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

Comstock Resources, Inc. (NYSE:CRK)’s share price gapped down before the market opened on Monday . The stock had previously closed at $19.54, but opened at $18.56. Comstock Resources shares last traded at $18.92, with a volume of 513,786 shares traded.

Wall Street Analysts Forecast Growth

CRK has been the topic of a number of recent analyst reports. Mizuho upgraded shares of Comstock Resources from an “underperform” rating to a “neutral” rating and boosted their price target for the company from $10.00 to $18.00 in a research report on Monday, December 16th. Truist Financial boosted their target price on Comstock Resources from $11.00 to $19.00 and gave the stock a “hold” rating in a report on Monday, January 13th. Citigroup raised their price target on Comstock Resources from $12.50 to $15.50 and gave the company a “neutral” rating in a report on Friday, December 6th. Bank of America initiated coverage on Comstock Resources in a research report on Monday, October 28th. They issued a “buy” rating and a $14.00 price objective for the company. Finally, Morgan Stanley initiated coverage on Comstock Resources in a report on Friday, January 10th. They set an “equal weight” rating and a $18.00 target price on the stock. Four investment analysts have rated the stock with a sell rating, eight have given a hold rating and two have given a buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Hold” and an average price target of $13.40.

Comstock Resources Stock Down 0.8 %

The firm has a 50 day moving average price of $18.70 and a 200-day moving average price of $14.44. The firm has a market cap of $5.66 billion, a price-to-earnings ratio of -25.50, a price-to-earnings-growth ratio of 1.65 and a beta of 0.48. The company has a debt-to-equity ratio of 1.27, a current ratio of 0.46 and a quick ratio of 0.60.

Comstock Resources (NYSE:CRK) last released its earnings results on Tuesday, February 18th. The oil and gas producer reported $0.16 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.02 by $0.14. Comstock Resources had a negative net margin of 18.32% and a negative return on equity of 3.10%. The company had revenue of $366.51 million for the quarter, compared to the consensus estimate of $370.62 million. As a group, equities analysts predict that Comstock Resources, Inc. will post 0.54 EPS for the current fiscal year.

Insider Buying and Selling at Comstock Resources

In other news, Director Elizabeth B. Davis sold 10,000 shares of the stock in a transaction on Monday, December 23rd. The stock was sold at an average price of $16.33, for a total value of $163,300.00. Following the transaction, the director now owns 123,781 shares of the company’s stock, valued at $2,021,343.73. This represents a 7.47 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Over the last ninety days, insiders have sold 38,000 shares of company stock valued at $634,660. 2.00% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Comstock Resources

A number of institutional investors have recently made changes to their positions in CRK. Raymond James Financial Inc. bought a new position in Comstock Resources during the fourth quarter worth about $11,891,000. Corigliano Investment Advisers LLC acquired a new stake in shares of Comstock Resources in the 4th quarter valued at approximately $11,450,000. Susquehanna Fundamental Investments LLC bought a new position in Comstock Resources during the 4th quarter worth approximately $6,349,000. Marshall Wace LLP bought a new position in Comstock Resources during the 4th quarter worth approximately $6,329,000. Finally, Royce & Associates LP grew its holdings in Comstock Resources by 79.2% during the third quarter. Royce & Associates LP now owns 689,780 shares of the oil and gas producer’s stock valued at $7,677,000 after purchasing an additional 304,780 shares during the period. 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.