Comstock Resources Target of Unusually Large Options Trading (NYSE:CRK)

Comstock Resources, Inc. (NYSE:CRK) saw some unusual options trading on Wednesday. Traders purchased 7,484 call options on the company. This is an increase of approximately 210% compared to the average volume of 2,418 call options.

Hedge Funds Weigh In On Comstock Resources

Hedge funds have recently bought and sold shares of the company. State Street Corp increased its holdings in shares of Comstock Resources by 3.7% in the 4th quarter. State Street Corp now owns 4,483,203 shares of the oil and gas producer’s stock worth $103,921,000 after acquiring an additional 161,093 shares during the period. Dragoneer Investment Group LLC bought a new position in shares of Comstock Resources in the fourth quarter worth $99,632,000. Bank of America Corp DE increased its holdings in shares of Comstock Resources by 5.1% during the third quarter. Bank of America Corp DE now owns 1,948,702 shares of the oil and gas producer’s stock valued at $38,643,000 after purchasing an additional 94,856 shares during the period. Woodline Partners LP raised its stake in shares of Comstock Resources by 50.5% during the third quarter. Woodline Partners LP now owns 1,231,916 shares of the oil and gas producer’s stock valued at $24,429,000 after purchasing an additional 413,611 shares in the last quarter. Finally, Aventail Capital Group LP lifted its holdings in Comstock Resources by 149.9% in the third quarter. Aventail Capital Group LP now owns 1,143,721 shares of the oil and gas producer’s stock worth $22,680,000 after purchasing an additional 686,002 shares during the period. 36.13% of the stock is currently owned by institutional investors and hedge funds.

Comstock Resources Price Performance

Shares of NYSE CRK traded up $0.80 on Wednesday, hitting $13.47. The company’s stock had a trading volume of 1,299,676 shares, compared to its average volume of 2,504,285. The company has a debt-to-equity ratio of 0.96, a current ratio of 0.41 and a quick ratio of 0.41. The stock has a 50 day moving average of $15.98 and a 200-day moving average of $19.98. The company has a market capitalization of $3.95 billion, a price-to-earnings ratio of 6.17 and a beta of 0.13. Comstock Resources has a 12-month low of $12.44 and a 12-month high of $31.17.

Comstock Resources (NYSE:CRK) last issued its quarterly earnings results on Tuesday, May 5th. The oil and gas producer reported $0.15 earnings per share for the quarter, missing analysts’ consensus estimates of $0.23 by ($0.08). Comstock Resources had a return on equity of 5.54% and a net margin of 27.18%.The business had revenue of $587.35 million for the quarter, compared to analysts’ expectations of $554.02 million. During the same period in the prior year, the company earned $0.18 EPS. The company’s revenue for the quarter was up 14.5% compared to the same quarter last year. As a group, research analysts predict that Comstock Resources will post 0.56 EPS for the current year.

Analysts Set New Price Targets

A number of analysts have issued reports on CRK shares. Citigroup reaffirmed a “neutral” rating on shares of Comstock Resources in a report on Wednesday, April 15th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Comstock Resources in a report on Wednesday, May 20th. Williams Trading set a $16.00 price target on shares of Comstock Resources in a research note on Thursday, May 14th. Wall Street Zen downgraded shares of Comstock Resources from a “sell” rating to a “strong sell” rating in a research report on Saturday, May 9th. Finally, UBS Group restated a “sell” rating and issued a $13.00 target price (down from $17.00) on shares of Comstock Resources in a report on Monday, May 11th. One equities research analyst has rated the stock with a Buy rating, six have given a Hold rating and three have issued a Sell rating to the company’s stock. According to MarketBeat, the company has an average rating of “Reduce” and a consensus price target of $18.89.

About Comstock Resources

Comstock Resources, Inc is an independent energy company engaged in the acquisition, exploration, development and production of oil and natural gas properties in the United States. The company focuses on generating long-term value through the efficient development of unconventional resource plays and conventional prospects. Its activities encompass drilling, completion and production operations, as well as the marketing of natural gas, natural gas liquids and crude oil.

Comstock holds a core position in the Haynesville Shale of Northwest Louisiana, one of the most active natural gas plays in North America, and has built a complementary portfolio in the Delaware Basin of West Texas.