Comstock Resources (NYSE:CRK) Shares Down 3.9% – Here’s What Happened

Comstock Resources, Inc. (NYSE:CRK) traded down 3.9% on Wednesday . The company traded as low as $14.59 and last traded at $14.5650. 482,170 shares changed hands during trading, a decline of 81% from the average session volume of 2,473,968 shares. The stock had previously closed at $15.15.

Wall Street Analyst Weigh In

CRK has been the topic of several research analyst reports. Wall Street Zen lowered Comstock Resources from a “sell” rating to a “strong sell” rating in a research note on Saturday, May 9th. Morgan Stanley set a $19.00 price objective on Comstock Resources in a research note on Friday, February 13th. Citigroup restated a “neutral” rating on shares of Comstock Resources in a research note on Wednesday, April 15th. Williams Trading set a $16.00 price objective on Comstock Resources in a research note on Thursday, May 14th. Finally, UBS Group restated a “sell” rating and issued a $13.00 price objective (down from $17.00) on shares of Comstock Resources in a research note on Monday, May 11th. 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’s stock. According to MarketBeat, Comstock Resources has a consensus rating of “Reduce” and an average price target of $19.89.

Comstock Resources Stock Down 4.0%

The firm has a 50 day simple moving average of $18.27 and a 200-day simple moving average of $20.95. The company has a quick ratio of 0.41, a current ratio of 0.41 and a debt-to-equity ratio of 0.96. The stock has a market cap of $4.27 billion, a P/E ratio of 6.62 and a beta of 0.22.

Comstock Resources (NYSE:CRK) last posted its earnings results on Tuesday, May 5th. The oil and gas producer reported $0.15 EPS for the quarter, missing the consensus estimate of $0.23 by ($0.08). Comstock Resources had a net margin of 27.18% and a return on equity of 5.54%. The firm had revenue of $587.35 million during the quarter, compared to analyst estimates of $554.02 million. During the same period in the previous year, the company posted $0.18 EPS. Comstock Resources’s revenue for the quarter was up 14.5% compared to the same quarter last year. On average, equities research analysts forecast that Comstock Resources, Inc. will post 0.75 earnings per share for the current fiscal year.

Insider Activity at Comstock Resources

In other news, VP Patrick Mcgough sold 48,915 shares of the company’s stock in a transaction that occurred on Thursday, March 5th. The stock was 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 of the company’s stock, valued at approximately $3,975,339.20. This represents a 20.69% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 2.20% of the company’s stock.

Institutional Investors Weigh In On Comstock Resources

A number of large investors have recently added to or reduced their stakes in CRK. AQR Capital Management LLC acquired a new stake in Comstock Resources during the first quarter worth approximately $627,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake in Comstock Resources by 5.1% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 55,236 shares of the oil and gas producer’s stock worth $1,124,000 after purchasing an additional 2,697 shares during the last quarter. Goldman Sachs Group Inc. lifted its stake in Comstock Resources by 67.4% during the first quarter. Goldman Sachs Group Inc. now owns 1,086,868 shares of the oil and gas producer’s stock worth $22,107,000 after purchasing an additional 437,476 shares during the last quarter. Intech Investment Management LLC lifted its stake in Comstock Resources by 26.0% during the first quarter. Intech Investment Management LLC now owns 65,289 shares of the oil and gas producer’s stock worth $1,328,000 after purchasing an additional 13,485 shares during the last quarter. Finally, Northwestern Mutual Wealth Management Co. bought a new stake in Comstock Resources during the second quarter worth $93,000. Institutional investors and hedge funds own 36.13% of the company’s stock.

About Comstock Resources

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.