Siebert Williams Shank Downgrades Comstock Resources (NYSE:CRK) to Sell

Siebert Williams Shank cut shares of Comstock Resources (NYSE:CRK) from a hold rating to a sell rating in a research report report published on Tuesday morning, Marketbeat.com reports. They currently have $9.00 target price on the oil and gas producer’s stock.

CRK has been the subject of several other research reports. Wolfe Research started coverage on shares of Comstock Resources in a research note on Thursday, July 18th. They issued a peer perform rating for the company. Mizuho lowered their price objective on shares of Comstock Resources from $11.00 to $10.00 and set an underperform rating for the company in a research report on Monday, September 16th. Truist Financial lifted their target price on Comstock Resources from $9.00 to $10.00 and gave the stock a hold rating in a report on Monday, September 30th. BMO Capital Markets increased their price target on Comstock Resources from $10.00 to $11.00 and gave the stock a market perform rating in a report on Friday, October 4th. Finally, Piper Sandler cut Comstock Resources from a neutral rating to an underweight rating and cut their price objective for the company from $8.00 to $5.00 in a report on Thursday, August 15th. Five analysts have rated the stock with a sell rating, seven have given a hold rating and one has assigned a buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of Hold and an average price target of $9.79.

Comstock Resources Stock Down 4.1 %

NYSE:CRK opened at $11.36 on Tuesday. The company has a quick ratio of 0.59, a current ratio of 0.59 and a debt-to-equity ratio of 1.21. Comstock Resources has a 12-month low of $7.07 and a 12-month high of $13.39. The stock’s fifty day simple moving average is $10.64 and its 200-day simple moving average is $10.48. The firm has a market capitalization of $3.32 billion, a P/E ratio of 51.64 and a beta of 0.47.

Comstock Resources (NYSE:CRK) last issued its earnings results on Tuesday, July 30th. The oil and gas producer reported ($0.20) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.16) by ($0.04). The company had revenue of $246.80 million for the quarter, compared to the consensus estimate of $296.02 million. Comstock Resources had a negative return on equity of 1.38% and a negative net margin of 1.48%. The business’s quarterly revenue was down 14.4% compared to the same quarter last year. Equities research analysts expect that Comstock Resources will post -0.37 earnings per share for the current year.

Insider Buying and Selling

In other news, major shareholder Star Exploration Corp Blue bought 825,868 shares of the company’s stock in a transaction that occurred on Wednesday, August 7th. The shares were acquired at an average price of $8.82 per share, with a total value of $7,284,155.76. Following the transaction, the insider now owns 197,298,165 shares in the company, valued at $1,740,169,815.30. This represents a 0.00 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other Comstock Resources news, major shareholder Drilling L.P. Arkoma acquired 573,453 shares of Comstock Resources stock in a transaction dated Friday, August 16th. The stock was bought at an average cost of $10.64 per share, for a total transaction of $6,101,539.92. Following the purchase, the insider now directly owns 203,450,946 shares in the company, valued at approximately $2,164,718,065.44. This represents a 0.00 % increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through this link. Also, major shareholder Star Exploration Corp Blue bought 825,868 shares of the stock in a transaction that occurred on Wednesday, August 7th. The stock was bought at an average cost of $8.82 per share, for a total transaction of $7,284,155.76. Following the transaction, the insider now owns 197,298,165 shares of the company’s stock, valued at $1,740,169,815.30. The trade was a 0.00 % increase in their position. The disclosure for this purchase can be found here. Over the last three months, insiders bought 6,712,733 shares of company stock worth $67,816,851. 1.50% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in CRK. Virtu Financial LLC boosted its holdings in shares of Comstock Resources by 537.8% in the 4th quarter. Virtu Financial LLC now owns 64,197 shares of the oil and gas producer’s stock valued at $568,000 after buying an additional 54,132 shares during the last quarter. Vanguard Group Inc. lifted its stake in Comstock Resources by 0.3% in the fourth quarter. Vanguard Group Inc. now owns 10,829,100 shares of the oil and gas producer’s stock valued at $95,838,000 after acquiring an additional 34,231 shares during the last quarter. GAMMA Investing LLC grew its position in shares of Comstock Resources by 428.9% in the 1st quarter. GAMMA Investing LLC now owns 4,771 shares of the oil and gas producer’s stock valued at $44,000 after acquiring an additional 3,869 shares during the period. Sanders Morris Harris LLC acquired a new position in shares of Comstock Resources during the 1st quarter worth about $1,717,000. Finally, Ballentine Partners LLC bought a new stake in shares of Comstock Resources in the 1st quarter valued at about $138,000. Institutional investors and hedge funds own 36.13% of the company’s stock.

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.