Quantbot Technologies LP Invests $2.77 Million in Comstock Resources, Inc. $CRK

Key Points

• Quantbot Technologies LP acquired a new position in Comstock Resources, Inc., purchasing 136,216 shares valued at approximately $2.77 million during the first quarter.
• Comstock Resources reported a 90.5% increase in revenue year-over-year, with a recent quarterly earnings per share (EPS) of $0.13, outperforming analysts' expectations.
• Analysts have differing outlooks on the stock, with price targets ranging from $14.00 (sell rating) to $27.00 (buy rating), and an average consensus price target of $18.25.

Quantbot Technologies LP bought a new position in shares of Comstock Resources, Inc. (NYSE:CRK - Free Report) during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 136,216 shares of the oil and gas producer's stock, valued at approximately $2,771,000.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Invesco Ltd. raised its stake in Comstock Resources by 79.9% during the 1st quarter. Invesco Ltd. now owns 1,155,680 shares of the oil and gas producer's stock worth $23,507,000 after acquiring an additional 513,190 shares in the last quarter. Corigliano Investment Advisers LLC purchased a new stake in shares of Comstock Resources in the fourth quarter valued at about $11,450,000. Principal Financial Group Inc. raised its position in Comstock Resources by 2.7% in the first quarter. Principal Financial Group Inc. now owns 451,327 shares of the oil and gas producer's stock worth $9,180,000 after acquiring an additional 11,857 shares in the last quarter. Susquehanna Fundamental Investments LLC purchased a new stake in shares of Comstock Resources during the 4th quarter worth $6,349,000. Finally, Marshall Wace LLP acquired a new stake in shares of Comstock Resources in the fourth quarter valued at about $6,329,000. 36.13% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on the stock. Citigroup restated a "neutral" rating and set a $27.00 target price (up from $22.00) on shares of Comstock Resources in a research report on Friday, June 13th. Wall Street Zen raised Comstock Resources to a "sell" rating in a report on Thursday, May 8th. Bank of America raised their price target on Comstock Resources from $25.00 to $27.00 and gave the company a "buy" rating in a research report on Friday, May 23rd. Wolfe Research raised Comstock Resources from a "peer perform" rating to an "outperform" rating and set a $34.00 price target for the company in a research note on Tuesday, June 17th. Finally, Piper Sandler cut their target price on shares of Comstock Resources from $12.00 to $10.00 and set an "underweight" rating for the company in a research report on Monday, August 4th. Two equities research analysts have rated the stock with a Buy rating, five have issued a Hold rating and four have assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Reduce" and a consensus price target of $18.25.

Comstock Resources Trading Up 3.9%

Shares of Comstock Resources stock traded up $0.60 during mid-day trading on Tuesday, hitting $15.90. 1,758,342 shares of the stock were exchanged, compared to its average volume of 2,811,076. The stock has a market capitalization of $4.66 billion, a price-to-earnings ratio of -66.25 and a beta of 0.28. Comstock Resources, Inc. has a twelve month low of $9.09 and a twelve month high of $31.17. The company has a current ratio of 0.36, a quick ratio of 0.36 and a debt-to-equity ratio of 1.24. The company has a 50-day simple moving average of $21.25 and a 200 day simple moving average of $20.84.

Comstock Resources (NYSE:CRK - Get Free Report) last announced its earnings results on Wednesday, July 30th. The oil and gas producer reported $0.13 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.09 by $0.04. The firm had revenue of $470.26 million for the quarter, compared to analyst estimates of $431.82 million. Comstock Resources had a negative net margin of 5.05% and a positive return on equity of 3.65%. Comstock Resources's revenue was up 90.5% compared to the same quarter last year. During the same quarter last year, the business earned ($0.20) earnings per share. Research analysts forecast that Comstock Resources, Inc. will post 0.54 EPS for the current year.

Comstock Resources Company Profile

Comstock Resources, Inc, an independent energy company, engages in the acquisition, exploration, development, and production of natural gas and oil properties in the United States. Its assets are located in the Haynesville and Bossier shales located in North Louisiana and East Texas. The company was incorporated in 1919 and is headquartered in Frisco, Texas.