Comstock Resources (NYSE:CRK) Shares Gap Up – What’s Next?

Comstock Resources, Inc. (NYSE:CRK) 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.

Wall Street Analysts Forecast Growth

Several brokerages have weighed in on CRK. Piper Sandler lifted their price target on shares of Comstock Resources from $5.00 to $6.00 and gave the company an “underweight” rating in a report on Wednesday, January 29th. Morgan Stanley started coverage on shares of Comstock Resources in a research report on Friday, January 10th. They set an “equal weight” rating and a $18.00 price objective for the company. Siebert Williams Shank downgraded Comstock Resources from a “hold” rating to a “sell” rating and set a $9.00 target price on the stock. in a research report on Tuesday, October 15th. Bank of America assumed coverage on shares of Comstock Resources in a research report on Monday, October 28th. They issued a “buy” rating and a $14.00 price objective on the stock. Finally, Citigroup upped their price target on shares of Comstock Resources from $12.50 to $15.50 and gave the stock a “neutral” rating in a report on Friday, December 6th. Four analysts have rated the stock with a sell rating, eight have given a hold rating and two have issued a buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Hold” and an average target price of $13.40.

Comstock Resources Price Performance

The firm’s 50 day moving average is $17.90 and its 200 day moving average is $13.61. The company has a debt-to-equity ratio of 1.25, a quick ratio of 0.60 and a current ratio of 0.60.

Insider Buying and Selling at Comstock Resources

In other Comstock Resources news, Director Elizabeth B. Davis sold 10,000 shares of Comstock Resources stock in a transaction that occurred on Monday, December 23rd. The shares were sold at an average price of $16.33, for a total transaction of $163,300.00. Following the completion of the sale, the director now directly owns 123,781 shares in the company, valued at approximately $2,021,343.73. The trade was a 7.47 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Over the last ninety days, insiders sold 38,000 shares of company stock worth $634,660. 2.00% of the stock is owned by insiders.

Institutional Trading of Comstock Resources

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Millennium Management LLC increased its position in shares of Comstock Resources by 775.4% in the second quarter. Millennium Management LLC now owns 875,371 shares of the oil and gas producer’s stock valued at $9,086,000 after buying an additional 775,371 shares in the last quarter. Royce & Associates LP boosted its holdings in shares of Comstock Resources by 79.2% during the 3rd quarter. Royce & Associates LP now owns 689,780 shares of the oil and gas producer’s stock worth $7,677,000 after purchasing an additional 304,780 shares during the last quarter. Weiss Asset Management LP acquired a new stake in shares of Comstock Resources in the 3rd quarter worth $1,263,000. Barclays PLC raised its stake in Comstock Resources by 256.3% during the third quarter. Barclays PLC now owns 155,614 shares of the oil and gas producer’s stock worth $1,731,000 after purchasing an additional 111,934 shares during the period. Finally, Verition Fund Management LLC lifted its holdings in Comstock Resources by 267.8% in the third quarter. Verition Fund Management LLC now owns 141,143 shares of the oil and gas producer’s stock valued at $1,571,000 after acquiring an additional 102,767 shares during the last quarter. 36.13% of the stock is owned by institutional investors and hedge funds.

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.