Comstock Resources Sees Unusually High Options Volume (CRK)

Comstock Resources Inc (NYSE:CRK) was the target of some unusual options trading on Monday. Traders bought 4,896 call options on the stock. This represents an increase of approximately 2,960% compared to the average volume of 160 call options.

Several research analysts have recently weighed in on CRK shares. Robert W. Baird set a $12.00 price target on shares of Comstock Resources and gave the stock a “buy” rating in a report on Friday, November 17th. KeyCorp restated a “hold” rating on shares of Comstock Resources in a research report on Friday, November 24th. Three investment analysts have rated the stock with a sell rating, two have issued a hold rating and two have given a buy rating to the stock. The company presently has a consensus rating of “Hold” and an average target price of $10.00.

In other news, CEO M Jay Allison acquired 12,500 shares of the company’s stock in a transaction that occurred on Thursday, December 28th. The shares were acquired at an average price of $8.00 per share, for a total transaction of $100,000.00. Following the completion of the purchase, the chief executive officer now owns 611,630 shares in the company, valued at $4,893,040. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 11.60% of the stock is currently owned by corporate insiders.

Hedge funds have recently added to or reduced their stakes in the stock. Macquarie Group Ltd. purchased a new position in shares of Comstock Resources during the 3rd quarter worth about $430,000. ACR Alpine Capital Research LLC purchased a new stake in Comstock Resources in the 3rd quarter valued at about $304,000. Virtu Financial LLC boosted its position in Comstock Resources by 362.4% in the 4th quarter. Virtu Financial LLC now owns 58,828 shares of the oil and gas producer’s stock valued at $498,000 after buying an additional 46,107 shares during the period. Vanguard Group Inc. boosted its position in Comstock Resources by 40.4% in the 2nd quarter. Vanguard Group Inc. now owns 628,355 shares of the oil and gas producer’s stock valued at $4,443,000 after buying an additional 180,935 shares during the period. Finally, First Washington CORP lifted its position in shares of Comstock Resources by 227.8% in the 3rd quarter. First Washington CORP now owns 368,562 shares of the oil and gas producer’s stock worth $2,241,000 after purchasing an additional 256,122 shares during the period. 44.19% of the stock is owned by hedge funds and other institutional investors.

Shares of Comstock Resources (NYSE:CRK) traded down $0.09 during midday trading on Tuesday, hitting $7.36. 63,189 shares of the company’s stock were exchanged, compared to its average volume of 555,497. The company has a market capitalization of $117.21, a P/E ratio of -0.99 and a beta of 0.04. Comstock Resources has a fifty-two week low of $4.01 and a fifty-two week high of $10.72. The company has a quick ratio of 1.80, a current ratio of 1.80 and a debt-to-equity ratio of -3.01.

Comstock Resources (NYSE:CRK) last announced its quarterly earnings data on Monday, February 26th. The oil and gas producer reported ($0.31) EPS for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.94) by $0.63. The firm had revenue of $73.25 million for the quarter, compared to the consensus estimate of $71.92 million. During the same quarter in the previous year, the business earned ($2.58) earnings per share. research analysts forecast that Comstock Resources will post -2.54 earnings per share for the current year.

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About Comstock Resources

Comstock Resources, Inc is an energy company engaged in the acquisition, exploration, development and production of oil and natural gas in the United States. The Company operates in the segment of exploration and production of oil and natural gas. The Company’s oil and gas operations are concentrated in Texas and Louisiana.

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