Elizabeth B. Davis, a director at Comstock Resources Inc . (NYSE:CRK), reported selling shares of the company in two transactions, according to a recent SEC filing. On December 24, Davis sold 6,149 shares at an average price of $16.9677 per share. A few days later, on December 27, she sold an additional 10,000 shares at $16.98 per share. The total value of these transactions amounted to $274,134. Following these sales, Davis holds 107,632 shares directly in Comstock Resources.The insider sales come as Comstock's stock trades near its 52-week high of $17.79, having delivered impressive returns of over 93% year-to-date. According to InvestingPro analysis, the company, currently valued at $5 billion, appears to be trading above its Fair Value. InvestingPro subscribers have access to 12 additional key insights about CRK, including detailed analysis of its financial health, valuation metrics, and growth prospects through comprehensive Pro Research Reports, available for over 1,400 US stocks.
In other recent news, Comstock Resources has been upgraded to a Neutral rating by Mizuho (NYSE:MFG) Securities, following strategic financial moves that could strengthen the company's position in the energy market. The company's successful drilling in the Western Haynesville area and the funding of midstream infrastructure through the Quantum (NASDAQ:QMCO) JV partnership were among the factors influencing the upgrade. Meanwhile, Crawford & Company has selected KPMG as its new auditor for 2025, following a competitive selection process. The Georgia-based insurance services provider's decision comes as part of its ongoing efforts to maintain robust financial reporting.
Turning to earnings, Comstock Resources reported Q3 2024 results with total oil and gas sales reaching $305 million, despite a challenging price environment. The company also reported a modest production increase and significant operational improvements. However, an adjusted net loss of $49 million or $0.17 per share was reported, and Q4 production is expected to decline by 10% due to rig reductions.
In other developments, milder December forecasts have led to a dip in natural gas stocks, with Comstock Resources experiencing a significant decline. Despite the dip, the company remains optimistic about the future, anticipating a decrease in CapEx by 25% to 35% in 2024 compared to 2023, and maintaining robust financial liquidity, with nearly $1.1 billion available at the end of Q3. These are recent developments that investors may want to monitor closely.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.