Comstock Resources, Inc. (NYSE:CRK) Short Interest Update

Comstock Resources, Inc. (NYSE:CRK) was the recipient of a large increase in short interest in the month of November. As of November 15th, there was short interest totalling 27,840,000 shares, an increase of 9.3% from the October 31st total of 25,470,000 shares. Based on an average daily volume of 2,290,000 shares, the short-interest ratio is presently 12.2 days. Currently, 35.9% of the company’s shares are short sold.

Comstock Resources Stock Performance

NYSE:CRK traded down $0.21 during trading hours on Wednesday, hitting $14.96. 643,306 shares of the company were exchanged, compared to its average volume of 3,425,397. The stock has a market capitalization of $4.37 billion, a price-to-earnings ratio of -84.33 and a beta of 0.57. Comstock Resources has a 52-week low of $7.07 and a 52-week high of $15.84. 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 company’s 50 day moving average price is $12.76 and its 200-day moving average price is $11.33.

Comstock Resources (NYSE:CRK) last released its earnings results on Wednesday, October 30th. The oil and gas producer reported ($0.17) earnings per share for the quarter, missing the consensus estimate of ($0.16) by ($0.01). The company had revenue of $304.50 million for the quarter, compared to analysts’ expectations 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 period in the prior year, the firm posted $0.04 EPS. As a group, research analysts forecast that Comstock Resources will post -0.44 earnings per share for the current year.

Institutional Trading of Comstock Resources

Several large investors have recently bought and sold shares of CRK. Dimensional Fund Advisors LP lifted its stake in shares of Comstock Resources by 26.3% in the 2nd 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 purchasing an additional 2,438,252 shares during the period. KGH Ltd raised its position in Comstock Resources by 8.7% during the second quarter. KGH Ltd now owns 12,125,000 shares of the oil and gas producer’s stock worth $125,858,000 after acquiring an additional 975,000 shares during the period. Millennium Management LLC raised its position in Comstock Resources by 775.4% during the second quarter. Millennium Management LLC now owns 875,371 shares of the oil and gas producer’s stock worth $9,086,000 after acquiring an additional 775,371 shares during the period. HITE Hedge Asset Management LLC acquired a new position in Comstock Resources during the second quarter worth $6,544,000. Finally, American Century Companies Inc. raised its position in 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 acquiring an additional 362,043 shares during the period. Hedge funds and other institutional investors own 36.13% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on CRK shares. Mizuho decreased their price objective on shares of Comstock Resources from $11.00 to $10.00 and set an “underperform” rating for the company in a report on Monday, September 16th. Truist Financial boosted their price target on shares of Comstock Resources from $9.00 to $10.00 and gave the company a “hold” rating in a report on Monday, September 30th. Piper Sandler lowered shares of Comstock Resources from a “neutral” rating to an “underweight” rating and reduced their price target for the company from $8.00 to $5.00 in a report on Thursday, August 15th. Siebert Williams Shank lowered shares of Comstock Resources from a “hold” rating to a “sell” rating and set a $9.00 price target for the company. in a report on Tuesday, October 15th. Finally, BMO Capital Markets boosted their price target on shares of Comstock Resources from $10.00 to $11.00 and gave the company a “market perform” rating in a report on Friday, October 4th. Five research analysts have rated the stock with a sell rating, seven have given a hold rating and two have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Comstock Resources has an average rating of “Hold” and a consensus price target of $10.31.

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.