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

Comstock Resources, Inc. (NYSE:CRK) saw a significant drop in short interest in the month of June. As of June 15th, there was short interest totalling 26,960,000 shares, a drop of 8.3% from the May 31st total of 29,390,000 shares. Currently, 29.5% of the company’s stock are sold short. Based on an average daily volume of 3,440,000 shares, the days-to-cover ratio is presently 7.8 days.

Institutional Trading of Comstock Resources

Several large investors have recently added to or reduced their stakes in CRK. Vanguard Group Inc. raised its holdings in Comstock Resources by 0.3% during the fourth quarter. Vanguard Group Inc. now owns 10,829,100 shares of the oil and gas producer’s stock valued at $95,838,000 after buying an additional 34,231 shares in the last quarter. KGH Ltd lifted its stake 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 worth $94,704,000 after buying an additional 4,670,959 shares during the last quarter. Dimensional Fund Advisors LP boosted its holdings in shares of Comstock Resources by 29.1% during the 4th quarter. Dimensional Fund Advisors LP now owns 8,139,351 shares of the oil and gas producer’s stock worth $72,035,000 after buying an additional 1,833,302 shares during the period. American Century Companies Inc. raised its holdings in Comstock Resources by 7.9% in the 3rd quarter. American Century Companies Inc. now owns 1,321,191 shares of the oil and gas producer’s stock worth $14,573,000 after acquiring an additional 96,669 shares during the period. Finally, Charles Schwab Investment Management Inc. lifted its position in Comstock Resources by 10.1% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,015,403 shares of the oil and gas producer’s stock worth $8,986,000 after acquiring an additional 93,140 shares during the last quarter. 36.13% of the stock is owned by institutional investors.

Analysts Set New Price Targets

CRK has been the subject of a number of recent analyst reports. Piper Sandler decreased their price target on shares of Comstock Resources from $9.00 to $8.00 and set an “overweight” rating for the company in a research report on Thursday, March 7th. KeyCorp began coverage on Comstock Resources in a research report on Thursday, June 27th. They issued a “sector weight” rating on the stock. StockNews.com raised shares of Comstock Resources to a “sell” rating in a report on Monday, April 29th. Capital One Financial cut Comstock Resources from an “overweight” rating to an “equal weight” rating in a research note on Wednesday, May 15th. Finally, Stifel Nicolaus reduced their price target on shares of Comstock Resources from $14.00 to $13.50 and set a “buy” rating for the company in a research note on Tuesday, April 23rd. Three investment analysts have rated the stock with a sell rating, six have assigned a hold rating and two have issued a buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $10.25.

Comstock Resources Price Performance

Shares of NYSE CRK traded up $0.36 during mid-day trading on Wednesday, reaching $10.92. The company had a trading volume of 1,508,844 shares, compared to its average volume of 4,020,642. The company has a 50-day moving average price of $10.87 and a two-hundred day moving average price of $9.36. The company has a current ratio of 0.64, a quick ratio of 0.64 and a debt-to-equity ratio of 1.09. The stock has a market cap of $3.19 billion, a PE ratio of 49.64 and a beta of 0.51. Comstock Resources has a 1-year low of $7.07 and a 1-year high of $13.39.

Comstock Resources (NYSE:CRK) last posted its quarterly earnings results on Wednesday, May 1st. The oil and gas producer reported ($0.03) EPS for the quarter, topping the consensus estimate of ($0.08) by $0.05. Comstock Resources had a net margin of 4.27% and a return on equity of 1.25%. The business had revenue of $335.77 million during the quarter, compared to analysts’ expectations of $343.97 million. During the same period last year, the company posted $0.33 earnings per share. The firm’s quarterly revenue was down 31.4% compared to the same quarter last year. On average, equities analysts anticipate that Comstock Resources will post -0.09 earnings per share for the current year.

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.