Clarus Group Inc. Buys 16,130 Shares of Comstock Resources, Inc. $CRK

Key Points

• Clarus Group Inc. has increased its stake in Comstock Resources by 8.2%, now owning 213,330 shares after acquiring an additional 16,130 shares in the second quarter.
• Comstock Resources reported earnings of $0.13 per share for the last quarter, exceeding analysts' expectations of $0.09, while revenue surged 90.5% year-over-year to $470.26 million.
• Currently, 36.13% of Comstock Resources' shares are held by institutional investors, with various firms, including Invesco and Goldman Sachs, significantly increasing their positions recently.

Clarus Group Inc. lifted its stake in shares of Comstock Resources, Inc. (NYSE:CRK - Free Report) by 8.2% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 213,330 shares of the oil and gas producer's stock after acquiring an additional 16,130 shares during the quarter. Comstock Resources makes up approximately 2.2% of Clarus Group Inc.'s holdings, making the stock its 14th biggest position. Clarus Group Inc. owned about 0.07% of Comstock Resources worth $5,903,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in CRK. Invesco Ltd. boosted its position in shares of Comstock Resources by 79.9% in the first quarter. Invesco Ltd. now owns 1,155,680 shares of the oil and gas producer's stock worth $23,507,000 after purchasing an additional 513,190 shares during the period. Goldman Sachs Group Inc. boosted its holdings in Comstock Resources by 67.4% in the 1st quarter. Goldman Sachs Group Inc. now owns 1,086,868 shares of the oil and gas producer's stock worth $22,107,000 after buying an additional 437,476 shares during the period. Woodline Partners LP bought a new position in Comstock Resources in the 1st quarter worth $8,719,000. Nuveen LLC bought a new position in Comstock Resources in the 1st quarter worth $5,127,000. Finally, Connor Clark & Lunn Investment Management Ltd. bought a new position in Comstock Resources in the 1st quarter worth $4,043,000. 36.13% of the stock is currently owned by institutional investors.

Comstock Resources Price Performance

Shares of CRK stock opened at $19.22 on Thursday. Comstock Resources, Inc. has a 52-week low of $10.72 and a 52-week high of $31.17. The company has a debt-to-equity ratio of 1.24, a quick ratio of 0.36 and a current ratio of 0.36. The firm has a market capitalization of $5.63 billion, a P/E ratio of -80.09 and a beta of 0.27. The stock has a 50 day moving average price of $17.26 and a 200 day moving average price of $20.52.

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

Wall Street Analysts Forecast Growth

CRK has been the subject of a number of recent analyst reports. Wolfe Research raised Comstock Resources from a "peer perform" rating to an "outperform" rating and set a $34.00 price objective for the company in a research note on Tuesday, June 17th. Mizuho dropped their price target on Comstock Resources from $27.00 to $22.00 and set a "neutral" rating for the company in a research note on Monday, September 15th. Roth Capital lowered shares of Comstock Resources from a "neutral" rating to a "sell" rating and dropped their target price for the stock from $18.00 to $12.00 in a research report on Monday, August 18th. Piper Sandler dropped 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. Finally, UBS Group dropped their target price on shares of Comstock Resources from $18.00 to $14.00 and set a "sell" rating for the company in a research report on Wednesday, August 20th. Two analysts have rated the stock with a Buy rating, five have given a Hold rating and four have issued a Sell rating to the company. According to data from MarketBeat, the company currently has an average rating of "Reduce" and an average target price of $18.08.

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.

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