Drilling L.P. Arkoma Purchases 981,898 Shares of Comstock Resources, Inc. (NYSE:CRK) Stock

Comstock Resources, Inc. (NYSE:CRK) major shareholder Drilling L.P. Arkoma acquired 981,898 shares of the company’s stock in a transaction that occurred on Monday, August 12th. The shares were acquired at an average cost of $10.13 per share, for a total transaction of $9,946,626.74. Following the acquisition, the insider now directly owns 199,931,799 shares of the company’s stock, valued at $2,025,309,123.87. The acquisition was disclosed in a legal filing with the SEC, which is available at this link. Large shareholders that own more than 10% of a company’s stock are required to disclose their sales and purchases with the SEC.

Drilling L.P. Arkoma also recently made the following trade(s):

• On Friday, August 9th, Drilling L.P. Arkoma bought 825,868 shares of Comstock Resources stock. The shares were bought at an average price of $9.76 per share, for a total transaction of $8,060,471.68.

Comstock Resources Stock Performance

NYSE CRK opened at $10.51 on Thursday. The company has a quick ratio of 0.64, a current ratio of 0.59 and a debt-to-equity ratio of 1.21. Comstock Resources, Inc. has a fifty-two week low of $7.07 and a fifty-two week high of $13.39. The business has a fifty day moving average of $10.45 and a 200-day moving average of $9.64. The stock has a market cap of $3.07 billion, a price-to-earnings ratio of 47.77 and a beta of 0.51.

Comstock Resources (NYSE:CRK) last announced its earnings results on Tuesday, July 30th. The oil and gas producer reported ($0.20) earnings per share for the quarter, missing the consensus estimate of ($0.16) by ($0.04). The firm had revenue of $246.80 million during the quarter, compared to analyst estimates of $296.02 million. Comstock Resources had a negative net margin of 1.48% and a negative return on equity of 1.38%. Comstock Resources’s revenue for the quarter was down 14.4% on a year-over-year basis. As a group, analysts predict that Comstock Resources, Inc. will post -0.13 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several analysts recently commented on the stock. Truist Financial raised their price objective on shares of Comstock Resources from $8.00 to $9.00 and gave the company a “hold” rating in a research note on Monday, July 22nd. StockNews.com upgraded shares of Comstock Resources to a “sell” rating in a research report on Monday, April 29th. Stifel Nicolaus lowered their price target on Comstock Resources from $14.00 to $13.50 and set a “buy” rating on the stock in a report on Tuesday, April 23rd. The Goldman Sachs Group lifted their price objective on Comstock Resources from $9.00 to $10.00 and gave the stock a “sell” rating in a report on Tuesday, May 28th. Finally, Wolfe Research started coverage on Comstock Resources in a report on Thursday, July 18th. They issued a “peer perform” rating on the stock. Three investment analysts have rated the stock with a sell rating, seven have issued a hold rating and two have issued a buy rating to the company’s stock. According to data from MarketBeat, Comstock Resources presently has a consensus rating of “Hold” and an average target price of $10.25.

Hedge Funds Weigh In On Comstock Resources

Institutional investors and hedge funds have recently modified their holdings of the company. Blue Trust Inc. purchased a new stake in Comstock Resources in the 2nd quarter worth approximately $32,000. EverSource Wealth Advisors LLC boosted its holdings in shares of Comstock Resources by 2,533.8% during the second quarter. EverSource Wealth Advisors LLC now owns 3,582 shares of the oil and gas producer’s stock worth $34,000 after purchasing an additional 3,446 shares during the last quarter. GAMMA Investing LLC grew its position in shares of Comstock Resources by 428.9% in the first quarter. GAMMA Investing LLC now owns 4,771 shares of the oil and gas producer’s stock valued at $44,000 after purchasing an additional 3,869 shares during the period. Hexagon Capital Partners LLC lifted its position in Comstock Resources by 2,161.0% during the first quarter. Hexagon Capital Partners LLC now owns 4,929 shares of the oil and gas producer’s stock worth $46,000 after buying an additional 4,711 shares during the period. Finally, Headlands Technologies LLC purchased a new position in shares of Comstock Resources during the 1st quarter worth about $91,000. Hedge funds and other institutional investors 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.