Comstock Resources (NYSE:CRK) Shares Down 3.7% – Here’s Why

Shares of Comstock Resources, Inc. (NYSE:CRK) dropped 3.7% during trading on Tuesday . The company traded as low as $16.69 and last traded at $16.6920. Approximately 278,739 shares traded hands during mid-day trading, a decline of 88% from the average daily volume of 2,382,129 shares. The stock had previously closed at $17.33.

Analyst Ratings Changes

CRK has been the subject of a number of research reports. Citigroup reaffirmed a “neutral” rating on shares of Comstock Resources in a research note on Wednesday. Morgan Stanley set a $19.00 price objective on shares of Comstock Resources in a research note on Friday, February 13th. Weiss Ratings reaffirmed a “hold (c-)” rating on shares of Comstock Resources in a research note on Monday, December 29th. UBS Group set a $17.00 price objective on shares of Comstock Resources in a research note on Friday, February 13th. Finally, Wall Street Zen raised shares of Comstock Resources from a “sell” rating to a “hold” rating in a research note on Saturday, April 11th. One equities research analyst has rated the stock with a Buy rating, six have assigned a Hold rating and three have given a Sell rating to the company. According to MarketBeat, Comstock Resources presently has an average rating of “Reduce” and an average target price of $20.88.

Comstock Resources Stock Up 0.1%

The company has a market cap of $4.78 billion, a PE ratio of 11.53 and a beta of 0.39. The stock’s 50 day moving average price is $19.94 and its 200-day moving average price is $21.42. The company has a debt-to-equity ratio of 0.95, a quick ratio of 0.49 and a current ratio of 0.49.

Comstock Resources (NYSE:CRK) last announced its quarterly earnings results on Wednesday, February 11th. The oil and gas producer reported $0.16 earnings per share for the quarter, beating the consensus estimate of $0.11 by $0.05. The business had revenue of $787.32 million during the quarter, compared to analysts’ expectations of $504.66 million. Comstock Resources had a net margin of 17.80% and a return on equity of 6.30%. The firm’s revenue for the quarter was up 115.5% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.16 EPS. On average, analysts predict that Comstock Resources, Inc. will post 0.54 earnings per share for the current year.

Insiders Place Their Bets

In other Comstock Resources news, VP Patrick Mcgough sold 48,915 shares of the stock in a transaction on Thursday, March 5th. The shares were sold at an average price of $21.20, for a total transaction of $1,036,998.00. Following the completion of the sale, the vice president owned 187,516 shares of the company’s stock, valued at $3,975,339.20. This represents a 20.69% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. 2.20% of the stock is owned by insiders.

Institutional Investors Weigh In On Comstock Resources

Institutional investors have recently added to or reduced their stakes in the company. Rothschild Investment LLC boosted its position in Comstock Resources by 740.4% during the 4th quarter. Rothschild Investment LLC now owns 1,143 shares of the oil and gas producer’s stock valued at $26,000 after buying an additional 1,007 shares during the period. Kemnay Advisory Services Inc. purchased a new stake in Comstock Resources during the 4th quarter valued at $29,000. Advisory Services Network LLC purchased a new stake in Comstock Resources during the 3rd quarter valued at $27,000. Hantz Financial Services Inc. boosted its position in Comstock Resources by 877.6% during the 4th quarter. Hantz Financial Services Inc. now owns 1,437 shares of the oil and gas producer’s stock valued at $33,000 after buying an additional 1,290 shares during the period. Finally, Caitong International Asset Management Co. Ltd purchased a new stake in Comstock Resources during the 4th quarter valued at $36,000. Hedge funds and other institutional investors own 36.13% of the company’s stock.

Comstock Resources Company Profile

Comstock Resources, Inc is an independent energy company engaged in the acquisition, exploration, development and production of oil and natural gas properties in the United States. The company focuses on generating long-term value through the efficient development of unconventional resource plays and conventional prospects. Its activities encompass drilling, completion and production operations, as well as the marketing of natural gas, natural gas liquids and crude oil.

Comstock holds a core position in the Haynesville Shale of Northwest Louisiana, one of the most active natural gas plays in North America, and has built a complementary portfolio in the Delaware Basin of West Texas.