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

Comstock Resources, Inc. (NYSE:CRK) was the recipient of unusually large options trading on Friday. Stock traders bought 27,544 call options on the stock. This is an increase of 902% compared to the average daily volume of 2,748 call options.

Comstock Resources Stock Down 0.7 %

CRK stock opened at $21.36 on Friday. 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 business has a 50 day simple moving average of $16.62 and a 200-day simple moving average of $12.80. Comstock Resources has a twelve month low of $7.07 and a twelve month high of $21.75.

Comstock Resources (NYSE:CRK) last issued its quarterly earnings results on Wednesday, October 30th. The oil and gas producer reported ($0.17) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.16) by ($0.01). The business had revenue of $304.50 million for the quarter, compared to analyst estimates of $308.75 million. Comstock Resources had a negative return on equity of 3.88% and a negative net margin of 4.93%. The firm’s revenue for the quarter was down 19.2% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.04 EPS. As a group, equities analysts expect that Comstock Resources will post -0.43 EPS for the current year.

Insider Buying and Selling

In other Comstock Resources news, Director Elizabeth B. Davis sold 8,000 shares of the business’s stock in a transaction that occurred on Monday, December 30th. The shares were sold at an average price of $18.17, for a total transaction of $145,360.00. Following the completion of the transaction, the director now owns 99,632 shares in the company, valued at $1,810,313.44. The trade was a 7.43 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Insiders sold 38,000 shares of company stock valued at $634,660 in the last three months. 2.00% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Comstock Resources

Hedge funds have recently made changes to their positions in the business. Choreo LLC acquired a new stake in Comstock Resources during the 2nd quarter worth approximately $105,000. American Century Companies Inc. raised its stake in shares of Comstock Resources by 19.0% during the second quarter. American Century Companies Inc. now owns 2,270,435 shares of the oil and gas producer’s stock worth $23,567,000 after purchasing an additional 362,043 shares during the last quarter. Dimensional Fund Advisors LP lifted its holdings in shares of Comstock Resources by 26.3% during the second quarter. Dimensional Fund Advisors LP now owns 11,696,540 shares of the oil and gas producer’s stock worth $121,414,000 after purchasing an additional 2,438,252 shares during the period. Edgestream Partners L.P. purchased a new position in Comstock Resources in the 2nd quarter valued at $1,650,000. Finally, XTX Topco Ltd grew its position in Comstock Resources by 4.8% in the 2nd quarter. XTX Topco Ltd now owns 28,791 shares of the oil and gas producer’s stock valued at $299,000 after buying an additional 1,330 shares during the last quarter. Institutional investors and hedge funds own 36.13% of the company’s stock.

Wall Street Analysts Forecast Growth

CRK has been the subject of a number of analyst reports. Citigroup boosted their target price on shares of Comstock Resources from $12.50 to $15.50 and gave the stock a “neutral” rating in a research note on Friday, December 6th. Morgan Stanley assumed coverage on Comstock Resources in a research report on Friday, January 10th. They set an “equal weight” rating and a $18.00 price objective for the company. Siebert Williams Shank lowered Comstock Resources from a “hold” rating to a “sell” rating and set a $9.00 target price on the stock. in a research report on Tuesday, October 15th. Truist Financial upped their price target on Comstock Resources from $11.00 to $19.00 and gave the company a “hold” rating in a report on Monday, January 13th. Finally, Mizuho upgraded shares of Comstock Resources from an “underperform” rating to a “neutral” rating and increased their price target for the company from $10.00 to $18.00 in a research note on Monday, December 16th. Four research 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. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $13.30.

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.