BlackRock Inc. Takes $176.58 Million Position in Comstock Resources, Inc. $CRK

Key Points

• BlackRock acquired 11.84 million Comstock Resources shares valued at approximately $176.6 million, giving it a 4.03% stake in the natural-gas producer.
• Comstock’s latest quarter showed adjusted strength but weaker operations: EPS of $0.03 beat estimates by $0.01, while revenue fell 24.9% year over year to $353.3 million, below analyst expectations.
• Investor sentiment remains cautious: analysts’ average rating is “Reduce”, with six Hold ratings and four Sell ratings and an average price target of $14.89, near the stock’s $14.62 opening price.

BlackRock Inc. purchased a new position in Comstock Resources, Inc. (NYSE:CRK - Free Report) during the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund purchased 11,835,338 shares of the oil and gas producer's stock, valued at approximately $176,583,000. BlackRock Inc. owned approximately 4.03% of Comstock Resources as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Rothschild Investment LLC boosted its holdings in Comstock Resources by 740.4% in the fourth quarter. Rothschild Investment LLC now owns 1,143 shares of the oil and gas producer's stock worth $26,000 after purchasing an additional 1,007 shares during the period. Advisory Services Network LLC acquired a new stake in shares of Comstock Resources during the third quarter worth $27,000. Kemnay Advisory Services Inc. bought a new position in shares of Comstock Resources in the 4th quarter worth about $29,000. Whittier Trust Co. of Nevada Inc. bought a new position in shares of Comstock Resources in the 1st quarter worth about $29,000. Finally, Hantz Financial Services Inc. boosted its holdings 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 valued at $33,000 after buying an additional 1,290 shares during the period. Hedge funds and other institutional investors own 36.13% of the company's stock.

Comstock Resources Stock Up 0.8%

Shares of CRK stock opened at $14.62 on Friday. Comstock Resources, Inc. has a 1 year low of $12.12 and a 1 year high of $28.10. The stock has a market cap of $4.29 billion, a PE ratio of 8.21 and a beta of 0.13. The business's fifty day moving average is $13.68 and its 200-day moving average is $16.10. The company has a debt-to-equity ratio of 0.98, a quick ratio of 0.48 and a current 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 EPS for the quarter, beating the consensus estimate 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 analyst estimates of $419.22 million. During the same period in the prior year, the business earned $0.13 earnings per share. The business's quarterly revenue was down 24.9% on a year-over-year basis. Equities analysts expect that Comstock Resources, Inc. will post 0.4 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several equities analysts have recently commented on the company. Roth Capital reaffirmed a "neutral" rating on shares of Comstock Resources in a report on Thursday, July 30th. Morgan Stanley set a $15.00 price objective on Comstock Resources and gave the stock an "equal weight" rating in a research note on Wednesday, August 19th. Citigroup dropped their target price on Comstock Resources from $19.00 to $16.00 and set a "neutral" rating on the stock in a research report on Monday, July 20th. Williams Trading set a $16.00 target price on Comstock Resources in a research note on Thursday, May 14th. Finally, The Goldman Sachs Group reduced their price target on shares of Comstock Resources from $13.00 to $10.00 and set a "sell" rating for the company in a report on Tuesday, June 30th. Six research analysts have rated the stock with a Hold rating and four have given a Sell rating to the company. Based on data from MarketBeat.com, Comstock Resources has an average rating of "Reduce" and an average price target of $14.89.

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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