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

Comstock Resources, Inc. (NYSE:CRK)’s stock price 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 traded.

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on the stock. Mizuho upgraded shares of Comstock Resources from an “underperform” rating to a “neutral” rating and upped their price objective for the stock from $10.00 to $18.00 in a report on Monday, December 16th. Morgan Stanley initiated coverage on Comstock Resources in a report on Friday, January 10th. They issued an “equal weight” rating and a $18.00 target price for the company. Siebert Williams Shank cut shares of Comstock Resources from a “hold” rating to a “sell” rating and set a $9.00 price objective for the company. in a report on Tuesday, October 15th. Piper Sandler raised their target price on shares of Comstock Resources from $5.00 to $6.00 and gave the stock an “underweight” rating in a report on Wednesday, January 29th. Finally, Bank of America began coverage on shares of Comstock Resources in a report on Monday, October 28th. They issued a “buy” rating and a $14.00 target price on the stock. Four analysts have rated the stock with a sell rating, eight have given a hold rating and two have assigned a buy rating to the company. According to MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $13.40.

Comstock Resources Stock Up 2.2 %

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 firm has a market capitalization of $5.55 billion, a P/E ratio of -105.47, a P/E/G ratio of 1.52 and a beta of 0.48. The company’s 50-day simple moving average is $17.78 and its two-hundred day simple moving average is $13.50.

Insiders Place Their Bets

In other news, Director Elizabeth B. Davis sold 8,000 shares of the firm’s stock in a transaction 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 sale, the director now directly owns 99,632 shares in the company, valued at $1,810,313.44. This trade represents a 7.43 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Over the last ninety days, insiders have sold 38,000 shares of company stock worth $634,660. Company insiders own 2.00% of the company’s stock.

Institutional Trading of Comstock Resources

Institutional investors and hedge funds have recently modified their holdings of the company. Royce & Associates LP increased its holdings in Comstock Resources by 79.2% in the 3rd quarter. Royce & Associates LP now owns 689,780 shares of the oil and gas producer’s stock valued at $7,677,000 after acquiring an additional 304,780 shares during the last quarter. Barclays PLC increased its holdings in Comstock Resources by 256.3% in the 3rd quarter. Barclays PLC now owns 155,614 shares of the oil and gas producer’s stock valued at $1,731,000 after acquiring an additional 111,934 shares during the last quarter. Charles Schwab Investment Management Inc. increased its holdings in Comstock Resources by 4.2% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,413,820 shares of the oil and gas producer’s stock valued at $15,736,000 after acquiring an additional 57,376 shares during the last quarter. JPMorgan Chase & Co. increased its holdings in Comstock Resources by 9.0% in the 3rd quarter. JPMorgan Chase & Co. now owns 170,338 shares of the oil and gas producer’s stock valued at $1,896,000 after acquiring an additional 13,998 shares during the last quarter. Finally, Intech Investment Management LLC bought a new stake in Comstock Resources in the 3rd quarter valued at $419,000. 36.13% of the stock is currently owned by institutional investors.

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.