Stock Traders Buy High 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. Traders acquired 27,544 call options on the company. This is an increase of approximately 902% compared to the average volume of 2,748 call options.

Comstock Resources Trading Down 0.7 %

NYSE CRK traded down $0.16 during trading hours on Friday, hitting $21.36. The company’s stock had a trading volume of 2,213,945 shares, compared to its average volume of 2,839,413. Comstock Resources has a twelve month low of $7.07 and a twelve month high of $21.75. The firm has a market capitalization of $6.24 billion, a P/E ratio of -118.68 and a beta of 0.51. The company has a quick ratio of 0.60, a current ratio of 0.60 and a debt-to-equity ratio of 1.25. The stock has a fifty day moving average of $16.46 and a 200 day moving average of $12.72.

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 for the quarter, missing analysts’ consensus estimates of ($0.16) by ($0.01). Comstock Resources had a negative net margin of 4.93% and a negative return on equity of 3.88%. The company had revenue of $304.50 million during the quarter, compared to analyst estimates of $308.75 million. During the same period last year, the company earned $0.04 EPS. The business’s revenue for the quarter was down 19.2% compared to the same quarter last year. Equities research analysts forecast that Comstock Resources will post -0.43 earnings per share for the current fiscal year.

Insider Activity at Comstock Resources

In related news, Director Elizabeth B. Davis sold 8,000 shares of the business’s stock in a transaction on Monday, December 30th. The stock was sold at an average price of $18.17, for a total value of $145,360.00. Following the sale, the director now owns 99,632 shares of the company’s stock, valued at $1,810,313.44. The trade was a 7.43 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders have sold a total of 38,000 shares of company stock valued at $634,660 over the last quarter. 2.00% of the stock is owned by company insiders.

Hedge Funds Weigh In On Comstock Resources

Several institutional investors have recently modified their holdings of the stock. Harbor Capital Advisors Inc. acquired a new position in Comstock Resources during the third quarter valued at approximately $25,000. Sunbelt Securities Inc. grew its holdings in shares of Comstock Resources by 140.0% in the 3rd quarter. Sunbelt Securities Inc. now owns 2,400 shares of the oil and gas producer’s stock valued at $27,000 after buying an additional 1,400 shares during the period. EverSource Wealth Advisors LLC grew its holdings in shares of Comstock Resources by 2,533.8% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 3,582 shares of the oil and gas producer’s stock valued at $34,000 after buying an additional 3,446 shares during the period. Blue Trust Inc. increased its position in shares of Comstock Resources by 116.3% in the 3rd quarter. Blue Trust Inc. now owns 6,715 shares of the oil and gas producer’s stock valued at $70,000 after buying an additional 3,611 shares in the last quarter. Finally, Choreo LLC acquired a new stake in Comstock Resources during the 2nd quarter worth $105,000. 36.13% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

CRK has been the topic of several recent analyst reports. Mizuho upgraded shares of Comstock Resources from an “underperform” rating to a “neutral” rating and boosted their target price for the company from $10.00 to $18.00 in a research note on Monday, December 16th. Truist Financial boosted their price target on shares of Comstock Resources from $11.00 to $19.00 and gave the company a “hold” rating in a research report on Monday. Bank of America started coverage on shares of Comstock Resources in a report on Monday, October 28th. They set a “buy” rating and a $14.00 price objective for the company. Citigroup increased their price target on Comstock Resources from $12.50 to $15.50 and gave the stock a “neutral” rating in a research report on Friday, December 6th. Finally, Morgan Stanley began coverage on Comstock Resources in a research report on Friday, January 10th. They issued an “equal weight” rating and a $18.00 price objective for the company. Four research analysts have rated the stock with a sell rating, eight have issued a hold rating and two have given a buy rating to the company’s stock. According to MarketBeat.com, Comstock Resources presently has a consensus rating of “Hold” and an average price target of $13.30.

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.