Patrick Mcgough Sells 48,915 Shares of Comstock Resources (NYSE:CRK) Stock

Comstock Resources, Inc. (NYSE:CRK) VP Patrick Mcgough sold 48,915 shares of the business’s stock in a transaction on Thursday, March 5th. The shares were sold at an average price of $21.20, for a total transaction of $1,036,998.00. Following the completion of the transaction, the vice president directly owned 187,516 shares in the company, valued at $3,975,339.20. This represents a 20.69% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink.

Comstock Resources Stock Performance

Comstock Resources stock traded up $0.30 during trading hours on Friday, reaching $21.36. 1,948,576 shares of the stock were exchanged, compared to its average volume of 2,616,583. Comstock Resources, Inc. has a 52-week low of $14.65 and a 52-week high of $31.17. The stock has a market cap of $6.28 billion, a P/E ratio of 15.15 and a beta of 0.40. The company has a debt-to-equity ratio of 0.95, a quick ratio of 0.49 and a current ratio of 0.49. The firm’s 50 day moving average is $21.51 and its 200 day moving average is $20.66.

Comstock Resources (NYSE:CRK) last issued its quarterly earnings results on Wednesday, February 11th. The oil and gas producer reported $0.16 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.11 by $0.05. The business had revenue of $787.32 million for the quarter, compared to analyst estimates of $504.66 million. Comstock Resources had a net margin of 17.80% and a return on equity of 6.30%. The business’s revenue was up 115.5% compared to the same quarter last year. During the same period in the previous year, the business posted $0.16 earnings per share. Analysts predict that Comstock Resources, Inc. will post 0.54 EPS for the current fiscal year.

Hedge Funds Weigh In On Comstock Resources

Hedge funds have recently added to or reduced their stakes in the business. Dragoneer Investment Group LLC acquired a new position in Comstock Resources during the fourth quarter worth about $99,632,000. Bank of America Corp DE raised its position in shares of Comstock Resources by 344.5% during the 2nd quarter. Bank of America Corp DE now owns 1,853,846 shares of the oil and gas producer’s stock worth $51,296,000 after purchasing an additional 1,436,746 shares during the last quarter. Gemsstock Ltd. purchased a new position in Comstock Resources during the fourth quarter worth $19,186,000. Aventail Capital Group LP boosted its stake in shares of Comstock Resources by 149.9% during the third quarter. Aventail Capital Group LP now owns 1,143,721 shares of the oil and gas producer’s stock valued at $22,680,000 after acquiring an additional 686,002 shares during the last quarter. Finally, Man Group plc increased its position in Comstock Resources by 1,752.8% during the 3rd quarter. Man Group plc now owns 600,205 shares of the oil and gas producer’s stock worth $11,902,000 after purchasing an additional 567,810 shares in the last quarter. 36.13% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several analysts have recently commented on the company. UBS Group set a $17.00 price target on Comstock Resources in a report on Friday, February 13th. Morgan Stanley set a $19.00 price objective on Comstock Resources in a research report on Friday, February 13th. Piper Sandler decreased their target price on shares of Comstock Resources from $9.00 to $8.00 and set an “underweight” rating on the stock in a research report on Tuesday, November 18th. Weiss Ratings reaffirmed a “hold (c-)” rating on shares of Comstock Resources in a research note on Monday, December 29th. Finally, Bank of America cut shares of Comstock Resources from a “buy” rating to a “neutral” rating and reduced their price objective for the company from $27.00 to $24.00 in a research note on Friday, January 16th. One analyst has rated the stock with a Buy rating, six have issued a Hold rating and three have assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Reduce” and an average target price of $21.00.

Comstock Resources Company Profile

Comstock Resources, Inc is an independent energy company engaged in the acquisition, exploration, development and production of oil and natural gas properties in the United States. The company focuses on generating long-term value through the efficient development of unconventional resource plays and conventional prospects. Its activities encompass drilling, completion and production operations, as well as the marketing of natural gas, natural gas liquids and crude oil.

Comstock holds a core position in the Haynesville Shale of Northwest Louisiana, one of the most active natural gas plays in North America, and has built a complementary portfolio in the Delaware Basin of West Texas.