Comstock Resources Sees Unusually High Options Volume (NYSE:CRK)

Comstock Resources, Inc. (NYSE:CRK) saw some unusual options trading on Thursday. Traders purchased 10,906 call options on the company. This represents an increase of approximately 435% compared to the typical volume of 2,040 call options.

Wall Street Analyst Weigh In

A number of equities analysts recently issued reports on CRK shares. Bank of America started 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. Citigroup boosted their price objective on Comstock Resources from $12.50 to $15.50 and gave the company a “neutral” rating in a report on Friday, December 6th. Siebert Williams Shank cut Comstock Resources from a “hold” rating to a “sell” rating and set a $9.00 price objective for the company. in a report on Tuesday, October 15th. 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. Finally, Truist Financial upped 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. Five investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and two have assigned a buy rating to the stock. According to data from MarketBeat, Comstock Resources currently has a consensus rating of “Hold” and an average target price of $10.89.

Institutional Investors Weigh In On Comstock Resources

A number of hedge funds have recently made changes to their positions in the stock. Doliver Advisors LP lifted its stake in shares of Comstock Resources by 3.9% during the 3rd quarter. Doliver Advisors LP now owns 26,455 shares of the oil and gas producer’s stock worth $294,000 after purchasing an additional 988 shares during the last quarter. XTX Topco Ltd lifted its stake in shares of Comstock Resources by 4.8% during the 2nd quarter. XTX Topco Ltd now owns 28,791 shares of the oil and gas producer’s stock worth $299,000 after purchasing an additional 1,330 shares during the last quarter. Sunbelt Securities Inc. lifted its stake in shares of Comstock Resources by 140.0% during the 3rd quarter. Sunbelt Securities Inc. now owns 2,400 shares of the oil and gas producer’s stock worth $27,000 after purchasing an additional 1,400 shares during the last quarter. The Manufacturers Life Insurance Company increased its position in Comstock Resources by 2.9% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 57,876 shares of the oil and gas producer’s stock valued at $601,000 after buying an additional 1,656 shares in the last quarter. Finally, Arizona State Retirement System increased its position in Comstock Resources by 6.9% during 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 in the last quarter. 36.13% of the stock is currently owned by hedge funds and other institutional investors.

Comstock Resources Price Performance

Shares of CRK stock opened at $16.80 on Friday. The company has a current ratio of 0.60, a quick ratio of 0.60 and a debt-to-equity ratio of 1.25. The stock has a market capitalization of $4.91 billion, a price-to-earnings ratio of -93.30 and a beta of 0.57. Comstock Resources has a twelve month low of $7.07 and a twelve month high of $17.79. The stock has a fifty day simple moving average of $13.45 and a two-hundred day simple moving average of $11.59.

Comstock Resources (NYSE:CRK) last issued its quarterly earnings data 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 return on equity of 3.88% and a negative net margin of 4.93%. The company’s revenue for the quarter was down 19.2% compared to the same quarter last year. During the same quarter last year, the company earned $0.04 earnings per share. On average, analysts predict that Comstock Resources will post -0.44 EPS for the current fiscal year.

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.