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

Key Points

• Comstock Resources saw unusually heavy call-option activity on Friday, with 7,822 call options purchased—269% above its typical volume of 2,121 contracts.
• Analyst sentiment remains cautious: six analysts rate the stock “Hold” and four rate it “Sell,” resulting in a consensus “Reduce” rating and an average price target of $14.89.
• CRK shares rose $0.33 to $14.15, but the company reported a 24.9% year-over-year revenue decline in its latest quarter despite slightly exceeding EPS expectations.

Comstock Resources, Inc. (NYSE:CRK - Get Free Report) was the recipient of unusually large options trading on Friday. Stock investors bought 7,822 call options on the stock. This is an increase of 269% compared to the typical volume of 2,121 call options.

Institutional Trading of Comstock Resources

Several hedge funds have recently modified their holdings of the stock. Two Sigma Securities LLC bought a new position in Comstock Resources in the 2nd quarter worth approximately $193,000. Van Den Berg Management I Inc. boosted its position in Comstock Resources by 0.8% in the 2nd quarter. Van Den Berg Management I Inc. now owns 399,068 shares of the oil and gas producer's stock valued at $5,954,000 after buying an additional 2,979 shares during the last quarter. Beacon Pointe Advisors LLC acquired a new stake in shares of Comstock Resources in the 2nd quarter valued at $243,000. Empowered Funds LLC acquired a new stake in shares of Comstock Resources in the 2nd quarter valued at $1,833,000. Finally, Public Employees Retirement System of Ohio bought a new stake in shares of Comstock Resources during the second quarter worth $26,000. 36.13% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of equities analysts have recently issued reports on the stock. Wall Street Zen upgraded shares of Comstock Resources from a "strong sell" rating to a "sell" rating in a research note on Monday. Weiss Ratings reissued a "hold (c)" rating on shares of Comstock Resources in a research note on Monday. Williams Trading set a $16.00 price target on shares of Comstock Resources in a research report on Thursday, May 14th. UBS Group restated a "sell" rating and set a $13.00 price target (down from $17.00) on shares of Comstock Resources in a research note on Monday, May 11th. Finally, Zacks Research downgraded Comstock Resources from a "hold" rating to a "strong sell" rating in a report on Thursday, July 16th. Six investment analysts have rated the stock with a Hold rating and four have assigned a Sell rating to the company's stock. According to data from MarketBeat, the stock presently has a consensus rating of "Reduce" and an average target price of $14.89.

Comstock Resources Price Performance

Shares of CRK stock traded up $0.33 during trading hours on Friday, hitting $14.15. 519,544 shares of the company's stock were exchanged, compared to its average volume of 2,473,075. Comstock Resources has a 52 week low of $12.12 and a 52 week high of $28.10. The stock has a market cap of $4.15 billion, a price-to-earnings ratio of 7.95 and a beta of 0.13. The company has a debt-to-equity ratio of 0.98, a current ratio of 0.48 and a quick ratio of 0.48. The stock's 50-day moving average is $13.57 and its 200-day moving average is $16.36.

Comstock Resources (NYSE:CRK - Get Free Report) last issued its quarterly earnings results on Wednesday, July 29th. The oil and gas producer reported $0.03 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.02 by $0.01. Comstock Resources had a net margin of 23.31% and a return on equity of 4.12%. The business had revenue of $353.28 million for the quarter, compared to the consensus estimate of $419.22 million. During the same quarter in the prior year, the company earned $0.13 EPS. The firm's quarterly revenue was down 24.9% on a year-over-year basis. As a group, research analysts forecast that Comstock Resources will post 0.45 EPS for the current year.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source