CRK - Why Comstock Resources Stock Scored a Touchdown This Week
2024-03-29 09:43:53 ET
A large cash injection by an obviously dedicated shareholder provided quite the lift for Comstock Resources (NYSE: CRK) stock this week. The completion of the arrangement brought the bulls rushing into the energy company's stock -- it was trading nearly 11% higher week to date as of early Friday morning, according to data compiled by S&P Global Market Intelligence .
That shareholder is the man who already controlled much of Comstock's equity, veteran oil and gas tycoon Jerry Jones (who is arguably more famous for being the owner, president, and general manager of the Dallas Cowboys National Football League team).
Last week, Comstock announced that Jones would make a fresh investment of just under $100.5 million into the company's equity, via a pair of businesses he controls. The arrangement, completed on Monday, gave him an additional 12.5 million shares and brought his total stake to 67%. That's up from the previous 65%.
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Why Comstock Resources Stock Scored a Touchdown This Week