Comstock Resources (NYSE:CRK) Shares Up 4.5% on Insider Buying Activity

Comstock Resources, Inc. (NYSE:CRK) shares traded up 4.5% during mid-day trading on Monday after an insider bought additional shares in the company. The stock traded as high as $10.21 and last traded at $10.19. 642,919 shares changed hands during trading, a decline of 84% from the average session volume of 3,918,805 shares. The stock had previously closed at $9.75.

Specifically, major shareholder Drilling L.P. Arkoma acquired 981,898 shares of the stock in a transaction that occurred on Monday, August 12th. The stock was purchased at an average price of $10.13 per share, with a total value of $9,946,626.74. Following the transaction, the insider now owns 199,931,799 shares of the company’s stock, valued at approximately $2,025,309,123.87. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In other Comstock Resources news, major shareholder Star Exploration Corp Blue purchased 825,868 shares of the business’s stock in a transaction on Wednesday, August 7th. The shares were bought at an average cost of $8.82 per share, for a total transaction of $7,284,155.76. Following the completion of the purchase, the insider now directly owns 197,298,165 shares of the company’s stock, valued at $1,740,169,815.30. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, major shareholder Drilling L.P. Arkoma purchased 981,898 shares of Comstock Resources stock in a transaction dated 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 transaction, the insider now directly owns 199,931,799 shares of the company’s stock, valued at approximately $2,025,309,123.87. The disclosure for this purchase can be found here. Insiders have purchased 3,458,634 shares of company stock valued at $32,023,254 over the last 90 days. 1.50% of the stock is owned by insiders.

Analysts Set New Price Targets

CRK has been the topic of a number of research reports. The Goldman Sachs Group increased their target price on shares of Comstock Resources from $9.00 to $10.00 and gave the stock a “sell” rating in a report on Tuesday, May 28th. Wolfe Research initiated coverage on Comstock Resources in a research note on Thursday, July 18th. They issued a “peer perform” rating on the stock. KeyCorp initiated coverage on Comstock Resources in a research note on Thursday, June 27th. They set a “sector weight” rating for the company. Stifel Nicolaus reduced their price target on Comstock Resources from $14.00 to $13.50 and set a “buy” rating on the stock in a research report on Tuesday, April 23rd. Finally, Mizuho lifted their price objective on Comstock Resources from $10.00 to $11.00 and gave the company an “underperform” rating in a research note on Monday, May 13th. Three analysts have rated the stock with a sell rating, seven have issued a hold rating and two have issued a buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of $10.25.

Comstock Resources Price Performance

The company has a market capitalization of $3.07 billion, a PE ratio of 47.77 and a beta of 0.51. The company has a current ratio of 0.59, a quick ratio of 0.64 and a debt-to-equity ratio of 1.21. The stock has a fifty day simple moving average of $10.45 and a 200-day simple moving average of $9.64.

Comstock Resources (NYSE:CRK) last posted 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 business had revenue of $246.80 million for the quarter, compared to analysts’ expectations of $296.02 million. Comstock Resources had a negative return on equity of 1.38% and a negative net margin of 1.48%. The business’s revenue for the quarter was down 14.4% compared to the same quarter last year. Equities analysts anticipate that Comstock Resources, Inc. will post -0.13 earnings per share for the current year.

Institutional Investors Weigh In On Comstock Resources

A number of institutional investors and hedge funds have recently bought and sold shares of CRK. Blue Trust Inc. acquired a new stake in shares of Comstock Resources in the second quarter valued at approximately $32,000. EverSource Wealth Advisors LLC boosted its stake 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 purchasing an additional 3,446 shares during the period. GAMMA Investing LLC grew its position in Comstock Resources by 428.9% during the 1st quarter. GAMMA Investing LLC now owns 4,771 shares of the oil and gas producer’s stock worth $44,000 after purchasing an additional 3,869 shares during the last quarter. Hexagon Capital Partners LLC increased its stake in Comstock Resources by 2,161.0% in the first quarter. Hexagon Capital Partners LLC now owns 4,929 shares of the oil and gas producer’s stock valued at $46,000 after purchasing an additional 4,711 shares during the period. Finally, Forum Financial Management LP purchased a new stake in shares of Comstock Resources in the fourth quarter valued at about $90,000. 36.13% of the stock is owned by hedge funds and other 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.