Comstock Resources (NYSE:CRK) Shares Gap Down – Time to Sell?

Comstock Resources, Inc. (NYSE:CRK) gapped down before the market opened on Wednesday . The stock had previously closed at $21.08, but opened at $20.40. Comstock Resources shares last traded at $19.8390, with a volume of 270,624 shares traded.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on CRK. Mizuho raised their price target on Comstock Resources from $21.00 to $29.00 and gave the company a “neutral” rating in a research report on Friday, December 12th. Citigroup increased their price objective on Comstock Resources from $23.00 to $24.00 and gave the company a “neutral” rating in a research report on Tuesday. Morgan Stanley set a $19.00 price objective on Comstock Resources in a report on Friday, February 13th. Wall Street Zen lowered Comstock Resources from a “hold” rating to a “sell” rating in a research note on Saturday. Finally, UBS Group set a $17.00 price target on shares of Comstock Resources in a research report on Friday, February 13th. One analyst has rated the stock with a Buy rating, six have issued a Hold rating and three have given a Sell rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Reduce” and an average target price of $20.88.

Comstock Resources Price Performance

The firm has a fifty day moving average of $21.05 and a two-hundred day moving average of $21.42. The company has a current ratio of 0.49, a quick ratio of 0.49 and a debt-to-equity ratio of 0.95. The company has a market capitalization of $5.78 billion, a PE ratio of 13.95 and a beta of 0.40.

Comstock Resources (NYSE:CRK) last announced its quarterly earnings data on Wednesday, February 11th. The oil and gas producer reported $0.16 earnings per share for the quarter, beating the consensus estimate of $0.11 by $0.05. Comstock Resources had a return on equity of 6.30% and a net margin of 17.80%.The firm had revenue of $787.32 million during the quarter, compared to the consensus estimate of $504.66 million. During the same quarter in the previous year, the company posted $0.16 earnings per share. The business’s revenue was up 115.5% on a year-over-year basis. Research analysts anticipate that Comstock Resources, Inc. will post 0.54 EPS for the current fiscal year.

Insider Activity

In other Comstock Resources news, VP Patrick Mcgough sold 48,915 shares of the business’s stock in a transaction dated Thursday, March 5th. The shares were sold at an average price of $21.20, for a total value of $1,036,998.00. Following the transaction, the vice president owned 187,516 shares in the company, valued at approximately $3,975,339.20. The trade was a 20.69% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 2.20% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of CRK. Rothschild Investment LLC raised its holdings in Comstock Resources by 740.4% in the 4th quarter. Rothschild Investment LLC now owns 1,143 shares of the oil and gas producer’s stock worth $26,000 after purchasing an additional 1,007 shares in the last quarter. Kemnay Advisory Services Inc. bought a new position in Comstock Resources in the fourth quarter worth about $29,000. Advisory Services Network LLC purchased a new stake in Comstock Resources in the third quarter worth about $27,000. Hantz Financial Services Inc. boosted its position in Comstock Resources by 877.6% during the 4th quarter. Hantz Financial Services Inc. now owns 1,437 shares of the oil and gas producer’s stock valued at $33,000 after acquiring an additional 1,290 shares in the last quarter. Finally, Caitong International Asset Management Co. Ltd purchased a new position in shares of Comstock Resources during the 4th quarter worth approximately $36,000. Hedge funds and other institutional investors own 36.13% of the company’s stock.

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.