Comstock Resources, Inc. (NYSE:CRK) Sees Significant Decline in Short Interest

Comstock Resources, Inc. (NYSE:CRK) saw a large decline in short interest in the month of January. As of January 31st, there was short interest totalling 21,410,000 shares, a decline of 9.0% from the January 15th total of 23,520,000 shares. Currently, 27.8% of the company’s shares are sold short. Based on an average daily trading volume, of 2,280,000 shares, the short-interest ratio is currently 9.4 days.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on CRK. Morgan Stanley assumed coverage on Comstock Resources in a report on Friday, January 10th. They set an “equal weight” rating and a $18.00 price objective on the stock. Piper Sandler upped their price target on shares of Comstock Resources from $5.00 to $6.00 and gave the company an “underweight” rating in a report on Wednesday, January 29th. Bank of America initiated coverage on shares of Comstock Resources in a report on Monday, October 28th. They set a “buy” rating and a $14.00 price objective on the stock. Truist Financial boosted their price objective on shares of Comstock Resources from $11.00 to $19.00 and gave the company a “hold” rating in a research report on Monday, January 13th. Finally, Citigroup increased their target price on Comstock Resources from $12.50 to $15.50 and gave the stock a “neutral” rating in a report on Friday, December 6th. Four investment analysts have rated the stock with a sell rating, eight have given a hold rating and two have given a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Hold” and an average price target of $13.40.

Insider Activity

In other Comstock Resources news, Director Elizabeth B. Davis sold 10,000 shares of Comstock Resources stock in a transaction dated Thursday, December 19th. The stock was sold at an average price of $15.62, for a total transaction of $156,200.00. Following the transaction, the director now directly owns 143,781 shares in the company, valued at approximately $2,245,859.22. The trade was a 6.50 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders sold 38,000 shares of company stock valued at $634,660 in the last quarter. Company insiders own 2.00% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the company. Blue Trust Inc. grew its holdings in Comstock Resources by 116.3% during the third quarter. Blue Trust Inc. now owns 6,715 shares of the oil and gas producer’s stock worth $70,000 after purchasing an additional 3,611 shares during the period. Glenorchy Capital Ltd lifted its position in shares of Comstock Resources by 91.1% in the third quarter. Glenorchy Capital Ltd now owns 197,713 shares of the oil and gas producer’s stock valued at $2,201,000 after buying an additional 94,230 shares during the last quarter. Pullen Investment Management LLC increased its holdings in shares of Comstock Resources by 16.1% during the 3rd quarter. Pullen Investment Management LLC now owns 60,045 shares of the oil and gas producer’s stock worth $668,000 after acquiring an additional 8,312 shares during the last quarter. Harbor Capital Advisors Inc. acquired a new position in shares of Comstock Resources during the 3rd quarter worth approximately $25,000. Finally, Mariner Investment Group LLC bought a new stake in Comstock Resources in the 3rd quarter valued at $278,000. 36.13% of the stock is currently owned by institutional investors and hedge funds.

Comstock Resources Stock Up 2.1 %

CRK stock opened at $18.96 on Wednesday. The company has a market cap of $5.54 billion, a price-to-earnings ratio of -105.30, a P/E/G ratio of 1.45 and a beta of 0.48. Comstock Resources has a twelve month low of $7.46 and a twelve month high of $22.06. The business has a 50 day moving average price of $18.45 and a two-hundred day moving average price of $14.12. The company has a quick ratio of 0.60, a current ratio of 0.60 and a debt-to-equity ratio of 1.25.

Comstock Resources (NYSE:CRK) last released its earnings results on Tuesday, February 18th. The oil and gas producer reported $0.16 earnings per share for the quarter, beating the consensus estimate of $0.02 by $0.14. Comstock Resources had a negative net margin of 4.93% and a negative return on equity of 3.88%. Analysts anticipate that Comstock Resources will post -0.41 EPS for the current fiscal year.

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.