Comstock Resources (NYSE:CRK) Announces Quarterly Earnings Results

Comstock Resources (NYSE:CRK) issued its quarterly earnings data on Wednesday. The oil and gas producer reported ($0.17) EPS for the quarter, missing the consensus estimate of ($0.16) by ($0.01), Briefing.com reports. The business had revenue of $304.50 million for the quarter, compared to analysts’ expectations of $308.75 million. Comstock Resources had a negative net margin of 1.48% and a negative return on equity of 1.38%. The business’s revenue for the quarter was down 19.2% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.04 EPS.

Comstock Resources Price Performance

Shares of CRK stock traded down $0.59 during trading hours on Thursday, reaching $11.84. The company had a trading volume of 5,126,861 shares, compared to its average volume of 3,574,474. Comstock Resources has a 12-month low of $7.07 and a 12-month high of $13.39. The company has a debt-to-equity ratio of 1.21, a quick ratio of 0.59 and a current ratio of 0.59. The company has a market capitalization of $3.46 billion, a price-to-earnings ratio of 53.64 and a beta of 0.47. The stock has a fifty day moving average of $11.02 and a 200-day moving average of $10.67.

Wall Street Analyst Weigh In

A number of equities analysts recently issued reports on the company. Wolfe Research started coverage on Comstock Resources in a research note on Thursday, July 18th. They issued a “peer perform” rating for the company. Piper Sandler downgraded Comstock Resources from a “neutral” rating to an “underweight” rating and decreased their target price for the stock from $8.00 to $5.00 in a report on Thursday, August 15th. BMO Capital Markets raised their price target on shares of Comstock Resources from $10.00 to $11.00 and gave the stock a “market perform” rating in a research report on Friday, October 4th. Bank of America started coverage on Comstock Resources in a research note on Monday. They set a “buy” rating and a $14.00 price objective for the company. Finally, Siebert Williams Shank downgraded shares of Comstock Resources from a “hold” rating to a “sell” rating and set a $9.00 price target on the stock. in a report on Tuesday, October 15th. Five research analysts have rated the stock with a sell rating, seven have issued a hold rating and two have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $10.31.

Insiders Place Their Bets

In related news, major shareholder Star Exploration Corp Blue purchased 825,868 shares of Comstock Resources stock in a transaction dated Wednesday, August 7th. The shares were acquired at an average price of $8.82 per share, for a total transaction of $7,284,155.76. Following the acquisition, the insider now directly owns 197,298,165 shares in the company, valued at approximately $1,740,169,815.30. The trade was a 0.00 % increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In other Comstock Resources news, major shareholder Star Exploration Corp Blue purchased 825,868 shares of the stock in a transaction dated Wednesday, August 7th. The stock was acquired at an average cost of $8.82 per share, for a total transaction of $7,284,155.76. Following the acquisition, the insider now owns 197,298,165 shares in the company, valued at $1,740,169,815.30. This trade represents a 0.00 % increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, major shareholder Drilling L.P. Arkoma purchased 573,453 shares of the company’s stock in a transaction on Friday, August 16th. The shares were bought at an average price of $10.64 per share, with a total value of $6,101,539.92. Following the completion of the transaction, the insider now owns 203,450,946 shares of the company’s stock, valued at approximately $2,164,718,065.44. The trade was a 0.00 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last 90 days, insiders have purchased 6,712,733 shares of company stock valued at $67,816,851. Insiders own 1.50% of the company’s stock.

About Comstock Resources

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.