Elizabeth B. Davis, a director at Comstock Resources Inc . (NYSE:CRK), recently sold a significant portion of her holdings in the company. According to a filing with the Securities and Exchange Commission, Davis sold a total of 30,000 shares over three days in December 2024. The transactions took place on December 19, 20, and 23, with sale prices ranging from $15.6219 to $16.33 per share. The total value of these transactions amounted to approximately $479,609. The sales occurred as CRK trades near its 52-week high of $17.79, with the stock showing remarkable momentum, gaining over 45% in the past six months. According to InvestingPro analysis, the company currently appears overvalued based on its Fair Value assessment.
Following these sales, Davis holds 123,781 shares of Comstock Resources directly. The transactions were executed without any equity swaps involved, maintaining a direct ownership status. Comstock Resources, headquartered in Frisco, Texas, operates in the crude petroleum and natural gas industry. With a market capitalization of $4.9 billion, the company faces challenges with profitability and carries a significant debt burden. InvestingPro subscribers can access 10+ additional key insights and a comprehensive Pro Research Report for deeper analysis of CRK's financial health and future prospects.
In other recent news, Comstock Resources has been upgraded to a Neutral rating by Mizuho (NYSE:MFG) Securities, following strategic financial moves that could potentially strengthen the company's position in the energy market. The company's third-quarter 2024 earnings and successful drilling in the Western Haynesville area over the past two years have increased confidence in its potential reserves. Meanwhile, Crawford & Company has selected KPMG LLP as its new auditor for the fiscal year ending December 31, 2025. The decision comes after a competitive selection process and is pending KPMG's standard evaluation procedures.
In other developments, Comstock Resources reported its Q3 2024 performance, noting an average realized price of $1.90 per Mcf with total oil and gas sales reaching $305 million. Despite a challenging price environment, the company reported a modest production increase and significant operational improvements. However, the company also reported an adjusted net loss of $49 million, or $0.17 per share.
These recent developments highlight the ongoing changes in the energy sector and the strategic moves companies are making in response. As always, investors should keep a close eye on these developments as they consider their investment strategies.
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