501,817 Shares of Comstock Resources, Inc. $CRK Bought by Bank of America Corp DE

Key Points

• Bank of America acquired 501,817 shares of Comstock Resources during the second quarter, worth approximately $7.49 million and representing about 0.17% of the company. Institutional investors collectively own 36.13% of CRK.
• Analyst sentiment remains cautious: Comstock has a consensus rating of “Reduce”, with ten analysts rating it Hold and four rating it Sell. The average price target is $15.75, while several firms recently lowered or maintained neutral targets.
• CRK opened at $13.13, near its $12.12 one-year low and well below its $28.10 high. Although quarterly EPS of $0.03 beat estimates, revenue fell 24.9% year over year to $353.28 million.

Bank of America Corp DE bought a new stake in Comstock Resources, Inc. (NYSE:CRK - Free Report) during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 501,817 shares of the oil and gas producer's stock, valued at approximately $7,487,000. Bank of America Corp DE owned about 0.17% of Comstock Resources as of its most recent SEC filing.

Several other institutional investors have also recently bought and sold shares of the business. Rothschild Investment LLC increased its holdings in shares of Comstock Resources by 740.4% during the fourth quarter. Rothschild Investment LLC now owns 1,143 shares of the oil and gas producer's stock worth $26,000 after buying an additional 1,007 shares in the last quarter. Bleakley Financial Group LLC grew its position in Comstock Resources by 3.2% during the 1st quarter. Bleakley Financial Group LLC now owns 36,792 shares of the oil and gas producer's stock worth $776,000 after acquiring an additional 1,131 shares during the last quarter. Hantz Financial Services Inc. increased its holdings in Comstock Resources by 877.6% in the 4th quarter. Hantz Financial Services Inc. now owns 1,437 shares of the oil and gas producer's stock worth $33,000 after purchasing an additional 1,290 shares in the last quarter. Whittier Trust Co. of Nevada Inc. bought a new position in Comstock Resources in the first quarter valued at about $29,000. Finally, Caitong International Asset Management Co. Ltd bought a new position in Comstock Resources in the fourth quarter valued at about $36,000. Institutional investors and hedge funds own 36.13% of the company's stock.

Analysts Set New Price Targets

Several research firms have recently weighed in on CRK. Citigroup reduced their price target on Comstock Resources from $19.00 to $16.00 and set a "neutral" rating on the stock in a report on Monday, July 20th. Wall Street Zen lowered shares of Comstock Resources from a "sell" rating to a "strong sell" rating in a report on Saturday, August 29th. Roth Capital reiterated a "neutral" rating and set a $14.00 target price on shares of Comstock Resources in a research report on Tuesday, September 1st. Morgan Stanley set a $15.00 price target on shares of Comstock Resources and gave the company an "equal weight" rating in a research report on Wednesday, August 19th. Finally, Cantor Fitzgerald reaffirmed a "neutral" rating on shares of Comstock Resources in a research note on Wednesday, September 2nd. Ten equities research analysts have rated the stock with a Hold rating and four have issued a Sell rating to the company's stock. According to data from MarketBeat, the company has a consensus rating of "Reduce" and an average price target of $15.75.

Comstock Resources Price Performance

Comstock Resources stock opened at $13.13 on Monday. The stock's 50 day moving average is $13.89 and its 200 day moving average is $15.30. Comstock Resources, Inc. has a one year low of $12.12 and a one year high of $28.10. The firm has a market cap of $3.86 billion, a P/E ratio of 7.38 and a beta of 0.14. The company has a debt-to-equity ratio of 0.98, a current ratio of 0.48 and a quick ratio of 0.48.

Comstock Resources (NYSE:CRK - Get Free Report) last released its earnings results on Wednesday, July 29th. The oil and gas producer reported $0.03 earnings per share for the quarter, beating analysts' consensus estimates of $0.02 by $0.01. Comstock Resources had a net margin of 23.31% and a return on equity of 4.12%. The business had revenue of $353.28 million during the quarter, compared to the consensus estimate of $419.22 million. During the same quarter in the prior year, the firm posted $0.13 EPS. The company's revenue for the quarter was down 24.9% compared to the same quarter last year. As a group, research analysts expect that Comstock Resources, Inc. will post 0.27 EPS for the current year.

About Comstock Resources

Comstock Resources, Inc is an independent exploration and production company focused on finding, developing, acquiring and producing oil and natural gas in the United States. Its operations are primarily centered on natural gas and natural gas liquids, with production sold to commercial customers, utilities, marketers and other participants in energy markets.

The company's principal assets are located in the Haynesville and Bossier shale plays in North Louisiana and East Texas, one of the largest natural gas-producing regions in the United States.

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