Comstock Resources, Inc. (NYSE:CRK) Major Shareholder Acquires $100,500,000.00 in Stock

Comstock Resources, Inc. (NYSE:CRK) major shareholder Star Exploration Corp Blue purchased 12,500,000 shares of the firm’s stock in a transaction that occurred on Monday, March 25th. The shares were bought at an average price of $8.04 per share, for a total transaction of $100,500,000.00. Following the acquisition, the insider now directly owns 194,821,429 shares in the company, valued at approximately $1,566,364,289.16. The acquisition was disclosed in a filing with the SEC, which is accessible through this hyperlink. Major shareholders that own more than 10% of a company’s shares are required to disclose their transactions with the SEC.

Comstock Resources Stock Performance

Shares of NYSE:CRK opened at $9.26 on Thursday. The firm’s 50 day simple moving average is $8.07 and its 200-day simple moving average is $9.69. The company has a debt-to-equity ratio of 1.11, a quick ratio of 0.68 and a current ratio of 0.68. Comstock Resources, Inc. has a one year low of $7.07 and a one year high of $13.39. The firm has a market cap of $2.58 billion, a PE ratio of 12.18 and a beta of 0.69.

Comstock Resources (NYSE:CRK) last released its quarterly earnings data on Tuesday, February 13th. The oil and gas producer reported $0.10 EPS for the quarter, missing the consensus estimate of $0.16 by ($0.06). The firm had revenue of $410.58 million for the quarter, compared to analysts’ expectations of $401.97 million. Comstock Resources had a return on equity of 5.65% and a net margin of 13.49%. The company’s revenue for the quarter was down 55.5% compared to the same quarter last year. During the same quarter in the previous year, the business earned $1.05 earnings per share. As a group, equities analysts predict that Comstock Resources, Inc. will post 0.46 EPS for the current year.

Analyst Ratings Changes

A number of research firms have weighed in on CRK. StockNews.com upgraded shares of Comstock Resources to a “sell” rating in a research report on Monday, March 18th. Pickering Energy Partners upgraded shares of Comstock Resources from an “underperform” rating to a “neutral” rating in a report on Tuesday, January 9th. Truist Financial decreased their price objective on shares of Comstock Resources from $10.00 to $9.00 and set a “hold” rating for the company in a research note on Tuesday, February 13th. Piper Sandler cut their target price on Comstock Resources from $9.00 to $8.00 and set an “overweight” rating on the stock in a research note on Thursday, March 7th. Finally, Johnson Rice lowered Comstock Resources from an “accumulate” rating to a “hold” rating in a research note on Thursday, December 14th. Two investment analysts have rated the stock with a sell rating, five have issued a hold rating and two have assigned a buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $10.17.

Hedge Funds Weigh In On Comstock Resources

Several institutional investors have recently made changes to their positions in the company. PNC Financial Services Group Inc. grew its holdings in Comstock Resources by 214.0% during the 2nd quarter. PNC Financial Services Group Inc. now owns 2,716 shares of the oil and gas producer’s stock worth $32,000 after acquiring an additional 1,851 shares in the last quarter. Federated Hermes Inc. boosted its stake in shares of Comstock Resources by 80.0% during the third quarter. Federated Hermes Inc. now owns 5,500 shares of the oil and gas producer’s stock valued at $61,000 after purchasing an additional 2,445 shares in the last quarter. Steward Financial Group LLC increased its holdings in Comstock Resources by 86.9% during the third quarter. Steward Financial Group LLC now owns 6,776 shares of the oil and gas producer’s stock valued at $74,000 after buying an additional 3,151 shares during the period. Neo Ivy Capital Management bought a new position in Comstock Resources in the third quarter worth approximately $80,000. Finally, Woodstock Corp purchased a new stake in Comstock Resources during the fourth quarter worth $88,000. 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.