Bank of New York Mellon Corp Makes New $8.31 Million Investment in Comstock Resources, Inc. $CRK

Key Points

• Bank of New York Mellon acquired 557,034 shares of Comstock Resources during the second quarter, valued at approximately $8.31 million and representing about 0.19% of the company. Institutional investors and hedge funds collectively own 36.13% of CRK.
• Comstock reported quarterly EPS of $0.03, beating estimates by $0.01, but revenue fell 24.9% year over year to $353.28 million, below the $419.22 million consensus estimate.
• CRK recently traded at $14.94, while analyst sentiment remains cautious: the stock has an average “Reduce” rating and a consensus price target of $15.80, with eight Hold ratings and four Sell ratings.

Bank of New York Mellon Corp acquired a new stake in Comstock Resources, Inc. (NYSE:CRK - Free Report) during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm acquired 557,034 shares of the oil and gas producer's stock, valued at approximately $8,311,000. Bank of New York Mellon Corp owned approximately 0.19% of Comstock Resources at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in the business. Rothschild Investment LLC grew its holdings in 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. Advisory Services Network LLC bought a new position in Comstock Resources during the 3rd quarter valued at $27,000. Whittier Trust Co. of Nevada Inc. purchased a new position in Comstock Resources during the 1st quarter worth $29,000. Kemnay Advisory Services Inc. purchased a new position in Comstock Resources during the 4th quarter worth $29,000. Finally, Hantz Financial Services Inc. grew its stake in shares of 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 acquiring an additional 1,290 shares in the last quarter. 36.13% of the stock is currently owned by institutional investors and hedge funds.

Comstock Resources Stock Down 3.9%

CRK opened at $14.94 on Friday. The company has a quick ratio of 0.48, a current ratio of 0.48 and a debt-to-equity ratio of 0.98. The stock has a market cap of $4.39 billion, a price-to-earnings ratio of 8.39 and a beta of 0.14. Comstock Resources, Inc. has a twelve month low of $12.12 and a twelve month high of $28.10. The company's 50-day moving average price is $13.84 and its two-hundred day moving average price is $15.93.

Comstock Resources (NYSE:CRK - Get Free Report) last posted its quarterly earnings data on Wednesday, July 29th. The oil and gas producer reported $0.03 EPS for the quarter, beating the consensus estimate of $0.02 by $0.01. Comstock Resources had a return on equity of 4.12% and a net margin of 23.31%.The business had revenue of $353.28 million for the quarter, compared to the consensus estimate of $419.22 million. During the same quarter in the prior year, the business earned $0.13 earnings per share. Comstock Resources's revenue for the quarter was down 24.9% on a year-over-year basis. As a group, equities analysts expect that Comstock Resources, Inc. will post 0.4 earnings per share for the current year.

Wall Street Analyst Weigh In

CRK has been the subject of several analyst reports. The Goldman Sachs Group increased their target price on shares of Comstock Resources from $9.00 to $15.00 and gave the company a "sell" rating in a report on Wednesday. Wall Street Zen downgraded shares of Comstock Resources from a "sell" rating to a "strong sell" rating in a research report on Saturday, August 29th. Citigroup decreased their price objective on shares of Comstock Resources from $19.00 to $16.00 and set a "neutral" rating for the company in a research note on Monday, July 20th. Zacks Research cut shares of Comstock Resources from a "hold" rating to a "strong sell" rating in a research report on Thursday, July 16th. Finally, Mizuho boosted their target price on Comstock Resources from $19.00 to $20.00 and gave the stock a "neutral" rating in a research note on Tuesday. Eight investment analysts have rated the stock with a Hold rating and four have given a Sell rating to the company's stock. According to data from MarketBeat.com, the stock currently has an average rating of "Reduce" and an average price target of $15.80.

Comstock Resources Company Profile

Comstock Resources, Inc is an independent energy company engaged in the acquisition, exploration, development and production of oil and natural gas properties in the United States. The company focuses on generating long-term value through the efficient development of unconventional resource plays and conventional prospects. Its activities encompass drilling, completion and production operations, as well as the marketing of natural gas, natural gas liquids and crude oil.

Comstock holds a core position in the Haynesville Shale of Northwest Louisiana, one of the most active natural gas plays in North America, and has built a complementary portfolio in the Delaware Basin of West Texas.

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