Insider Buying: Comstock Resources, Inc. (NYSE:CRK) Major Shareholder Buys 12,500,000 Shares of Stock

Comstock Resources, Inc. (NYSE:CRK) major shareholder Star Exploration Corp Blue purchased 12,500,000 shares of the business’s stock in a transaction that occurred on Monday, March 25th. The shares were bought at an average price of $8.04 per share, for a total transaction of $100,500,000.00. Following the completion of the purchase, the insider now directly owns 194,821,429 shares in the company, valued at $1,566,364,289.16. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Major shareholders that own 10% or more of a company’s shares are required to disclose their transactions with the SEC.

Comstock Resources Stock Performance

NYSE:CRK opened at $9.26 on Thursday. The company has a quick ratio of 0.68, a current ratio of 0.68 and a debt-to-equity ratio of 1.11. Comstock Resources, Inc. has a fifty-two week low of $7.07 and a fifty-two week high of $13.39. The firm’s fifty day simple moving average is $8.07 and its 200-day simple moving average is $9.69. The stock has a market cap of $2.58 billion, a PE ratio of 12.18 and a beta of 0.69.

Comstock Resources (NYSE:CRK) last issued its earnings results on Tuesday, February 13th. The oil and gas producer reported $0.10 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.16 by ($0.06). Comstock Resources had a net margin of 13.49% and a return on equity of 5.65%. The company had revenue of $410.58 million during the quarter, compared to analysts’ expectations of $401.97 million. During the same period last year, the business posted $1.05 earnings per share. The company’s quarterly revenue was down 55.5% on a year-over-year basis. Analysts expect that Comstock Resources, Inc. will post 0.46 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Comstock Resources

Several hedge funds and other institutional investors have recently bought and sold shares of the company. BlackRock Inc. grew its holdings in Comstock Resources by 2.8% in the second quarter. BlackRock Inc. now owns 14,505,907 shares of the oil and gas producer’s stock valued at $168,269,000 after purchasing an additional 393,075 shares during the last quarter. Vanguard Group Inc. boosted its position in shares of Comstock Resources by 0.3% in the 4th quarter. Vanguard Group Inc. now owns 10,829,100 shares of the oil and gas producer’s stock worth $95,838,000 after buying an additional 34,231 shares in the last quarter. State Street Corp grew its stake in Comstock Resources by 19.3% in the 1st quarter. State Street Corp now owns 10,279,079 shares of the oil and gas producer’s stock valued at $110,911,000 after acquiring an additional 1,660,068 shares during the last quarter. KGH Ltd increased its holdings in Comstock Resources by 119.3% during the 3rd quarter. KGH Ltd now owns 8,586,000 shares of the oil and gas producer’s stock valued at $94,704,000 after acquiring an additional 4,670,959 shares in the last quarter. Finally, Dimensional Fund Advisors LP increased its stake in shares of Comstock Resources by 29.1% during the 4th quarter. Dimensional Fund Advisors LP now owns 8,139,351 shares of the oil and gas producer’s stock worth $72,035,000 after purchasing an additional 1,833,302 shares in the last quarter. 36.13% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

CRK has been the topic of a number of recent research reports. Stifel Nicolaus dropped their price objective on shares of Comstock Resources from $15.00 to $13.00 and set a “buy” rating on the stock in a research note on Tuesday, January 23rd. Mizuho cut their price target on Comstock Resources from $10.00 to $9.00 and set an “underperform” rating for the company in a research note on Friday, March 15th. Pickering Energy Partners upgraded shares of Comstock Resources from an “underperform” rating to a “neutral” rating in a research report on Tuesday, January 9th. Truist Financial cut their price objective on shares of Comstock Resources from $10.00 to $9.00 and set a “hold” rating for the company in a research report on Tuesday, February 13th. Finally, StockNews.com raised shares of Comstock Resources to a “sell” rating in a report on Monday, March 18th. Two investment analysts have rated the stock with a sell rating, five have assigned a hold rating and two have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Comstock Resources currently has an average rating of “Hold” and a consensus target price of $10.17.

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.