Comstock Resources, Inc. (NYSE:CRK) Short Interest Down 7.4% in September

Comstock Resources, Inc. (NYSE:CRK) was the target of a large decrease in short interest in the month of September. As of September 30th, there was short interest totalling 25,170,000 shares, a decrease of 7.4% from the September 15th total of 27,180,000 shares. Currently, 32.3% of the shares of the stock are sold short. Based on an average daily volume of 3,190,000 shares, the days-to-cover ratio is currently 7.9 days.

Comstock Resources Trading Up 0.3 %

Shares of CRK stock traded up $0.03 during trading hours on Thursday, hitting $11.61. 1,167,473 shares of the company were exchanged, compared to its average volume of 3,656,482. The firm has a market cap of $3.39 billion, a PE ratio of 52.64 and a beta of 0.47. Comstock Resources has a 1 year low of $7.07 and a 1 year 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 firm has a fifty day moving average of $10.75 and a 200 day moving average of $10.50.

Comstock Resources (NYSE:CRK) last announced its quarterly earnings data on Tuesday, July 30th. The oil and gas producer reported ($0.20) earnings per share for the quarter, missing the consensus estimate of ($0.16) by ($0.04). The company had revenue of $246.80 million for the quarter, compared to analysts’ expectations of $296.02 million. Comstock Resources had a negative return on equity of 1.38% and a negative net margin of 1.48%. The company’s quarterly revenue was down 14.4% on a year-over-year basis. Analysts expect that Comstock Resources will post -0.37 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of equities research analysts recently commented on the stock. Piper Sandler cut shares of Comstock Resources from a “neutral” rating to an “underweight” rating and lowered their price objective for the company from $8.00 to $5.00 in a research note on Thursday, August 15th. KeyCorp began coverage on shares of Comstock Resources in a research note on Thursday, June 27th. They set a “sector weight” rating on the stock. Truist Financial raised their price target on shares of Comstock Resources from $9.00 to $10.00 and gave the stock a “hold” rating in a research note on Monday, September 30th. Siebert Williams Shank cut shares of Comstock Resources from a “hold” rating to a “sell” rating and set a $9.00 price target on the stock. in a research note on Tuesday. Finally, BMO Capital Markets raised their price target 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. Five analysts have rated the stock with a sell rating, seven have given a hold rating and one has issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $9.79.

Insider Transactions at Comstock Resources

In related news, major shareholder Drilling L.P. Arkoma purchased 592,246 shares of the stock in a transaction dated Monday, August 26th. The shares were acquired at an average cost of $11.54 per share, with a total value of $6,834,518.84. Following the purchase, the insider now directly owns 208,219,992 shares in the company, valued at $2,402,858,707.68. This trade represents a 0.00 % increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available through the SEC website. In other Comstock Resources news, major shareholder Star Exploration Corp Blue acquired 825,868 shares of the stock in a transaction that occurred on Wednesday, August 7th. The shares were purchased at an average cost of $8.82 per share, with a total value of $7,284,155.76. Following the purchase, the insider now owns 197,298,165 shares in the company, valued at approximately $1,740,169,815.30. The trade was a 0.00 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, major shareholder Drilling L.P. Arkoma acquired 592,246 shares of the stock in a transaction that occurred on Monday, August 26th. The stock was acquired at an average cost of $11.54 per share, for a total transaction of $6,834,518.84. Following the completion of the purchase, the insider now owns 208,219,992 shares in the company, valued at $2,402,858,707.68. The trade was a 0.00 % increase in their position. The disclosure for this purchase can be found here. Insiders have purchased a total of 6,712,733 shares of company stock valued at $67,816,851 in the last ninety days. 1.50% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of CRK. Dimensional Fund Advisors LP raised its holdings in Comstock Resources by 26.3% in the second quarter. Dimensional Fund Advisors LP now owns 11,696,540 shares of the oil and gas producer’s stock valued at $121,414,000 after buying an additional 2,438,252 shares during the period. KGH Ltd raised its holdings in Comstock Resources by 8.7% in the second quarter. KGH Ltd now owns 12,125,000 shares of the oil and gas producer’s stock valued at $125,858,000 after buying an additional 975,000 shares during the period. Millennium Management LLC raised its holdings in Comstock Resources by 775.4% in the second quarter. Millennium Management LLC now owns 875,371 shares of the oil and gas producer’s stock valued at $9,086,000 after buying an additional 775,371 shares during the period. HITE Hedge Asset Management LLC purchased a new position in Comstock Resources in the second quarter valued at approximately $6,544,000. Finally, American Century Companies Inc. grew its position in Comstock Resources by 19.0% in the second quarter. American Century Companies Inc. now owns 2,270,435 shares of the oil and gas producer’s stock valued at $23,567,000 after acquiring an additional 362,043 shares in the last quarter. Hedge funds and other institutional investors own 36.13% of the company’s stock.

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.