Comstock Resources (NYSE:CRK) Shares Gap Down – Here’s What Happened

Comstock Resources, Inc. (NYSE:CRK) gapped down before the market opened on Wednesday . The stock had previously closed at $15.57, but opened at $15.25. Comstock Resources shares last traded at $15.40, with a volume of 60,509 shares.

Analyst Upgrades and Downgrades

A number of research firms recently weighed in on CRK. Truist Financial raised their target price on shares of Comstock Resources from $9.00 to $10.00 and gave the company a “hold” rating in a report on Monday, September 30th. Mizuho dropped their target price on Comstock Resources from $11.00 to $10.00 and set an “underperform” rating on the stock in a research report on Monday, September 16th. Piper Sandler lowered Comstock Resources from a “neutral” rating to an “underweight” rating and lowered their price objective for the stock from $8.00 to $5.00 in a research report on Thursday, August 15th. BMO Capital Markets increased their price objective on Comstock Resources from $10.00 to $11.00 and gave the company a “market perform” rating in a research note on Friday, October 4th. Finally, Bank of America assumed coverage on Comstock Resources in a research note on Monday, October 28th. They issued a “buy” rating and a $14.00 target price for the company. Five research analysts have rated the stock with a sell rating, seven have given a hold rating and two have assigned a buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $10.31.

Comstock Resources Stock Down 0.6 %

The company has a current ratio of 0.60, a quick ratio of 0.60 and a debt-to-equity ratio of 1.25. The firm has a market capitalization of $4.52 billion, a price-to-earnings ratio of -86.50 and a beta of 0.47. The stock has a fifty day moving average of $12.29 and a 200-day moving average of $11.16.

Comstock Resources (NYSE:CRK) last announced its quarterly earnings results on Wednesday, October 30th. The oil and gas producer reported ($0.17) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.16) by ($0.01). Comstock Resources had a negative return on equity of 3.88% and a negative net margin of 4.93%. The company had revenue of $304.50 million during the quarter, compared to analyst estimates of $308.75 million. During the same period in the prior year, the firm earned $0.04 EPS. Comstock Resources’s quarterly revenue was down 19.2% on a year-over-year basis. As a group, sell-side analysts expect that Comstock Resources, Inc. will post -0.44 EPS for the current year.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the stock. Dimensional Fund Advisors LP increased its holdings in Comstock Resources by 26.3% during the 2nd quarter. Dimensional Fund Advisors LP now owns 11,696,540 shares of the oil and gas producer’s stock worth $121,414,000 after purchasing an additional 2,438,252 shares in the last quarter. KGH Ltd lifted its stake in Comstock Resources by 8.7% in the 2nd quarter. KGH Ltd now owns 12,125,000 shares of the oil and gas producer’s stock valued at $125,858,000 after purchasing an additional 975,000 shares during the last quarter. Millennium Management LLC lifted its stake in Comstock Resources by 775.4% in the 2nd quarter. Millennium Management LLC now owns 875,371 shares of the oil and gas producer’s stock valued at $9,086,000 after purchasing an additional 775,371 shares during the last quarter. HITE Hedge Asset Management LLC acquired a new stake in Comstock Resources during the second quarter worth approximately $6,544,000. Finally, American Century Companies Inc. lifted its position in Comstock Resources by 19.0% during the second quarter. American Century Companies Inc. now owns 2,270,435 shares of the oil and gas producer’s stock worth $23,567,000 after acquiring an additional 362,043 shares during the last quarter. Institutional investors and hedge funds own 36.13% 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.