Comstock Resources Target of Unusually High Options Trading (NYSE:CRK)

Comstock Resources, Inc. (NYSE:CRK) saw some unusual options trading activity on Wednesday. Investors purchased 8,996 call options on the stock. This is an increase of approximately 138% compared to the typical volume of 3,778 call options.

Comstock Resources Price Performance

CRK stock opened at $22.04 on Thursday. Comstock Resources has a 52-week low of $14.65 and a 52-week high of $31.17. The company has a quick ratio of 0.41, a current ratio of 0.41 and a debt-to-equity ratio of 1.19. The stock has a market cap of $6.46 billion, a price-to-earnings ratio of 88.14 and a beta of 0.33. The business has a fifty day moving average of $22.07 and a two-hundred day moving average of $21.11.

Comstock Resources (NYSE:CRK) last announced its quarterly earnings results on Monday, November 3rd. The oil and gas producer reported $0.09 EPS for the quarter, beating the consensus estimate of $0.04 by $0.05. The business had revenue of $449.85 million for the quarter, compared to analyst estimates of $433.54 million. Comstock Resources had a return on equity of 6.71% and a net margin of 3.14%.The company’s quarterly revenue was up 47.8% on a year-over-year basis. During the same quarter in the prior year, the company posted ($0.17) EPS. As a group, research analysts anticipate that Comstock Resources will post 0.54 earnings per share for the current year.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on the company. Weiss Ratings restated a “hold (c-)” rating on shares of Comstock Resources in a report on Monday. Zacks Research upgraded Comstock Resources from a “strong sell” rating to a “hold” rating in a research report on Wednesday, November 12th. UBS Group reissued a “sell” rating and set a $18.00 price objective (up previously from $16.00) on shares of Comstock Resources in a research note on Friday, December 12th. Piper Sandler cut their target price on Comstock Resources from $9.00 to $8.00 and set an “underweight” rating for the company in a research note on Tuesday, November 18th. Finally, Mizuho lifted their price target on Comstock Resources from $21.00 to $29.00 and gave the stock a “neutral” rating in a report on Friday, December 12th. Two equities research analysts have rated the stock with a Buy rating, six have given a Hold rating and three have given a Sell rating to the company. Based on data from MarketBeat.com, Comstock Resources currently has an average rating of “Reduce” and an average price target of $20.60.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of CRK. CreativeOne Wealth LLC increased its position in shares of Comstock Resources by 3.7% during the third quarter. CreativeOne Wealth LLC now owns 13,931 shares of the oil and gas producer’s stock valued at $276,000 after acquiring an additional 500 shares during the last quarter. Uhlmann Price Securities LLC boosted its position in shares of Comstock Resources by 2.4% during the 3rd quarter. Uhlmann Price Securities LLC now owns 27,653 shares of the oil and gas producer’s stock worth $548,000 after purchasing an additional 650 shares during the period. Illinois Municipal Retirement Fund increased its holdings in Comstock Resources by 1.7% in the 3rd quarter. Illinois Municipal Retirement Fund now owns 48,276 shares of the oil and gas producer’s stock valued at $957,000 after purchasing an additional 821 shares during the last quarter. Smartleaf Asset Management LLC raised its position in Comstock Resources by 39.2% in the third quarter. Smartleaf Asset Management LLC now owns 3,085 shares of the oil and gas producer’s stock valued at $62,000 after purchasing an additional 868 shares during the period. Finally, Farther Finance Advisors LLC raised its position in Comstock Resources by 19.0% in the third quarter. Farther Finance Advisors LLC now owns 5,633 shares of the oil and gas producer’s stock valued at $112,000 after purchasing an additional 900 shares during the period. Hedge funds and other institutional investors own 36.13% of the company’s stock.

Comstock Resources Company Profile

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.