Vanguard Group Inc. Sells 211,131 Shares of Comstock Resources, Inc. $CRK

Key Points

• Vanguard Group Inc. has reduced its stake in Comstock Resources by 2.3%, now owning approximately 3.08% of the company, valued at around $183.3 million.
• Comstock Resources reported a 90.5% increase in year-over-year revenue, totaling $470.26 million for the quarter, surpassing analyst expectations.
• Analysts are divided on Comstock Resources, with two rating it as a Buy, while four assigned a Sell rating; the consensus price target is set at $18.58.

Vanguard Group Inc. reduced its position in shares of Comstock Resources, Inc. (NYSE:CRK - Free Report) by 2.3% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 9,011,851 shares of the oil and gas producer's stock after selling 211,131 shares during the quarter. Vanguard Group Inc. owned about 3.08% of Comstock Resources worth $183,301,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Phocas Financial Corp. bought a new stake in Comstock Resources during the 1st quarter worth about $1,115,000. Natixis Advisors LLC raised its holdings in Comstock Resources by 33.2% during the 1st quarter. Natixis Advisors LLC now owns 34,326 shares of the oil and gas producer's stock worth $698,000 after purchasing an additional 8,548 shares during the last quarter. Bayforest Capital Ltd bought a new stake in Comstock Resources during the 1st quarter worth about $271,000. GSA Capital Partners LLP raised its holdings in Comstock Resources by 39.8% during the 1st quarter. GSA Capital Partners LLP now owns 93,492 shares of the oil and gas producer's stock worth $1,902,000 after purchasing an additional 26,609 shares during the last quarter. Finally, TCTC Holdings LLC raised its holdings in Comstock Resources by 184.3% during the 1st quarter. TCTC Holdings LLC now owns 61,700 shares of the oil and gas producer's stock worth $1,255,000 after purchasing an additional 40,000 shares during the last quarter. 36.13% of the stock is owned by institutional investors.

Comstock Resources Stock Down 2.0%

NYSE CRK traded down $0.3170 during trading hours on Friday, reaching $15.3030. 2,415,571 shares of the company's stock were exchanged, compared to its average volume of 2,782,084. The company's 50-day moving average is $21.73 and its two-hundred day moving average is $20.86. Comstock Resources, Inc. has a one year low of $9.09 and a one year 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 company has a market capitalization of $4.48 billion, a price-to-earnings ratio of -63.76 and a beta of 0.28.

Comstock Resources (NYSE:CRK - Get Free Report) last posted its earnings results on Wednesday, July 30th. The oil and gas producer reported $0.13 earnings per share (EPS) for the quarter, topping analysts' consensus estimates 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 analysts' expectations of $431.82 million. During the same period in the prior year, the business earned ($0.20) EPS. Comstock Resources's revenue for the quarter was up 90.5% compared to the same quarter last year. On average, analysts forecast that Comstock Resources, Inc. will post 0.54 EPS for the current fiscal year.

Analyst Ratings Changes

CRK has been the subject of a number of recent analyst reports. Piper Sandler lowered their price target on Comstock Resources from $12.00 to $10.00 and set an "underweight" rating for the company in a research note on Monday, August 4th. Bank of America upped their price target on Comstock Resources from $25.00 to $27.00 and gave the company a "buy" rating in a research note on Friday, May 23rd. Citigroup reaffirmed a "neutral" rating and issued a $27.00 price target (up from $22.00) on shares of Comstock Resources in a research note on Friday, June 13th. Mizuho upped their price target on Comstock Resources from $22.00 to $24.00 and gave the company a "neutral" rating in a research note on Tuesday, May 13th. Finally, Wall Street Zen raised Comstock Resources to a "sell" rating in a research note on Thursday, May 8th. Two research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and four have issued a Sell rating to the company. According to data from MarketBeat.com, the company has an average rating of "Reduce" and an average target price of $18.25.

About Comstock Resources

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.