Comstock Resources (NYSE:CRK) Shares Up 7.3%

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Comstock Resources Inc (NYSE:CRK)’s stock price shot up 7.3% on Monday . The stock traded as high as $4.49 and last traded at $4.40, 1,483,276 shares changed hands during trading. An increase of 44% from the average session volume of 1,032,092 shares. The stock had previously closed at $4.10.

Several brokerages have weighed in on CRK. Capital One Financial raised Comstock Resources from an “equal weight” rating to an “overweight” rating in a report on Monday, May 18th. SunTrust Banks dropped their price objective on Comstock Resources from $9.00 to $8.00 and set a “buy” rating for the company in a report on Friday, May 15th. ValuEngine cut Comstock Resources from a “sell” rating to a “strong sell” rating in a report on Monday, May 18th. Stifel Nicolaus raised Comstock Resources from a “hold” rating to a “buy” rating and boosted their price objective for the stock from $6.00 to $8.00 in a report on Tuesday, March 31st. Finally, Johnson Rice raised Comstock Resources from an “accumulate” rating to a “buy” rating in a report on Monday, May 18th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and six have issued a buy rating to the company. The stock presently has a consensus rating of “Buy” and an average price target of $7.83.

The company has a current ratio of 0.82, a quick ratio of 0.82 and a debt-to-equity ratio of 2.14. The company has a market capitalization of $838.14 million, a P/E ratio of 6.98 and a beta of 1.05. The business has a 50 day moving average price of $5.10 and a 200 day moving average price of $6.12.

Comstock Resources (NYSE:CRK) last announced its quarterly earnings results on Wednesday, May 6th. The oil and gas producer reported $0.12 EPS for the quarter, beating analysts’ consensus estimates of $0.06 by $0.06. Comstock Resources had a return on equity of 14.63% and a net margin of 14.45%. The company had revenue of $225.88 million during the quarter, compared to analysts’ expectations of $242.75 million. On average, analysts forecast that Comstock Resources Inc will post 0.38 EPS for the current fiscal year.

In other Comstock Resources news, Director Jim L. Turner acquired 75,000 shares of the firm’s stock in a transaction that occurred on Thursday, May 14th. The stock was acquired at an average cost of $4.73 per share, for a total transaction of $354,750.00. Following the transaction, the director now owns 164,470 shares of the company’s stock, valued at $777,943.10. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO M Jay Allison acquired 40,000 shares of the firm’s stock in a transaction that occurred on Thursday, May 14th. The stock was acquired at an average price of $4.75 per share, with a total value of $190,000.00. Following the completion of the transaction, the chief executive officer now directly owns 1,326,601 shares in the company, valued at approximately $6,301,354.75. The disclosure for this purchase can be found here. Insiders purchased a total of 140,000 shares of company stock valued at $663,250 over the last quarter. 1.50% of the stock is owned by insiders.

Institutional investors and hedge funds have recently modified their holdings of the stock. Guggenheim Capital LLC acquired a new position in shares of Comstock Resources in the 1st quarter valued at approximately $69,000. Creative Planning boosted its position in Comstock Resources by 63.8% during the 1st quarter. Creative Planning now owns 18,014 shares of the oil and gas producer’s stock worth $97,000 after acquiring an additional 7,014 shares during the last quarter. Principal Financial Group Inc. acquired a new position in Comstock Resources during the 4th quarter worth approximately $109,000. Bank of America Corp DE boosted its position in Comstock Resources by 58.1% during the 4th quarter. Bank of America Corp DE now owns 15,625 shares of the oil and gas producer’s stock worth $129,000 after acquiring an additional 5,745 shares during the last quarter. Finally, Man Group plc acquired a new position in Comstock Resources during the 4th quarter worth approximately $137,000. Institutional investors and hedge funds own 3.22% of the company’s stock.

About Comstock Resources (NYSE:CRK)

Comstock Resources, Inc and its subsidiaries engage in the acquisition, exploration for, development, and production of oil and natural gas properties, primarily in Texas, Louisiana, and North Dakota. The company is headquartered in Frisco, Texas.

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