Comstock Resources (NYSE:CRK) Posts Quarterly Earnings Results, Misses Estimates By $0.01 EPS

Comstock Resources (NYSE:CRK) posted its quarterly earnings results on Wednesday. The oil and gas producer reported ($0.17) EPS for the quarter, missing the consensus estimate of ($0.16) by ($0.01), Briefing.com reports. The company had revenue of $304.50 million during the quarter, compared to analyst estimates of $308.75 million. Comstock Resources had a negative net margin of 1.48% and a negative return on equity of 1.38%. Comstock Resources’s revenue for the quarter was down 19.2% compared to the same quarter last year. During the same period in the prior year, the business posted $0.04 EPS.

Comstock Resources Stock Down 5.0 %

Comstock Resources stock traded down $0.62 during mid-day trading on Thursday, reaching $11.81. 4,218,603 shares of the company’s stock were exchanged, compared to its average volume of 3,570,170. The company has a fifty day moving average of $11.02 and a 200-day moving average of $10.67. The company has a market cap of $3.45 billion, a P/E ratio of 53.64 and a beta of 0.47. The company has a quick ratio of 0.59, a current ratio of 0.59 and a debt-to-equity ratio of 1.21. Comstock Resources has a twelve month low of $7.07 and a twelve month high of $13.39.

Analysts Set New Price Targets

Several research analysts have recently weighed in on the stock. Siebert Williams Shank cut shares of Comstock Resources from a “hold” rating to a “sell” rating and set a $9.00 price target on the stock. in a research report on Tuesday, October 15th. BMO Capital Markets raised their price target on shares of Comstock Resources from $10.00 to $11.00 and gave the stock a “market perform” rating in a report on Friday, October 4th. Wolfe Research assumed coverage on Comstock Resources in a report on Thursday, July 18th. They issued a “peer perform” rating on the stock. Piper Sandler cut Comstock Resources from a “neutral” rating to an “underweight” rating and cut their target price for the stock from $8.00 to $5.00 in a research note on Thursday, August 15th. Finally, Bank of America began coverage on Comstock Resources in a research note on Monday. They issued a “buy” rating and a $14.00 price target on the stock. Five equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating and two have given a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $10.31.

Insider Transactions at Comstock Resources

In related news, major shareholder Drilling L.P. Arkoma bought 1,044,200 shares of the stock in a transaction that occurred on Tuesday, August 20th. The stock was purchased at an average cost of $10.93 per share, with a total value of $11,413,106.00. Following the purchase, the insider now directly owns 204,495,146 shares of the company’s stock, valued at $2,235,131,945.78. This trade represents a 0.00 % increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through this link. In other news, major shareholder Drilling L.P. Arkoma purchased 1,044,200 shares of the firm’s stock in a transaction that occurred on Tuesday, August 20th. The stock was bought at an average price of $10.93 per share, for a total transaction of $11,413,106.00. Following the completion of the purchase, the insider now directly owns 204,495,146 shares of the company’s stock, valued at $2,235,131,945.78. The trade was a 0.00 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, major shareholder Star Exploration Corp Blue acquired 825,868 shares of the firm’s stock in a transaction dated Wednesday, August 7th. The shares were purchased at an average cost of $8.82 per share, with a total value of $7,284,155.76. Following the completion of the transaction, the insider now owns 197,298,165 shares in the company, valued at approximately $1,740,169,815.30. The trade was a 0.00 % increase in their position. The disclosure for this purchase can be found here. Over the last 90 days, insiders have purchased 6,712,733 shares of company stock valued at $67,816,851. 1.50% of the stock is currently owned by company insiders.

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.