NEW YORK (TheStreet) -- Shares of Comstock Resources  (CRK) - Get Report are slipping, down 6.91% to $3.37 on heavy volume in afternoon trading on Wednesday, following data by the Energy Information Administration showing domestic inventories of crude hit a record high for the tenth week amid a global supply surplus, Reuters reports.

The EIA report revealed that crude inventories rose 9.6 million barrels to a new record of 458.5 million barrels in the week of March 13, Reuters added.

WTI crude prices are trading in the red, down 2.37% to $42.43 a barrel as of 1:42 p.m. ET today, while Brent for April delivery is up 1.01% to $54.05 a barrel.

About 3.38 million shares of Comstock Resources exchanged hands as compared to its average daily volume of 3.02 million shares.

Frisco, TX-based Comstock Resources is an energy company engaged in the acquisition, development, production and exploration of oil and natural gas.

Its operations are primarily focused in operating areas including eastern Texas and northern Louisiana, as well as southern Texas.

Insight from TheStreet's Research Team:

Tim Melvin commented on Comstock Resources in a recent post on RealMoney.com. Here is what Melvin had to say about the stock:

Comstock Resources (CRK) has its operations centered around eastern Texas, northern Louisiana and southern Texas. They have been aggressive about positioning for survival by cutting capital expenditures, eliminating the dividend and raising $700 million in a secured bond offering. Insiders own 7% of the company and several were adding to their stake in late 2014.

-Tim Melvin, 'Battered Oil Stocks Are Worth Exploring' originally published 3/10/2015 on RealMoney.com.

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Separately, TheStreet Ratings team rates COMSTOCK RESOURCES INC as a Sell with a ratings score of D+. TheStreet Ratings Team has this to say about their recommendation:

"We rate COMSTOCK RESOURCES INC (CRK) a SELL. This is driven by a number of negative factors, which we believe should have a greater impact than any strengths, and could make it more difficult for investors to achieve positive results compared to most of the stocks we cover. The company's weaknesses can be seen in multiple areas, such as its generally high debt management risk, poor profit margins, generally disappointing historical performance in the stock itself, deteriorating net income and feeble growth in its earnings per share." You can view the full analysis from the report here: CRK Ratings Report