Insider Selling: Comstock Resources, Inc. (NYSE:CRK) Director Sells 10,000 Shares of Stock

Comstock Resources, Inc. (NYSE:CRK) Director Elizabeth B. Davis sold 10,000 shares of the firm’s stock in a transaction dated Monday, December 23rd. The shares were sold at an average price of $16.33, for a total transaction of $163,300.00. Following the sale, the director now directly owns 123,781 shares in the company, valued at approximately $2,021,343.73. The trade was a 7.47 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link.

Comstock Resources Price Performance

Shares of NYSE CRK traded up $0.85 during mid-day trading on Monday, reaching $16.67. The company’s stock had a trading volume of 1,749,377 shares, compared to its average volume of 3,364,861. The company has a debt-to-equity ratio of 1.25, a current ratio of 0.60 and a quick ratio of 0.60. Comstock Resources, Inc. has a 52 week low of $7.07 and a 52 week high of $17.79. The stock has a fifty day moving average of $13.93 and a two-hundred day moving average of $11.77. The firm has a market capitalization of $4.87 billion, a PE ratio of -92.61 and a beta of 0.57.

Comstock Resources (NYSE:CRK) last posted its earnings results on Wednesday, October 30th. The oil and gas producer reported ($0.17) earnings per share for the quarter, missing the consensus estimate of ($0.16) by ($0.01). The company 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 4.93% and a negative return on equity of 3.88%. The business’s revenue was down 19.2% on a year-over-year basis. During the same period in the previous year, the business posted $0.04 earnings per share. As a group, sell-side analysts anticipate that Comstock Resources, Inc. will post -0.44 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of research analysts recently weighed in on CRK shares. Citigroup increased their price objective on shares of Comstock Resources from $12.50 to $15.50 and gave the company a “neutral” rating in a research report on Friday, December 6th. BMO Capital Markets increased their price target on Comstock Resources from $10.00 to $11.00 and gave the company a “market perform” rating in a report on Friday, October 4th. Bank of America began coverage on Comstock Resources in a report on Monday, October 28th. They issued a “buy” rating and a $14.00 price objective for the company. Siebert Williams Shank cut shares of Comstock Resources from a “hold” rating to a “sell” rating and set a $9.00 target price for the company. in a report on Tuesday, October 15th. Finally, Mizuho upgraded Comstock Resources from an “underperform” rating to a “neutral” rating and lifted their target price for the company from $10.00 to $18.00 in a research report on Monday, December 16th. Four research analysts have rated the stock with a sell rating, eight have given a hold rating and two have issued a buy rating to the company. According to MarketBeat, Comstock Resources presently has a consensus rating of “Hold” and a consensus price target of $11.78.

Institutional Investors Weigh In On Comstock Resources

Large investors have recently made changes to their positions in the company. KGH Ltd boosted its stake in Comstock Resources by 8.7% during the second quarter. KGH Ltd now owns 12,125,000 shares of the oil and gas producer’s stock valued at $125,858,000 after buying an additional 975,000 shares during the last quarter. Dimensional Fund Advisors LP raised its holdings in shares of 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 acquiring an additional 2,438,252 shares in the last quarter. 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 valued at $23,567,000 after purchasing an additional 362,043 shares during the last quarter. Charles Schwab Investment Management Inc. grew its position in 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 worth $15,736,000 after acquiring an additional 57,376 shares in the last quarter. Finally, Millennium Management LLC boosted its holdings in shares of 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 worth $9,086,000 after purchasing an additional 775,371 shares during the period. 36.13% of the stock is owned by institutional investors.

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.