Comstock Resources (NYSE:CRK) Shares Gap Down – Here’s What Happened

Comstock Resources, Inc. (NYSE:CRK)’s share price gapped down before the market opened on Monday . The stock had previously closed at $19.54, but opened at $18.56. Comstock Resources shares last traded at $18.92, with a volume of 513,786 shares traded.

Wall Street Analyst Weigh In

CRK has been the subject of a number of recent analyst reports. StockNews.com upgraded Comstock Resources to a “sell” rating in a research report on Thursday. Mizuho raised shares of Comstock Resources from an “underperform” rating to a “neutral” rating and lifted their price objective for the company from $10.00 to $18.00 in a research note on Monday, December 16th. Bank of America assumed coverage on shares of Comstock Resources in a research report on Monday, October 28th. They set a “buy” rating and a $14.00 target price on the stock. 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. Finally, Morgan Stanley initiated coverage on Comstock Resources in a research note on Friday, January 10th. They issued an “equal weight” rating and a $18.00 price objective on the stock. Four equities research 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. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $13.40.

Comstock Resources Price Performance

The company has a quick ratio of 0.60, a current ratio of 0.46 and a debt-to-equity ratio of 1.27. The stock’s 50-day moving average price is $18.70 and its 200 day moving average price is $14.44. The firm has a market cap of $5.66 billion, a price-to-earnings ratio of -25.50, a price-to-earnings-growth ratio of 1.65 and a beta of 0.48.

Comstock Resources (NYSE:CRK) last announced its quarterly earnings data on Tuesday, February 18th. The oil and gas producer reported $0.16 EPS for the quarter, topping analysts’ consensus estimates of $0.02 by $0.14. Comstock Resources had a negative return on equity of 3.10% and a negative net margin of 18.32%. The company had revenue of $366.51 million during the quarter, compared to the consensus estimate of $370.62 million. Equities research analysts predict that Comstock Resources, Inc. will post 0.54 earnings per share for the current year.

Insider Buying and Selling

In other news, Director Elizabeth B. Davis sold 10,000 shares of the stock in a transaction on Thursday, December 19th. The shares were sold at an average price of $15.62, for a total value of $156,200.00. Following the completion of the transaction, the director now owns 143,781 shares in the company, valued at approximately $2,245,859.22. This represents a 6.50 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Insiders sold a total of 38,000 shares of company stock valued at $634,660 over the last ninety days. 2.00% of the stock is owned by company insiders.

Institutional Trading of Comstock Resources

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. VSM Wealth Advisory LLC bought a new position in Comstock Resources during the fourth quarter worth about $27,000. Harbor Capital Advisors Inc. acquired a new position in shares of Comstock Resources in the 3rd quarter worth approximately $25,000. Sunbelt Securities Inc. lifted its position in shares of Comstock Resources by 140.0% during the 3rd quarter. Sunbelt Securities Inc. now owns 2,400 shares of the oil and gas producer’s stock worth $27,000 after buying an additional 1,400 shares during the period. Sterling Capital Management LLC boosted its stake in Comstock Resources by 804.6% in the 4th quarter. Sterling Capital Management LLC now owns 2,958 shares of the oil and gas producer’s stock valued at $54,000 after buying an additional 2,631 shares in the last quarter. Finally, Smartleaf Asset Management LLC grew its position in Comstock Resources by 225.2% in the fourth quarter. Smartleaf Asset Management LLC now owns 3,359 shares of the oil and gas producer’s stock valued at $64,000 after acquiring an additional 2,326 shares during the period. 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.