Insider Buying: Comstock Resources, Inc. (NYSE:CRK) Major Shareholder Purchases $9,946,626.74 in Stock

Comstock Resources, Inc. (NYSE:CRK) major shareholder Drilling L.P. Arkoma purchased 981,898 shares of the firm’s stock in a transaction on Monday, August 12th. The stock was bought at an average cost of $10.13 per share, with a total value of $9,946,626.74. Following the acquisition, the insider now owns 199,931,799 shares of the company’s stock, valued at approximately $2,025,309,123.87. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Major shareholders that own at least 10% of a company’s stock are required to disclose their sales and purchases with the SEC.

Drilling L.P. Arkoma also recently made the following trade(s):

• On Friday, August 9th, Drilling L.P. Arkoma bought 825,868 shares of Comstock Resources stock. The stock was purchased at an average price of $9.76 per share, with a total value of $8,060,471.68.

Comstock Resources Price Performance

Shares of NYSE CRK opened at $10.51 on Thursday. The stock has a market capitalization of $3.07 billion, a price-to-earnings ratio of 47.77 and a beta of 0.51. Comstock Resources, Inc. has a 52 week low of $7.07 and a 52 week high of $13.39. The firm has a 50-day simple moving average of $10.45 and a 200-day simple moving average of $9.64. The company has a quick ratio of 0.64, a current ratio of 0.59 and a debt-to-equity ratio of 1.21.

Comstock Resources (NYSE:CRK) last released its quarterly earnings data on Tuesday, July 30th. The oil and gas producer reported ($0.20) EPS for the quarter, missing analysts’ consensus estimates of ($0.16) by ($0.04). Comstock Resources had a negative net margin of 1.48% and a negative return on equity of 1.38%. The business had revenue of $246.80 million during the quarter, compared to analyst estimates of $296.02 million. The company’s revenue for the quarter was down 14.4% on a year-over-year basis. On average, equities analysts predict that Comstock Resources, Inc. will post -0.13 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of brokerages have recently weighed in on CRK. StockNews.com raised Comstock Resources to a “sell” rating in a report on Monday, April 29th. The Goldman Sachs Group increased their price target on shares of Comstock Resources from $9.00 to $10.00 and gave the stock a “sell” rating in a report on Tuesday, May 28th. KeyCorp began coverage on shares of Comstock Resources in a research note on Thursday, June 27th. They set a “sector weight” rating for the company. Stifel Nicolaus cut their price objective on shares of Comstock Resources from $14.00 to $13.50 and set a “buy” rating on the stock in a research note on Tuesday, April 23rd. Finally, Capital One Financial cut shares of Comstock Resources from an “overweight” rating to an “equal weight” rating in a report on Wednesday, May 15th. Three analysts have rated the stock with a sell rating, seven have given a hold rating and two have issued a buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $10.25.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the stock. Blue Trust Inc. purchased a new stake in shares of Comstock Resources in the second quarter valued at about $32,000. EverSource Wealth Advisors LLC boosted its holdings in 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 purchasing an additional 3,446 shares during the last quarter. GAMMA Investing LLC grew its stake in shares of Comstock Resources by 428.9% in the 1st quarter. GAMMA Investing LLC now owns 4,771 shares of the oil and gas producer’s stock valued at $44,000 after buying an additional 3,869 shares during the period. Hexagon Capital Partners LLC increased its holdings in shares of Comstock Resources by 2,161.0% during the 1st quarter. Hexagon Capital Partners LLC now owns 4,929 shares of the oil and gas producer’s stock worth $46,000 after buying an additional 4,711 shares during the last quarter. Finally, Headlands Technologies LLC purchased a new stake in shares of Comstock Resources during the 1st quarter valued at approximately $91,000. Hedge funds and other institutional investors own 36.13% of the company’s stock.

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.