Comstock Resources Target of Unusually Large Options Trading (NYSE:CRK)

Comstock Resources, Inc. (NYSE:CRK) saw unusually large options trading on Friday. Investors purchased 27,544 call options on the stock. This represents an increase of 902% compared to the average daily volume of 2,748 call options.

Analysts Set New Price Targets

Several equities research analysts have issued reports on the company. Citigroup increased their price target on Comstock Resources from $12.50 to $15.50 and gave the stock a “neutral” rating in a report on Friday, December 6th. Truist Financial increased their price target on Comstock Resources from $11.00 to $19.00 and gave the stock a “hold” rating in a report on Monday, January 13th. BMO Capital Markets increased their price objective on Comstock Resources from $10.00 to $11.00 and gave the stock a “market perform” rating in a report on Friday, October 4th. Siebert Williams Shank downgraded Comstock Resources from a “hold” rating to a “sell” rating and set a $9.00 price objective for the company. in a report on Tuesday, October 15th. Finally, Bank of America began coverage on Comstock Resources in a report on Monday, October 28th. They set a “buy” rating and a $14.00 price objective for the company. Four analysts have rated the stock with a sell rating, eight have assigned a hold rating and two have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $13.30.

Comstock Resources Stock Performance

Shares of NYSE CRK opened at $21.36 on Friday. The stock has a 50 day moving average price of $16.62 and a 200 day moving average price of $12.81. Comstock Resources has a 52 week low of $7.07 and a 52 week high of $21.75. 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 stock has a market capitalization of $6.24 billion, a PE ratio of -118.68 and a beta of 0.51.

Comstock Resources (NYSE:CRK) last released its quarterly earnings data on Wednesday, October 30th. 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). 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 period in the previous year, the business earned $0.04 earnings per share. The business’s quarterly revenue was down 19.2% on a year-over-year basis. Analysts predict that Comstock Resources will post -0.43 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Comstock Resources news, Director Elizabeth B. Davis sold 10,000 shares of the stock in a transaction dated Monday, December 23rd. The stock was sold at an average price of $16.33, for a total value of $163,300.00. Following the completion of the sale, the director now directly owns 123,781 shares in the company, valued at $2,021,343.73. This represents a 7.47 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders sold 38,000 shares of company stock worth $634,660 over the last ninety days. 2.00% of the stock is currently owned by corporate insiders.

Institutional Trading of Comstock Resources

Hedge funds have recently made changes to their positions in the business. Royce & Associates LP lifted its position in shares of Comstock Resources by 79.2% in the third quarter. Royce & Associates LP now owns 689,780 shares of the oil and gas producer’s stock valued at $7,677,000 after buying an additional 304,780 shares during the last quarter. Barclays PLC lifted its holdings in Comstock Resources by 256.3% during the 3rd quarter. Barclays PLC now owns 155,614 shares of the oil and gas producer’s stock worth $1,731,000 after purchasing an additional 111,934 shares during the last quarter. Charles Schwab Investment Management Inc. increased its stake in Comstock Resources by 4.2% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,413,820 shares of the oil and gas producer’s stock worth $15,736,000 after acquiring an additional 57,376 shares during the period. Intech Investment Management LLC bought a new position in Comstock Resources during the 3rd quarter worth $419,000. Finally, Goehring & Rozencwajg Associates LLC increased its stake in Comstock Resources by 27.8% during the 2nd quarter. Goehring & Rozencwajg Associates LLC now owns 683,570 shares of the oil and gas producer’s stock worth $7,095,000 after acquiring an additional 148,700 shares during the period. 36.13% of the stock is owned by institutional investors and hedge funds.

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.