Comstock Resources (NYSE:CRK) Releases Earnings Results, Misses Estimates By $0.01 EPS

Comstock Resources (NYSE:CRK) issued its quarterly earnings results on Wednesday. The oil and gas producer reported ($0.17) EPS for the quarter, missing analysts’ consensus estimates of ($0.16) by ($0.01), Briefing.com reports. The business had revenue of $304.50 million for the quarter, compared to analyst estimates of $308.75 million. Comstock Resources had a negative return on equity of 1.38% and a negative net margin of 1.48%. Comstock Resources’s revenue for the quarter was down 19.2% on a year-over-year basis. During the same quarter last year, the firm posted $0.04 EPS.

Comstock Resources Stock Performance

Shares of CRK stock traded down $0.69 during trading on Thursday, reaching $11.74. 5,053,047 shares of the company’s stock traded hands, compared to its average volume of 3,574,124. The company has a market capitalization of $3.43 billion, a P/E ratio of 53.64 and a beta of 0.47. The company has a current ratio of 0.59, a quick ratio of 0.59 and a debt-to-equity ratio of 1.21. The firm’s 50-day moving average is $11.02 and its 200 day moving average is $10.67. Comstock Resources has a 1 year low of $7.07 and a 1 year high of $13.39.

Insider Activity at Comstock Resources

In other Comstock Resources news, major shareholder Drilling L.P. Arkoma purchased 825,868 shares of the company’s stock in a transaction that occurred on Friday, August 9th. The shares were bought at an average cost of $9.76 per share, for a total transaction of $8,060,471.68. Following the purchase, the insider now owns 198,949,901 shares of the company’s stock, valued at $1,941,751,033.76. This represents a 0.00 % increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, major shareholder Drilling L.P. Arkoma bought 825,868 shares of the firm’s stock in a transaction that occurred on Friday, August 9th. The shares were acquired at an average price of $9.76 per share, with a total value of $8,060,471.68. Following the acquisition, the insider now owns 198,949,901 shares of the company’s stock, valued at approximately $1,941,751,033.76. The trade was a 0.00 % increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available through this link. Also, major shareholder Star Exploration Corp Blue purchased 825,000 shares of the firm’s stock in a transaction dated Monday, August 5th. The stock was bought at an average cost of $8.16 per share, for a total transaction of $6,732,000.00. Following the acquisition, the insider now directly owns 195,646,429 shares in the company, valued at approximately $1,596,474,860.64. The trade was a 0.00 % increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last ninety days, insiders have acquired 6,712,733 shares of company stock worth $67,816,851. 1.50% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

CRK has been the topic of several recent analyst reports. Piper Sandler lowered shares of Comstock Resources from a “neutral” rating to an “underweight” rating and dropped their target price for the company from $8.00 to $5.00 in a report on Thursday, August 15th. Siebert Williams Shank downgraded shares of Comstock Resources from a “hold” rating to a “sell” rating and set a $9.00 target price for the company. in a research report on Tuesday, October 15th. BMO Capital Markets upped their price objective on shares of Comstock Resources from $10.00 to $11.00 and gave the stock a “market perform” rating in a research report on Friday, October 4th. Mizuho dropped their target price on shares of Comstock Resources from $11.00 to $10.00 and set an “underperform” rating on the stock in a research note on Monday, September 16th. Finally, Wolfe Research assumed coverage on shares of Comstock Resources in a research note on Thursday, July 18th. They issued a “peer perform” rating on the stock. Five research analysts have rated the stock with a sell rating, seven have given a hold rating and two have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $10.31.

Comstock Resources Company Profile

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.