Comstock Resources (NYSE:CRK) VP Patrick Mcgough Sells 48,915 Shares of Stock

Key Points

• VP Patrick McGough sold 48,915 shares on March 5 at an average of $21.20, netting about $1,036,998 and cutting his stake by 20.69% to 187,516 shares.
• Comstock beat quarterly expectations with $0.16 EPS (vs. $0.11 estimate) and reported revenue of $787.32 million, up 115.5% year-over-year.
• Despite the results, the Street consensus is "Reduce" with a $21 price target; the stock trades near $21.36 and the company has a market cap of about $6.28 billion.

Comstock Resources, Inc. (NYSE:CRK - Get Free Report) VP Patrick Mcgough sold 48,915 shares of the stock in a transaction on Thursday, March 5th. The shares were sold at an average price of $21.20, for a total value of $1,036,998.00. Following the completion of the sale, the vice president owned 187,516 shares in the company, valued at approximately $3,975,339.20. The trade was a 20.69% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website.

Comstock Resources Stock Up 1.4%

CRK traded up $0.30 on Friday, hitting $21.36. 1,948,576 shares of the company were exchanged, compared to its average volume of 2,616,583. The firm has a 50-day moving average price of $21.51 and a two-hundred day moving average price of $20.66. The company has a current ratio of 0.49, a quick ratio of 0.49 and a debt-to-equity ratio of 0.95. Comstock Resources, Inc. has a twelve month low of $14.65 and a twelve month high of $31.17. The company has a market cap of $6.28 billion, a price-to-earnings ratio of 15.15 and a beta of 0.40.

Comstock Resources (NYSE:CRK - Get Free Report) last announced its quarterly earnings data on Wednesday, February 11th. The oil and gas producer reported $0.16 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.11 by $0.05. Comstock Resources had a return on equity of 6.30% and a net margin of 17.80%.The business had revenue of $787.32 million during the quarter, compared to analysts' expectations of $504.66 million. During the same quarter last year, the business posted $0.16 EPS. The business's quarterly revenue was up 115.5% compared to the same quarter last year. On average, equities analysts predict that Comstock Resources, Inc. will post 0.54 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on CRK shares. Citigroup reiterated a "neutral" rating and set a $25.00 target price (up from $24.00) on shares of Comstock Resources in a research note on Wednesday, January 14th. Piper Sandler dropped their price objective on Comstock Resources from $9.00 to $8.00 and set an "underweight" rating on the stock in a report on Tuesday, November 18th. Morgan Stanley set a $19.00 target price on Comstock Resources in a research note on Friday, February 13th. Zacks Research upgraded shares of Comstock Resources from a "strong sell" rating to a "hold" rating in a research note on Wednesday, November 12th. Finally, UBS Group set a $17.00 target price on shares of Comstock Resources in a report on Friday, February 13th. One research analyst has rated the stock with a Buy rating, six have assigned a Hold rating and three have assigned a Sell rating to the company's stock. According to MarketBeat, Comstock Resources currently has a consensus rating of "Reduce" and a consensus price target of $21.00.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of CRK. State Street Corp boosted its stake in shares of Comstock Resources by 3.7% during the fourth quarter. State Street Corp now owns 4,483,203 shares of the oil and gas producer's stock worth $103,921,000 after buying an additional 161,093 shares during the period. Dragoneer Investment Group LLC purchased a new stake in Comstock Resources during the 4th quarter valued at approximately $99,632,000. Bank of America Corp DE lifted its position in Comstock Resources by 5.1% during the 3rd quarter. Bank of America Corp DE now owns 1,948,702 shares of the oil and gas producer's stock worth $38,643,000 after acquiring an additional 94,856 shares during the period. Woodline Partners LP grew its stake in shares of Comstock Resources by 50.5% in the 3rd quarter. Woodline Partners LP now owns 1,231,916 shares of the oil and gas producer's stock valued at $24,429,000 after purchasing an additional 413,611 shares during the last quarter. Finally, Aventail Capital Group LP grew its stake in shares of Comstock Resources by 149.9% in the 3rd quarter. Aventail Capital Group LP now owns 1,143,721 shares of the oil and gas producer's stock valued at $22,680,000 after purchasing an additional 686,002 shares during the last quarter. 36.13% of the stock is currently owned by institutional investors and hedge funds.

Comstock Resources Company Profile

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.

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