Comstock Resources (NYSE:CRK) Shares Gap Down – What’s Next?

Comstock Resources, Inc. (NYSE:CRK)’s stock price gapped down before the market opened on Tuesday . The stock had previously closed at $18.92, but opened at $18.34. Comstock Resources shares last traded at $18.24, with a volume of 433,320 shares trading hands.

Analyst Ratings Changes

A number of equities research analysts have commented on the stock. BMO Capital Markets raised their target price on shares of Comstock Resources from $10.00 to $11.00 and gave the stock a “market perform” rating in a research note on Friday, October 4th. Truist Financial upped their target price on shares of Comstock Resources from $9.00 to $10.00 and gave the stock a “hold” rating in a report on Monday, September 30th. Siebert Williams Shank downgraded Comstock Resources from a “hold” rating to a “sell” rating and set a $9.00 price objective on the stock. in a research report on Tuesday, October 15th. Mizuho upgraded Comstock Resources from an “underperform” rating to a “neutral” rating and increased their target price for the stock from $10.00 to $18.00 in a research report on Monday, December 16th. Finally, Citigroup upped 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. 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 MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $11.78.

Comstock Resources Trading Down 3.4 %

The company has a 50-day moving average of $14.51 and a 200 day moving average of $11.96. The company has a debt-to-equity ratio of 1.25, a current ratio of 0.60 and a quick ratio of 0.60. The company has a market cap of $5.34 billion, a PE ratio of -101.49 and a beta of 0.57.

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

Insider Activity at Comstock Resources

In other news, Director Elizabeth B. Davis sold 10,000 shares of Comstock Resources stock in a transaction on Thursday, December 19th. The stock was sold at an average price of $15.62, for a total transaction of $156,200.00. Following the completion of the sale, the director now directly owns 143,781 shares in the company, valued at approximately $2,245,859.22. This trade represents a 6.50 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In the last ninety days, insiders have sold 30,000 shares of company stock worth $489,300. Insiders own 2.00% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Harbor Capital Advisors Inc. purchased a new stake in shares of Comstock Resources in the 3rd quarter worth $25,000. Sunbelt Securities Inc. lifted its stake in Comstock Resources by 140.0% in the third quarter. Sunbelt Securities Inc. now owns 2,400 shares of the oil and gas producer’s stock worth $27,000 after acquiring an additional 1,400 shares during the period. EverSource Wealth Advisors LLC grew its holdings in 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 worth $34,000 after acquiring an additional 3,446 shares in the last quarter. Blue Trust Inc. increased its position in Comstock Resources by 116.3% during the 3rd quarter. Blue Trust Inc. now owns 6,715 shares of the oil and gas producer’s stock valued at $70,000 after purchasing an additional 3,611 shares during the period. Finally, Choreo LLC bought a new stake in shares of Comstock Resources in the 2nd quarter valued at about $105,000. Institutional investors own 36.13% of the company’s stock.

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.