Comstock Resources Sees Unusually Large Options Volume (NYSE:CRK)

Comstock Resources, Inc. (NYSE:CRK) was the recipient of unusually large options trading on Friday. Investors bought 7,822 call options on the company. This represents an increase of 269% compared to the typical volume of 2,121 call options.

Analyst Ratings Changes

A number of research analysts have issued reports on CRK shares. Zacks Research downgraded shares of Comstock Resources from a “hold” rating to a “strong sell” rating in a research report on Thursday, July 16th. The Goldman Sachs Group dropped their price target on shares of Comstock Resources from $13.00 to $10.00 and set a “sell” rating for the company in a research note on Tuesday, June 30th. UBS Group restated a “sell” rating and issued a $13.00 price objective (down from $17.00) on shares of Comstock Resources in a report on Monday, May 11th. Morgan Stanley set a $15.00 price target on Comstock Resources and gave the stock an “equal weight” rating in a research report on Wednesday. Finally, Williams Trading set a $16.00 price objective on shares of Comstock Resources in a report on Thursday, May 14th. Six equities research analysts have rated the stock with a Hold rating and four have given a Sell rating to the company. According to MarketBeat.com, Comstock Resources currently has a consensus rating of “Reduce” and an average target price of $14.89.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the company. AQR Capital Management LLC bought a new stake in Comstock Resources in the 1st quarter valued at approximately $627,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in shares of Comstock Resources by 5.1% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 55,236 shares of the oil and gas producer’s stock valued at $1,124,000 after purchasing an additional 2,697 shares during the last quarter. Goldman Sachs Group Inc. lifted its position in shares of Comstock Resources by 67.4% in the first quarter. Goldman Sachs Group Inc. now owns 1,086,868 shares of the oil and gas producer’s stock worth $22,107,000 after purchasing an additional 437,476 shares in the last quarter. Intech Investment Management LLC lifted its position in shares of Comstock Resources by 26.0% in the first quarter. Intech Investment Management LLC now owns 65,289 shares of the oil and gas producer’s stock worth $1,328,000 after purchasing an additional 13,485 shares in the last quarter. Finally, Northwestern Mutual Wealth Management Co. acquired a new position in Comstock Resources during the second quarter worth $93,000. 36.13% of the stock is currently owned by institutional investors.

Comstock Resources Stock Up 2.4%

CRK traded up $0.33 during trading on Friday, hitting $14.15. The company had a trading volume of 519,544 shares, compared to its average volume of 2,473,075. The company has a market capitalization of $4.15 billion, a PE ratio of 7.95 and a beta of 0.13. Comstock Resources has a one year low of $12.12 and a one year high of $28.10. The firm’s 50-day moving average price is $13.57 and its 200 day moving average price is $16.36. The company has a quick ratio of 0.48, a current ratio of 0.48 and a debt-to-equity ratio of 0.98.

Comstock Resources (NYSE:CRK) last announced its earnings results on Wednesday, July 29th. The oil and gas producer reported $0.03 earnings per share for the quarter, topping analysts’ consensus estimates of $0.02 by $0.01. The firm had revenue of $353.28 million during the quarter, compared to analyst estimates of $419.22 million. Comstock Resources had a net margin of 23.31% and a return on equity of 4.12%. The company’s revenue for the quarter was down 24.9% compared to the same quarter last year. During the same period in the prior year, the business earned $0.13 EPS. As a group, equities analysts expect that Comstock Resources will post 0.45 earnings per share for the current year.

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.