Comstock Resources (NYSE:CRK) Shares Gap Down – Time to Sell?

Comstock Resources, Inc. (NYSE:CRK) gapped down prior to trading on Tuesday . The stock had previously closed at $18.92, but opened at $18.34. Comstock Resources shares last traded at $18.24, with a volume of 433,320 shares changing hands.

Wall Street Analyst Weigh In

A number of research firms have commented on CRK. Truist Financial lifted their target price on shares of Comstock Resources from $9.00 to $10.00 and gave the stock a “hold” rating in a report on Monday, September 30th. Bank of America assumed coverage on Comstock Resources in a report on Monday, October 28th. They issued a “buy” rating and a $14.00 price objective for the company. BMO Capital Markets raised their target price on Comstock Resources from $10.00 to $11.00 and gave the stock a “market perform” rating in a report on Friday, October 4th. Siebert Williams Shank cut Comstock Resources from a “hold” rating to a “sell” rating and set a $9.00 price target for the company. in a research note on Tuesday, October 15th. Finally, Citigroup increased their price target on shares of Comstock Resources from $12.50 to $15.50 and gave the company a “neutral” rating in a research report on Friday, December 6th. Four investment analysts have rated the stock with a sell rating, eight have issued a hold rating and two have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $11.78.

Comstock Resources Stock Down 3.7 %

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 firm’s fifty day simple moving average is $14.78 and its 200 day simple moving average is $12.06. The stock has a market capitalization of $5.32 billion, a price-to-earnings ratio of -101.22 and a beta of 0.57.

Comstock Resources (NYSE:CRK) last issued its quarterly earnings data on Wednesday, October 30th. The oil and gas producer reported ($0.17) EPS 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 analyst estimates of $308.75 million. Comstock Resources had a negative return on equity of 3.88% and a negative net margin of 4.93%. The company’s revenue was down 19.2% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.04 earnings per share. On average, sell-side analysts forecast that Comstock Resources, Inc. will post -0.44 earnings per share for the current year.

Insider Buying and Selling at Comstock Resources

In other news, Director Elizabeth B. Davis sold 10,000 shares of the business’s stock in a transaction on Monday, December 23rd. The shares were sold at an average price of $16.33, for a total value of $163,300.00. Following the sale, the director now owns 123,781 shares of the company’s stock, valued at $2,021,343.73. The trade was a 7.47 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Insiders have sold 30,000 shares of company stock valued at $489,300 in the last 90 days. 2.00% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Comstock Resources

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Natixis Advisors LLC boosted its position in Comstock Resources by 37.2% during the second quarter. Natixis Advisors LLC now owns 35,106 shares of the oil and gas producer’s stock valued at $364,000 after purchasing an additional 9,520 shares during the last quarter. CIBC Asset Management Inc bought a new stake in shares of Comstock Resources during the 2nd quarter worth approximately $116,000. Arizona State Retirement System boosted its holdings in shares of Comstock Resources by 6.9% in the 2nd quarter. Arizona State Retirement System now owns 28,630 shares of the oil and gas producer’s stock valued at $297,000 after buying an additional 1,848 shares during the last quarter. Choreo LLC bought a new position in shares of Comstock Resources in the second quarter valued at $105,000. Finally, Texas Permanent School Fund Corp increased its holdings in Comstock Resources by 164.9% during the second quarter. Texas Permanent School Fund Corp now owns 211,626 shares of the oil and gas producer’s stock worth $2,197,000 after buying an additional 131,733 shares during the last quarter. 36.13% of the stock is currently owned by institutional investors and hedge funds.

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.