Star Exploration Corp Blue purchased 825,000 shares of the firm’s stock in a transaction dated Monday, August 5th. The shares were bought at an average cost of $8.16 per share, with a total value of $6,732,000.00. Following the purchase, the insider now directly owns 195,646,429 shares of the company’s stock, valued at approximately $1,596,474,860.64. This represents a 0.00 % increase in their position. The disclosure for this purchase can be found here. Insiders purchased a total of 6,712,733 shares of company stock worth $67,816,851 over the last three months. 1.50% of the stock is owned by insiders.

Wall Street Analyst Weigh In

CRK has been the subject of a number of recent analyst reports. Wolfe Research began coverage on Comstock Resources in a research note on Thursday, July 18th. They issued a “peer perform” rating for the company. BMO Capital Markets increased their target price on Comstock Resources from $10.00 to $11.00 and gave the stock a “market perform” rating in a research report on Friday, October 4th. Siebert Williams Shank cut Comstock Resources from a “hold” rating to a “sell” rating and set a $9.00 price target for the company. in a research report on Tuesday, October 15th. Bank of America started coverage on Comstock Resources in a report on Monday. They set a “buy” rating and a $14.00 price objective on the stock. Finally, Mizuho decreased their target price on shares of Comstock Resources from $11.00 to $10.00 and set an “underperform” rating on the stock in a report on Monday, September 16th. Five analysts have rated the stock with a sell rating, seven have issued a hold rating and two have given a buy rating to the company. According to MarketBeat.com, Comstock Resources currently has a consensus rating of “Hold” and a consensus target price of $10.31.

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.