Comstock Resources (NYSE:CRK) Shares Gap Up – Time to Buy?

Comstock Resources, Inc. (NYSE:CRK) gapped up prior to trading on Monday . The stock had previously closed at $18.56, but opened at $19.20. Comstock Resources shares last traded at $19.27, with a volume of 349,150 shares trading hands.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on CRK. Morgan Stanley initiated coverage on Comstock Resources in a research report on Friday, January 10th. They set an “equal weight” rating and a $18.00 target price on the stock. Mizuho upgraded Comstock Resources from an “underperform” rating to a “neutral” rating and upped their price target for the company from $10.00 to $18.00 in a research report on Monday, December 16th. Piper Sandler raised their price objective on shares of Comstock Resources from $5.00 to $6.00 and gave the company an “underweight” rating in a research report on Wednesday, January 29th. Siebert Williams Shank cut shares of Comstock Resources from a “hold” rating to a “sell” rating and set a $9.00 target price on the stock. in a research note on Tuesday, October 15th. Finally, Truist Financial raised their price target on shares of Comstock Resources from $11.00 to $19.00 and gave the company a “hold” rating in a report on Monday, January 13th. Four investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and two have given a buy rating to the company. Based on data from MarketBeat.com, Comstock Resources has a consensus rating of “Hold” and an average price target of $13.40.

Comstock Resources Stock Down 2.4 %

The company has a 50 day simple moving average of $17.90 and a 200-day simple moving average of $13.61. The company has a debt-to-equity ratio of 1.25, a current ratio of 0.60 and a quick ratio of 0.60.

Insider Activity

In related news, Director Elizabeth B. Davis sold 8,000 shares of the firm’s stock in a transaction dated Monday, December 30th. The stock was sold at an average price of $18.17, for a total value of $145,360.00. Following the sale, the director now directly owns 99,632 shares of the company’s stock, valued at $1,810,313.44. This trade represents a 7.43 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In the last 90 days, insiders sold 38,000 shares of company stock valued at $634,660. Corporate insiders own 2.00% of the company’s stock.

Hedge Funds Weigh In On Comstock Resources

A number of hedge funds and other institutional investors have recently made changes to their positions in CRK. Harbor Capital Advisors Inc. bought a new position in Comstock Resources in the third quarter worth $25,000. Sunbelt Securities Inc. lifted its position in Comstock Resources by 140.0% in the 3rd quarter. Sunbelt Securities Inc. now owns 2,400 shares of the oil and gas producer’s stock valued at $27,000 after acquiring an additional 1,400 shares in the last quarter. KBC Group NV increased its holdings in Comstock Resources by 46.8% in the 4th quarter. KBC Group NV now owns 6,480 shares of the oil and gas producer’s stock worth $118,000 after buying an additional 2,066 shares in the last quarter. Blue Trust Inc. boosted its holdings in Comstock Resources by 116.3% in the third quarter. Blue Trust Inc. now owns 6,715 shares of the oil and gas producer’s stock worth $70,000 after purchasing an additional 3,611 shares during the last quarter. Finally, Algert Global LLC purchased a new position in shares of Comstock Resources in the 2nd quarter worth $107,000. 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.