Comstock Resources, Inc. (NYSE:CRK) Short Interest Update

Comstock Resources, Inc. (NYSE:CRK) saw a significant increase in short interest during the month of November. As of November 15th, there was short interest totalling 27,840,000 shares, an increase of 9.3% from the October 31st total of 25,470,000 shares. Based on an average daily volume of 2,290,000 shares, the short-interest ratio is currently 12.2 days. Approximately 35.9% of the company’s stock are sold short.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on CRK. Siebert Williams Shank lowered 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. Piper Sandler downgraded Comstock Resources from a “neutral” rating to an “underweight” rating and dropped their price target for the stock from $8.00 to $5.00 in a research note on Thursday, August 15th. Bank of America started coverage on Comstock Resources in a research note on Monday, October 28th. They issued a “buy” rating and a $14.00 target price on the stock. Mizuho decreased their target price on Comstock Resources from $11.00 to $10.00 and set an “underperform” rating for the company in a report on Monday, September 16th. Finally, BMO Capital Markets boosted their price target on Comstock Resources from $10.00 to $11.00 and gave the stock a “market perform” rating in a research report on Friday, October 4th. Five equities research analysts have rated the stock with a sell rating, seven have given a hold rating and two have given a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $10.31.

Comstock Resources Stock Performance

Comstock Resources stock traded down $0.21 during trading hours on Wednesday, hitting $14.96. The company had a trading volume of 728,889 shares, compared to its average volume of 3,425,797. The firm has a market cap of $4.37 billion, a PE ratio of -84.33 and a beta of 0.57. The company has a debt-to-equity ratio of 1.25, a current ratio of 0.60 and a quick ratio of 0.60. Comstock Resources has a one year low of $7.07 and a one year high of $15.84. The firm has a 50-day moving average of $12.76 and a 200 day moving average of $11.33.

Comstock Resources (NYSE:CRK) last posted its quarterly earnings results on Wednesday, October 30th. The oil and gas producer reported ($0.17) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.16) by ($0.01). The firm 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 3.88% and a negative net margin of 4.93%. The business’s revenue was down 19.2% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.04 EPS. On average, sell-side analysts expect that Comstock Resources will post -0.44 earnings per share for the current year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Price T Rowe Associates Inc. MD lifted its position in Comstock Resources by 7.4% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 58,821 shares of the oil and gas producer’s stock valued at $546,000 after acquiring an additional 4,053 shares during the period. GAMMA Investing LLC lifted its stake in Comstock Resources by 27.5% in the second quarter. GAMMA Investing LLC now owns 6,083 shares of the oil and gas producer’s stock worth $63,000 after acquiring an additional 1,312 shares during the period. Simplicity Wealth LLC increased its holdings in Comstock Resources by 5.7% in the 2nd quarter. Simplicity Wealth LLC now owns 28,544 shares of the oil and gas producer’s stock worth $296,000 after buying an additional 1,552 shares during the period. Sanders Morris Harris LLC grew its stake in Comstock Resources by 8.1% in the 2nd quarter. Sanders Morris Harris LLC now owns 200,000 shares of the oil and gas producer’s stock valued at $2,076,000 after acquiring an additional 15,000 shares during the period. Finally, Friedenthal Financial purchased a new position in Comstock Resources in the 2nd quarter valued at $715,000. 36.13% of the stock is currently owned by hedge funds and other institutional investors.

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.