Comstock Resources (NYSE:CRK) Reaches New 12-Month High – What’s Next?

Comstock Resources, Inc. (NYSE:CRK) shares hit a new 52-week high during mid-day trading on Wednesday . The stock traded as high as $12.60 and last traded at $12.57, with a volume of 359353 shares changing hands. The stock had previously closed at $11.66.

Analyst Upgrades and Downgrades

CRK has been the subject of a number of recent analyst reports. Mizuho dropped their price objective on Comstock Resources from $11.00 to $10.00 and set an “underperform” rating for the company in a report on Monday, September 16th. Wolfe Research began coverage on Comstock Resources in a research note on Thursday, July 18th. They issued a “peer perform” rating on the stock. BMO Capital Markets boosted their price objective on Comstock Resources from $10.00 to $11.00 and gave the company a “market perform” rating in a research note on Friday, October 4th. Truist Financial increased their price objective on Comstock Resources from $9.00 to $10.00 and gave the stock a “hold” rating in a research note on Monday, September 30th. Finally, Bank of America began coverage on Comstock Resources in a report on Monday, October 28th. They set a “buy” rating and a $14.00 price objective for the company. Five research analysts have rated the stock with a sell rating, seven have given a hold rating and two have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Comstock Resources presently has an average rating of “Hold” and an average target price of $10.31.

Comstock Resources Stock Performance

The company has a debt-to-equity ratio of 1.25, a quick ratio of 0.60 and a current ratio of 0.60. The company has a 50-day simple moving average of $11.04 and a two-hundred day simple moving average of $10.74. The firm has a market capitalization of $3.77 billion, a P/E ratio of -64.75 and a beta of 0.47.

Comstock Resources (NYSE:CRK) last announced its earnings results on Wednesday, October 30th. The oil and gas producer reported ($0.17) earnings per share for the quarter, missing analysts’ consensus estimates 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 net margin of 4.93% and a negative return on equity of 3.88%. Comstock Resources’s quarterly revenue was down 19.2% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.04 earnings per share. As a group, equities analysts forecast that Comstock Resources, Inc. will post -0.44 EPS for the current year.

Insider Activity

In other Comstock Resources news, major shareholder Drilling L.P. Arkoma acquired 825,868 shares of the company’s stock in a transaction dated Friday, August 9th. The shares were purchased at an average cost of $9.76 per share, for a total transaction of $8,060,471.68. Following the completion of the purchase, the insider now owns 198,949,901 shares in the company, valued at approximately $1,941,751,033.76. This trade represents a 0.00 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. In the last three months, insiders have acquired 5,061,865 shares of company stock worth $53,800,695. 2.00% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in the business. Dimensional Fund Advisors LP boosted its position in Comstock Resources by 26.3% during the second quarter. Dimensional Fund Advisors LP now owns 11,696,540 shares of the oil and gas producer’s stock worth $121,414,000 after acquiring an additional 2,438,252 shares during the last quarter. KGH Ltd boosted its stake in Comstock Resources by 8.7% during the 2nd quarter. KGH Ltd now owns 12,125,000 shares of the oil and gas producer’s stock worth $125,858,000 after purchasing an additional 975,000 shares during the period. Millennium Management LLC lifted its stake in shares of Comstock Resources by 775.4% in the 2nd 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 about $6,544,000. Finally, American Century Companies Inc. grew its holdings in shares of 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 buying an additional 362,043 shares in the last quarter. Hedge funds and other institutional investors own 36.13% of the company’s stock.

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.