Comstock Resources (NYSE:CRK) Stock Price Up 4.2%

Comstock Resources, Inc. (NYSE:CRK) shot up 4.2% during mid-day trading on Friday . The stock traded as high as $10.59 and last traded at $10.56. 1,413,057 shares changed hands during trading, a decline of 63% from the average session volume of 3,797,494 shares. The stock had previously closed at $10.13.

Analyst Upgrades and Downgrades

Several research analysts recently commented on CRK shares. Truist Financial lifted their price target on Comstock Resources from $8.00 to $9.00 and gave the stock a “hold” rating in a research report on Monday, July 22nd. KeyCorp initiated coverage on shares of Comstock Resources in a research note on Thursday, June 27th. They set a “sector weight” rating for the company. Piper Sandler downgraded shares of Comstock Resources from a “neutral” rating to an “underweight” rating and decreased their price objective for the stock from $8.00 to $5.00 in a research note on Thursday, August 15th. Mizuho reduced their price target on Comstock Resources from $11.00 to $10.00 and set an “underperform” rating on the stock in a report on Monday. Finally, The Goldman Sachs Group upped their price objective on Comstock Resources from $9.00 to $10.00 and gave the company a “sell” rating in a research report on Tuesday, May 28th. Four investment 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. According to data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $9.58.

Comstock Resources Stock Performance

The company has a debt-to-equity ratio of 1.21, a current ratio of 0.59 and a quick ratio of 0.59. The firm’s fifty day simple moving average is $10.11 and its 200 day simple moving average is $10.09. The company has a market capitalization of $3.10 billion, a PE ratio of 46.07 and a beta of 0.48.

Comstock Resources (NYSE:CRK) last issued its quarterly earnings results on Tuesday, July 30th. The oil and gas producer reported ($0.20) EPS for the quarter, missing the consensus estimate of ($0.16) by ($0.04). Comstock Resources had a negative return on equity of 1.38% and a negative net margin of 1.48%. The company had revenue of $246.80 million during the quarter, compared to analysts’ expectations of $296.02 million. Comstock Resources’s revenue was down 14.4% on a year-over-year basis. On average, research analysts predict that Comstock Resources, Inc. will post -0.33 EPS for the current year.

Insider Activity at Comstock Resources

In other news, major shareholder Star Exploration Corp Blue acquired 825,000 shares of Comstock Resources stock in a transaction that occurred on Monday, August 5th. The stock was purchased at an average cost of $8.16 per share, with a total value of $6,732,000.00. Following the purchase, the insider now owns 195,646,429 shares in the company, valued at $1,596,474,860.64. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In other Comstock Resources news, major shareholder Star Exploration Corp Blue purchased 825,000 shares of the stock in a transaction that occurred on Monday, August 5th. The shares were purchased at an average cost of $8.16 per share, for a total transaction of $6,732,000.00. Following the completion of the transaction, the insider now owns 195,646,429 shares of the company’s stock, valued at approximately $1,596,474,860.64. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, major shareholder Drilling L.P. Arkoma acquired 981,898 shares of the business’s stock in a transaction on Monday, August 12th. The stock was acquired at an average price of $10.13 per share, with a total value of $9,946,626.74. Following the acquisition, the insider now owns 199,931,799 shares in the company, valued at approximately $2,025,309,123.87. The disclosure for this purchase can be found here. In the last three months, insiders have purchased 6,712,733 shares of company stock valued at $67,816,851. 1.50% of the stock is owned by corporate insiders.

Institutional Trading of Comstock Resources

Hedge funds and other institutional investors have recently modified their holdings of the stock. Blue Trust Inc. acquired a new stake in shares of Comstock Resources during the 2nd quarter worth approximately $32,000. EverSource Wealth Advisors LLC boosted its holdings in shares of Comstock Resources by 2,533.8% in 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 buying an additional 3,446 shares in the last quarter. GAMMA Investing LLC grew its position in Comstock Resources by 428.9% during the 1st quarter. GAMMA Investing LLC now owns 4,771 shares of the oil and gas producer’s stock worth $44,000 after purchasing an additional 3,869 shares during the last quarter. Hexagon Capital Partners LLC increased its position in Comstock Resources by 2,161.0% in the 1st quarter. Hexagon Capital Partners LLC now owns 4,929 shares of the oil and gas producer’s stock valued at $46,000 after acquiring an additional 4,711 shares during the period. Finally, Headlands Technologies LLC purchased a new stake in Comstock Resources during the 1st quarter valued at approximately $91,000. 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.