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

Comstock Resources, Inc. (NYSE:CRK) saw unusually large options trading on Wednesday. Stock investors bought 39,012 call options on the stock. This is an increase of 1,001% compared to the average volume of 3,543 call options.

Hedge Funds Weigh In On Comstock Resources

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Legacy Investment Solutions LLC bought a new stake in Comstock Resources in the second quarter valued at $29,000. Atlantic Union Bankshares Corp acquired a new stake in shares of Comstock Resources in the 2nd quarter valued at $34,000. Advisory Services Network LLC acquired a new stake in shares of Comstock Resources in the 3rd quarter valued at $27,000. Jones Financial Companies Lllp grew its holdings in shares of Comstock Resources by 671.2% in the 3rd quarter. Jones Financial Companies Lllp now owns 1,581 shares of the oil and gas producer’s stock worth $31,000 after purchasing an additional 1,376 shares during the last quarter. Finally, iSAM Funds UK Ltd acquired a new stake in shares of Comstock Resources during the 3rd quarter worth about $38,000. Institutional investors own 36.13% of the company’s stock.

Comstock Resources Price Performance

Shares of Comstock Resources stock traded up $0.82 during trading on Wednesday, hitting $25.96. 2,297,265 shares of the company’s stock traded hands, compared to its average volume of 2,568,217. The company has a market cap of $7.61 billion, a PE ratio of -108.29 and a beta of 0.24. The firm’s fifty day moving average price is $20.51 and its 200 day moving average price is $21.00. Comstock Resources has a twelve month low of $14.09 and a twelve month high of $31.17. The company has a debt-to-equity ratio of 1.24, a current ratio of 0.36 and a quick ratio of 0.36.

Comstock Resources (NYSE:CRK) last announced its quarterly earnings results on Monday, November 3rd. The oil and gas producer reported $0.09 EPS for the quarter, topping analysts’ consensus estimates of $0.04 by $0.05. The firm had revenue of $449.85 million during the quarter, compared to analysts’ expectations of $433.54 million. Comstock Resources had a negative net margin of 5.05% and a positive return on equity of 3.65%. The company’s revenue for the quarter was up 47.8% compared to the same quarter last year. During the same quarter last year, the company earned ($0.17) earnings per share. Analysts forecast that Comstock Resources will post 0.54 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on CRK. Weiss Ratings reissued a “hold (c-)” rating on shares of Comstock Resources in a research report on Wednesday, November 19th. Roth Capital cut shares of Comstock Resources from a “neutral” rating to a “sell” rating and cut their target price for the company from $18.00 to $12.00 in a research note on Monday, August 18th. UBS Group raised their price target on shares of Comstock Resources from $14.00 to $16.00 and gave the stock a “sell” rating in a research report on Thursday, November 6th. Mizuho set a $21.00 price objective on shares of Comstock Resources and gave the stock a “neutral” rating in a report on Thursday, October 16th. Finally, Morgan Stanley reduced their target price on shares of Comstock Resources from $21.00 to $19.00 and set an “equal weight” rating for the company in a research note on Monday, August 4th. Two investment analysts have rated the stock with a Buy rating, six have assigned a Hold rating and three have issued a Sell rating to the stock. According to data from MarketBeat, Comstock Resources presently has a consensus rating of “Reduce” and a consensus price target of $19.60.

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.