Comstock Resources, Inc. $CRK Holdings Lifted by First Trust Advisors LP

Key Points

• First Trust Advisors LP increased its Comstock Resources stake by 143.2% in the first quarter, owning 1.08 million shares valued at approximately $22.8 million. Institutional investors collectively hold 36.13% of CRK.
• Wall Street sentiment remains cautious, with six analysts rating CRK a Hold and four issuing Sell ratings. The stock has an average “Reduce” rating and a consensus price target of $15.22.
• Comstock reported quarterly EPS of $0.03, beating estimates by $0.01, but revenue fell 24.9% year over year to $353.3 million, below analyst expectations. Shares opened at $12.64, near their 52-week low of $12.22.

First Trust Advisors LP increased its position in shares of Comstock Resources, Inc. (NYSE:CRK - Free Report) by 143.2% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 1,079,633 shares of the oil and gas producer's stock after acquiring an additional 635,781 shares during the period. First Trust Advisors LP owned approximately 0.37% of Comstock Resources worth $22,759,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of CRK. Goehring & Rozencwajg Associates LLC lifted its stake in Comstock Resources by 34.8% during the first quarter. Goehring & Rozencwajg Associates LLC now owns 861,858 shares of the oil and gas producer's stock valued at $18,168,000 after purchasing an additional 222,569 shares during the last quarter. BW Gestao de Investimentos Ltda. grew its position in Comstock Resources by 163.7% in the fourth quarter. BW Gestao de Investimentos Ltda. now owns 152,100 shares of the oil and gas producer's stock worth $3,526,000 after buying an additional 94,418 shares during the last quarter. Gemsstock Ltd. acquired a new position in Comstock Resources in the fourth quarter worth approximately $19,186,000. Rahlfs Capital LLC bought a new position in shares of Comstock Resources in the fourth quarter valued at $1,144,000. Finally, Fiduciary Alliance LLC increased its holdings in shares of Comstock Resources by 254.2% in the first quarter. Fiduciary Alliance LLC now owns 160,675 shares of the oil and gas producer's stock valued at $3,387,000 after buying an additional 115,313 shares in the last quarter. 36.13% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of equities research analysts have recently commented on CRK shares. The Goldman Sachs Group cut their price objective on Comstock Resources from $13.00 to $10.00 and set a "sell" rating for the company in a research report on Tuesday, June 30th. Mizuho decreased their target price on Comstock Resources from $25.00 to $21.00 and set a "neutral" rating on the stock in a report on Wednesday, May 27th. Williams Trading set a $16.00 target price on Comstock Resources in a research report on Thursday, May 14th. Morgan Stanley set a $16.00 target price on Comstock Resources and gave the company an "equal weight" rating in a report on Monday, June 29th. Finally, Roth Capital raised Comstock Resources from a "sell" rating to a "neutral" rating and set a $13.00 price target on the stock in a research note on Friday, July 10th. Six investment analysts have rated the stock with a Hold rating and four have assigned a Sell rating to the company's stock. Based on data from MarketBeat, the stock currently has an average rating of "Reduce" and a consensus price target of $15.22.

Comstock Resources Stock Up 2.1%

Shares of NYSE:CRK opened at $12.64 on Thursday. The company has a debt-to-equity ratio of 0.96, a quick ratio of 0.41 and a current ratio of 0.41. The company has a market cap of $3.71 billion, a PE ratio of 5.77 and a beta of 0.10. Comstock Resources, Inc. has a 52 week low of $12.22 and a 52 week high of $28.10. The firm has a 50 day simple moving average of $13.51 and a 200 day simple moving average of $17.39.

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, topping analysts' consensus estimates of $0.02 by $0.01. Comstock Resources had a net margin of 27.18% and a return on equity of 5.54%. The firm had revenue of $353.28 million during the quarter, compared to analyst estimates of $419.22 million. During the same quarter last year, the business posted $0.13 EPS. The company's revenue was down 24.9% on a year-over-year basis. As a group, research analysts expect that Comstock Resources, Inc. will post 0.5 earnings per share for the current year.

Comstock Resources 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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