Short Interest in Comstock Resources, Inc. (NYSE:CRK) Decreases By 11.3%

Comstock Resources, Inc. (NYSE:CRK) saw a large decline in short interest during the month of November. As of November 30th, there was short interest totalling 24,700,000 shares, a decline of 11.3% from the November 15th total of 27,840,000 shares. Based on an average daily volume of 2,100,000 shares, the short-interest ratio is currently 11.8 days. Approximately 31.9% of the company’s stock are short sold.

Analyst Upgrades and Downgrades

Several equities research analysts have commented on CRK shares. Truist Financial raised their price target on shares of Comstock Resources from $9.00 to $10.00 and gave the company a “hold” rating in a research note on Monday, September 30th. Citigroup raised their price target on shares of Comstock Resources from $12.50 to $15.50 and gave the company a “neutral” rating in a research note on Friday, December 6th. Bank of America started coverage on shares of Comstock Resources in a research note on Monday, October 28th. They issued a “buy” rating and a $14.00 price target on the stock. Siebert Williams Shank lowered shares of Comstock Resources from a “hold” rating to a “sell” rating and set a $9.00 price target on the stock. in a research note on Tuesday, October 15th. Finally, Mizuho upgraded shares of Comstock Resources from an “underperform” rating to a “neutral” rating and raised their price target for the company from $10.00 to $18.00 in a research note on Monday. Four research analysts have rated the stock with a sell rating, eight have assigned a hold rating and two have given a buy rating to the company’s stock. Based on data from MarketBeat, Comstock Resources currently has a consensus rating of “Hold” and an average price target of $11.78.

Institutional Investors Weigh In On Comstock Resources

Institutional investors and hedge funds have recently modified their holdings of the business. Royce & Associates LP boosted its holdings in shares of Comstock Resources by 79.2% in the third quarter. Royce & Associates LP now owns 689,780 shares of the oil and gas producer’s stock valued at $7,677,000 after buying an additional 304,780 shares during the period. Charles Schwab Investment Management Inc. boosted its holdings in shares of Comstock Resources by 4.2% in the third quarter. Charles Schwab Investment Management Inc. now owns 1,413,820 shares of the oil and gas producer’s stock valued at $15,736,000 after buying an additional 57,376 shares during the period. Intech Investment Management LLC acquired a new position in Comstock Resources during the third quarter worth $419,000. Goehring & Rozencwajg Associates LLC boosted its holdings in Comstock Resources by 27.8% during the second quarter. Goehring & Rozencwajg Associates LLC now owns 683,570 shares of the oil and gas producer’s stock worth $7,095,000 after purchasing an additional 148,700 shares during the last quarter. Finally, HITE Hedge Asset Management LLC acquired a new position in Comstock Resources during the second quarter worth $6,544,000. 36.13% of the stock is owned by institutional investors.

Comstock Resources Price Performance

CRK stock traded down $0.04 during trading on Tuesday, hitting $16.09. 2,208,165 shares of the stock traded hands, compared to its average volume of 3,385,048. Comstock Resources has a one year low of $7.07 and a one year high of $17.79. The stock has a market cap of $4.70 billion, a price-to-earnings ratio of -89.28 and a beta of 0.57. The company has a 50 day simple moving average of $13.54 and a 200 day simple moving average of $11.62. The company has a current ratio of 0.60, a quick ratio of 0.60 and a debt-to-equity ratio of 1.25.

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 (EPS) for the quarter, missing the consensus estimate of ($0.16) by ($0.01). Comstock Resources had a negative net margin of 4.93% and a negative return on equity of 3.88%. The firm had revenue of $304.50 million for the quarter, compared to the consensus estimate of $308.75 million. During the same period in the prior year, the business earned $0.04 earnings per share. The company’s revenue for the quarter was down 19.2% on a year-over-year basis. Equities analysts expect that Comstock Resources will post -0.44 EPS for the current fiscal 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.