Comstock Resources (NYSE:CRK) Shares Down 3.9% – Here’s What Happened

Comstock Resources, Inc. (NYSE:CRK) was down 3.9% on Wednesday . The stock traded as low as $14.59 and last traded at $14.5650. Approximately 482,170 shares changed hands during trading, a decline of 81% from the average daily volume of 2,473,968 shares. The stock had previously closed at $15.15.

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on CRK shares. Williams Trading set a $16.00 target price on Comstock Resources in a research note on Thursday, May 14th. Morgan Stanley set a $19.00 price target on Comstock Resources in a research note on Friday, February 13th. Citigroup reiterated a “neutral” rating on shares of Comstock Resources in a research note on Wednesday, April 15th. UBS Group reiterated a “sell” rating and issued a $13.00 price target (down from $17.00) on shares of Comstock Resources in a research note on Monday, May 11th. Finally, Wall Street Zen cut Comstock Resources from a “sell” rating to a “strong sell” rating in a research note on Saturday, May 9th. One investment analyst has rated the stock with a Buy rating, six have given a Hold rating and three have assigned a Sell rating to the company. According to data from MarketBeat.com, the company has an average rating of “Reduce” and a consensus target price of $19.89.

Comstock Resources Stock Performance

The firm has a market capitalization of $4.27 billion, a P/E ratio of 6.62 and a beta of 0.22. The company has a current ratio of 0.41, a quick ratio of 0.41 and a debt-to-equity ratio of 0.96. The company has a 50-day moving average of $18.27 and a 200-day moving average of $20.95.

Comstock Resources (NYSE:CRK) last announced its earnings results on Tuesday, May 5th. The oil and gas producer reported $0.15 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.23 by ($0.08). The company had revenue of $587.35 million for the quarter, compared to the consensus estimate of $554.02 million. Comstock Resources had a return on equity of 5.54% and a net margin of 27.18%.The firm’s revenue for the quarter was up 14.5% on a year-over-year basis. During the same period in the prior year, the business earned $0.18 earnings per share. On average, equities analysts anticipate that Comstock Resources, Inc. will post 0.75 earnings per share for the current fiscal year.

Insider Transactions at Comstock Resources

In related news, VP Patrick Mcgough sold 48,915 shares of the firm’s stock in a transaction on Thursday, March 5th. The stock was sold at an average price of $21.20, for a total transaction of $1,036,998.00. Following the completion of the transaction, the vice president directly owned 187,516 shares of the company’s stock, valued at $3,975,339.20. This trade represents a 20.69% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. 2.20% of the stock is currently owned by corporate insiders.

Institutional Trading of Comstock Resources

A number of large investors have recently bought and sold shares of CRK. AQR Capital Management LLC acquired a new stake in Comstock Resources during the 1st quarter worth about $627,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in Comstock Resources by 5.1% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 55,236 shares of the oil and gas producer’s stock worth $1,124,000 after acquiring an additional 2,697 shares during the period. Goldman Sachs Group Inc. grew its holdings in Comstock Resources by 67.4% during the 1st quarter. Goldman Sachs Group Inc. now owns 1,086,868 shares of the oil and gas producer’s stock worth $22,107,000 after acquiring an additional 437,476 shares during the period. Intech Investment Management LLC grew its holdings in Comstock Resources by 26.0% during the 1st quarter. Intech Investment Management LLC now owns 65,289 shares of the oil and gas producer’s stock worth $1,328,000 after acquiring an additional 13,485 shares during the period. Finally, Northwestern Mutual Wealth Management Co. acquired a new stake in Comstock Resources during the 2nd quarter worth about $93,000. 36.13% of the stock is currently owned by institutional investors and hedge funds.

About Comstock Resources

Comstock Resources, Inc is an independent energy company engaged in the acquisition, exploration, development and production of oil and natural gas properties in the United States. The company focuses on generating long-term value through the efficient development of unconventional resource plays and conventional prospects. Its activities encompass drilling, completion and production operations, as well as the marketing of natural gas, natural gas liquids and crude oil.

Comstock holds a core position in the Haynesville Shale of Northwest Louisiana, one of the most active natural gas plays in North America, and has built a complementary portfolio in the Delaware Basin of West Texas.