Stock Traders Buy Large Volume of Comstock Resources Put Options (NYSE:CRK)

Comstock Resources, Inc. (NYSE:CRKGet Rating) saw unusually large options trading on Wednesday. Traders purchased 6,037 put options on the stock. This represents an increase of 73% compared to the average volume of 3,494 put options.

Comstock Resources Stock Up 0.6 %

NYSE CRK opened at $19.24 on Thursday. The company has a current ratio of 0.65, a quick ratio of 0.65 and a debt-to-equity ratio of 1.40. Comstock Resources has a 1-year low of $6.88 and a 1-year high of $22.11. The company has a 50 day moving average of $18.08 and a 200-day moving average of $17.06. The company has a market cap of $4.50 billion, a price-to-earnings ratio of 5.59 and a beta of 1.35.

Comstock Resources Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, December 15th. Shareholders of record on Thursday, December 1st will be given a dividend of $0.125 per share. The ex-dividend date is Wednesday, November 30th. This represents a $0.50 annualized dividend and a yield of 2.60%.

Insiders Place Their Bets

In related news, Director Jim L. Turner acquired 50,000 shares of Comstock Resources stock in a transaction that occurred on Thursday, September 8th. The stock was acquired at an average price of $18.34 per share, for a total transaction of $917,000.00. Following the transaction, the director now directly owns 265,805 shares of the company’s stock, valued at approximately $4,874,863.70. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. In other news, Director Morris E. Foster acquired 14,000 shares of the company’s stock in a transaction dated Friday, September 16th. The shares were bought at an average price of $18.16 per share, with a total value of $254,240.00. Following the purchase, the director now owns 144,084 shares of the company’s stock, valued at $2,616,565.44. The purchase was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Jim L. Turner bought 50,000 shares of the business’s stock in a transaction dated Thursday, September 8th. The shares were bought at an average cost of $18.34 per share, for a total transaction of $917,000.00. Following the completion of the transaction, the director now directly owns 265,805 shares of the company’s stock, valued at $4,874,863.70. The disclosure for this purchase can be found here. Insiders have acquired 122,000 shares of company stock worth $2,291,680 in the last three months. 1.20% of the stock is owned by insiders.

Institutional Trading of Comstock Resources

Hedge funds and other institutional investors have recently modified their holdings of the stock. Neo Ivy Capital Management bought a new stake in shares of Comstock Resources in the third quarter worth $41,000. Jacobs Levy Equity Management Inc. bought a new stake in Comstock Resources during the third quarter valued at $3,006,000. Algert Global LLC boosted its position in Comstock Resources by 62.4% during the third quarter. Algert Global LLC now owns 136,087 shares of the oil and gas producer’s stock valued at $2,353,000 after acquiring an additional 52,299 shares during the last quarter. Pittenger & Anderson Inc. boosted its position in Comstock Resources by 200.0% during the third quarter. Pittenger & Anderson Inc. now owns 6,000 shares of the oil and gas producer’s stock valued at $104,000 after acquiring an additional 4,000 shares during the last quarter. Finally, Trexquant Investment LP bought a new stake in Comstock Resources during the third quarter valued at $1,284,000. Institutional investors own 34.02% of the company’s stock.

Analyst Ratings Changes

Several analysts have recently issued reports on the company. Stifel Nicolaus upped their price target on Comstock Resources from $22.00 to $27.00 and gave the stock a “buy” rating in a research note on Monday, September 12th. TheStreet raised Comstock Resources from a “c” rating to a “b-” rating in a report on Monday, August 1st. Citigroup upped their price target on Comstock Resources from $17.00 to $24.00 and gave the company a “buy” rating in a report on Wednesday, September 21st. KeyCorp assumed coverage on Comstock Resources in a research note on Monday, September 19th. They issued an “overweight” rating and a $26.00 price objective on the stock. Finally, The Goldman Sachs Group increased their price target on Comstock Resources from $12.00 to $13.50 and gave the stock a “sell” rating in a research report on Monday, August 22nd. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and four have issued a buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $19.88.

About Comstock Resources

(Get Rating)

Comstock Resources, Inc, an independent energy company, engages in the acquisition, exploration, development, and production of oil and natural gas primarily in North Louisiana and East Texas, the United States. As of December 31, 2021, the company had 6.1 trillion cubic feet of the natural gas equivalent of proved reserves.

Further Reading

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