Comstock Resources, Inc. (NYSE:CRK) Sees Large Drop in Short Interest

Comstock Resources, Inc. (NYSE:CRKGet Free Report) saw a significant decrease in short interest in March. As of March 15th, there was short interest totalling 22,300,000 shares, a decrease of 12.3% from the February 29th total of 25,430,000 shares. Based on an average daily trading volume, of 4,740,000 shares, the short-interest ratio is currently 4.7 days. Currently, 24.7% of the shares of the stock are sold short.

Comstock Resources Stock Up 0.2 %

Shares of CRK opened at $9.28 on Friday. The stock has a market cap of $2.58 billion, a price-to-earnings ratio of 12.21 and a beta of 0.69. The company has a quick ratio of 0.68, a current ratio of 0.68 and a debt-to-equity ratio of 1.11. Comstock Resources has a 12 month low of $7.07 and a 12 month high of $13.39. The company has a 50-day moving average price of $8.12 and a two-hundred day moving average price of $9.65.

Comstock Resources (NYSE:CRKGet Free Report) last posted its quarterly earnings data on Tuesday, February 13th. The oil and gas producer reported $0.10 earnings per share for the quarter, missing the consensus estimate of $0.16 by ($0.06). The firm had revenue of $410.58 million for the quarter, compared to analyst estimates of $401.97 million. Comstock Resources had a return on equity of 5.65% and a net margin of 13.49%. The business’s quarterly revenue was down 55.5% on a year-over-year basis. During the same period in the previous year, the business posted $1.05 EPS. Equities analysts predict that Comstock Resources will post 0.46 EPS for the current fiscal year.

Insider Buying and Selling at Comstock Resources

In related news, major shareholder Star Exploration Corp Blue purchased 12,500,000 shares of the company’s stock in a transaction on Monday, March 25th. The shares were bought at an average price of $8.04 per share, with a total value of $100,500,000.00. Following the completion of the acquisition, the insider now owns 194,821,429 shares of the company’s stock, valued at $1,566,364,289.16. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 1.50% of the stock is owned by corporate insiders.

Institutional Trading of Comstock Resources

Several hedge funds have recently modified their holdings of CRK. BlackRock Inc. increased its holdings in shares of Comstock Resources by 115.3% during the first quarter. BlackRock Inc. now owns 14,112,832 shares of the oil and gas producer’s stock worth $152,277,000 after buying an additional 7,556,426 shares in the last quarter. KGH Ltd increased its holdings in shares of Comstock Resources by 119.3% in the third quarter. KGH Ltd now owns 8,586,000 shares of the oil and gas producer’s stock valued at $94,704,000 after purchasing an additional 4,670,959 shares in the last quarter. Millennium Management LLC increased its holdings in shares of Comstock Resources by 1,460.0% in the fourth quarter. Millennium Management LLC now owns 2,864,944 shares of the oil and gas producer’s stock valued at $39,278,000 after purchasing an additional 2,681,292 shares in the last quarter. Woodline Partners LP acquired a new stake in shares of Comstock Resources in the second quarter valued at approximately $30,443,000. Finally, Vanguard Group Inc. increased its holdings in shares of Comstock Resources by 36.4% in the third quarter. Vanguard Group Inc. now owns 9,783,037 shares of the oil and gas producer’s stock valued at $169,148,000 after purchasing an additional 2,608,309 shares in the last quarter. Institutional investors and hedge funds own 36.13% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts have issued reports on the company. Mizuho dropped their price target on Comstock Resources from $10.00 to $9.00 and set an “underperform” rating on the stock in a report on Friday, March 15th. Piper Sandler decreased their price objective on shares of Comstock Resources from $9.00 to $8.00 and set an “overweight” rating for the company in a report on Thursday, March 7th. StockNews.com upgraded shares of Comstock Resources to a “sell” rating in a report on Monday, March 18th. Pickering Energy Partners upgraded shares of Comstock Resources from an “underperform” rating to a “neutral” rating in a report on Tuesday, January 9th. Finally, Johnson Rice downgraded Comstock Resources from an “accumulate” rating to a “hold” rating in a research report on Thursday, December 14th. Two equities research analysts have rated the stock with a sell rating, five have given a hold rating and two have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $10.17.

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Comstock Resources Company Profile

(Get Free Report)

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.

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