Comstock Resources (NYSE:CRK) Shares Gap Down – Should You Sell?

Comstock Resources, Inc. (NYSE:CRK)’s share price gapped down before the market opened on Friday . The stock had previously closed at $21.52, but opened at $20.88. Comstock Resources shares last traded at $21.31, with a volume of 237,113 shares changing hands.

Wall Street Analysts Forecast Growth

A number of brokerages have recently weighed in on CRK. Siebert Williams Shank lowered shares of Comstock Resources from a “hold” rating to a “sell” rating and set a $9.00 price target for the company. in a research note on Tuesday, October 15th. Mizuho upgraded shares of Comstock Resources from an “underperform” rating to a “neutral” rating and boosted their price target for the company from $10.00 to $18.00 in a report on Monday, December 16th. Truist Financial increased their price objective on Comstock Resources from $11.00 to $19.00 and gave the stock a “hold” rating in a report on Monday. BMO Capital Markets upped their price target on Comstock Resources from $10.00 to $11.00 and gave the stock a “market perform” rating in a research note on Friday, October 4th. Finally, Morgan Stanley started coverage on Comstock Resources in a research report on Friday, January 10th. They set an “equal weight” rating and a $18.00 price objective for the company. Four analysts have rated the stock with a sell rating, eight have issued a hold rating and two have given a buy rating to the company. Based on data from MarketBeat, Comstock Resources currently has an average rating of “Hold” and an average price target of $13.30.

Comstock Resources Stock Performance

The company has a debt-to-equity ratio of 1.25, a current ratio of 0.60 and a quick ratio of 0.60. The stock’s 50-day moving average price is $16.46 and its 200-day moving average price is $12.72. The company has a market cap of $6.25 billion, a P/E ratio of -118.88 and a beta of 0.51.

Comstock Resources (NYSE:CRK) last announced its quarterly earnings data on Wednesday, October 30th. The oil and gas producer reported ($0.17) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.16) by ($0.01). The firm had revenue of $304.50 million during the quarter, compared to the consensus estimate 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% compared to the same quarter last year. During the same period last year, the business earned $0.04 earnings per share. Equities analysts anticipate that Comstock Resources, Inc. will post -0.43 EPS for the current year.

Insider Buying and Selling

In related news, Director Elizabeth B. Davis sold 8,000 shares of the stock in a transaction that occurred on Monday, December 30th. The shares were sold at an average price of $18.17, for a total value of $145,360.00. Following the completion of the transaction, the director now owns 99,632 shares of the company’s stock, valued at $1,810,313.44. This represents a 7.43 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Insiders sold a total of 38,000 shares of company stock worth $634,660 in the last ninety days. 2.00% of the stock is owned by insiders.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the company. Harbor Capital Advisors Inc. bought a new stake in Comstock Resources during the 3rd quarter worth $25,000. Sunbelt Securities Inc. increased its stake in shares of Comstock Resources by 140.0% in the third quarter. Sunbelt Securities Inc. now owns 2,400 shares of the oil and gas producer’s stock valued at $27,000 after buying an additional 1,400 shares during the period. EverSource Wealth Advisors LLC boosted its position in Comstock Resources by 2,533.8% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 3,582 shares of the oil and gas producer’s stock worth $34,000 after buying an additional 3,446 shares during the period. Blue Trust Inc. grew its holdings in Comstock Resources by 116.3% during the 3rd quarter. Blue Trust Inc. now owns 6,715 shares of the oil and gas producer’s stock worth $70,000 after acquiring an additional 3,611 shares during the last quarter. Finally, Choreo LLC acquired a new position in Comstock Resources in the 2nd quarter valued at approximately $105,000. 36.13% of the stock is currently 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.