Stock Traders Purchase Large Volume of Call Options on Comstock Resources (NYSE:CRK)

Comstock Resources, Inc. (NYSE:CRK) was the target of some unusual options trading activity on Friday. Stock investors purchased 13,647 call options on the company. This is an increase of approximately 269% compared to the average volume of 3,701 call options.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on CRK shares. Williams Trading set a $13.00 price target on shares of Comstock Resources in a report on Wednesday, March 5th. Truist Financial upped their price target on shares of Comstock Resources from $11.00 to $19.00 and gave the stock a “hold” rating in a report on Monday, January 13th. Morgan Stanley initiated coverage on shares of Comstock Resources in a report on Friday, January 10th. They issued an “equal weight” rating and a $18.00 price target on the stock. Mizuho raised Comstock Resources from an “underperform” rating to a “neutral” rating and increased their target price for the company from $10.00 to $18.00 in a research note on Monday, December 16th. Finally, StockNews.com raised Comstock Resources to a “sell” rating in a research note on Thursday, February 20th. Four investment analysts have rated the stock with a sell rating, eight have issued a hold rating and two have assigned a buy rating to the stock. According to MarketBeat, Comstock Resources has an average rating of “Hold” and an average price target of $13.36.

Insider Buying and Selling at Comstock Resources

In other news, Director Elizabeth B. Davis sold 10,000 shares of the company’s stock in a transaction on Thursday, December 19th. The shares were sold at an average price of $15.62, for a total value of $156,200.00. Following the transaction, the director now owns 143,781 shares of the company’s stock, valued at approximately $2,245,859.22. This represents a 6.50 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Insiders have sold 38,000 shares of company stock valued at $634,660 in the last 90 days. 2.00% of the stock is currently owned by company insiders.

Institutional Trading of Comstock Resources

Institutional investors have recently modified their holdings of the company. Sunbelt Securities Inc. boosted its holdings in shares of Comstock Resources by 140.0% during the third quarter. Sunbelt Securities Inc. now owns 2,400 shares of the oil and gas producer’s stock worth $27,000 after purchasing an additional 1,400 shares during the period. VSM Wealth Advisory LLC purchased a new stake in shares of Comstock Resources during the fourth quarter worth about $27,000. Sterling Capital Management LLC boosted its holdings in shares of Comstock Resources by 804.6% during the fourth quarter. Sterling Capital Management LLC now owns 2,958 shares of the oil and gas producer’s stock worth $54,000 after purchasing an additional 2,631 shares during the period. Smartleaf Asset Management LLC raised its stake in Comstock Resources by 225.2% in the fourth quarter. Smartleaf Asset Management LLC now owns 3,359 shares of the oil and gas producer’s stock worth $64,000 after buying an additional 2,326 shares in the last quarter. Finally, Quarry LP bought a new position in Comstock Resources in the fourth quarter worth about $70,000. 36.13% of the stock is currently owned by hedge funds and other institutional investors.

Comstock Resources Stock Performance

NYSE CRK opened at $18.49 on Friday. The company has a 50-day simple moving average of $19.06 and a two-hundred day simple moving average of $15.13. The company has a quick ratio of 0.60, a current ratio of 0.46 and a debt-to-equity ratio of 1.27. Comstock Resources has a 12-month low of $7.74 and a 12-month high of $22.06. The firm has a market cap of $5.41 billion, a price-to-earnings ratio of -24.32, a PEG ratio of 1.65 and a beta of 0.55.

Comstock Resources (NYSE:CRK) last posted its quarterly earnings results on Tuesday, February 18th. The oil and gas producer reported $0.16 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.02 by $0.14. Comstock Resources had a negative net margin of 18.32% and a negative return on equity of 3.10%. The business had revenue of $366.51 million during the quarter, compared to analyst estimates of $370.62 million. On average, equities analysts forecast that Comstock Resources will post 0.54 EPS for the current year.

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.