Comstock Resources, Inc. $CRK Shares Purchased by Great Hill Capital LLC

Key Points

• Great Hill Capital increased its Comstock Resources stake by 26.2% in the third quarter, adding 119,036 shares for a total of 572,965 shares valued at approximately $7.1 million. Institutional investors collectively own 36.13% of the company.
• Analysts remain cautious, with ten Hold ratings and five Sell ratings producing a consensus “Reduce” rating and an average price target of $15.00.
• Comstock shares opened at $14.09, near their 52-week low, while the company’s latest quarterly results modestly exceeded EPS estimates but included a 24.9% year-over-year revenue decline.

Great Hill Capital LLC increased its position in Comstock Resources, Inc. (NYSE:CRK - Free Report) by 26.2% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 572,965 shares of the oil and gas producer's stock after purchasing an additional 119,036 shares during the period. Comstock Resources makes up approximately 0.4% of Great Hill Capital LLC's holdings, making the stock its 19th biggest position. Great Hill Capital LLC owned 0.20% of Comstock Resources worth $7,059,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of CRK. Whittier Trust Co. of Nevada Inc. bought a new stake in Comstock Resources during the 1st quarter valued at about $29,000. Caitong International Asset Management Co. Ltd bought a new position in shares of Comstock Resources in the fourth quarter worth approximately $36,000. Public Employees Retirement System of Ohio bought a new position in shares of Comstock Resources in the second quarter worth approximately $26,000. Axiom Investment Management LLC bought a new position in shares of Comstock Resources in the first quarter worth approximately $63,000. Finally, Integrated Wealth Concepts LLC bought a new position in shares of Comstock Resources in the second quarter worth approximately $68,000. 36.13% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on CRK shares. Cantor Fitzgerald reissued a "neutral" rating on shares of Comstock Resources in a research report on Wednesday, September 2nd. Truist Financial assumed coverage on Comstock Resources in a research report on Thursday, September 17th. They issued a "hold" rating and a $16.00 price objective on the stock. Jefferies Financial Group assumed coverage on Comstock Resources in a research note on Friday, September 25th. They set a "hold" rating and a $14.00 target price on the stock. Weiss Ratings reiterated a "hold (c)" rating on shares of Comstock Resources in a research note on Monday, August 17th. Finally, Mizuho reduced their target price on Comstock Resources from $20.00 to $17.00 and set a "neutral" rating for the company in a report on Friday, October 16th. Ten investment analysts have rated the stock with a Hold rating and five have given a Sell rating to the company's stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Reduce" and an average target price of $15.00.

Comstock Resources Price Performance

Shares of NYSE:CRK opened at $14.09 on Wednesday. Comstock Resources, Inc. has a fifty-two week low of $12.12 and a fifty-two week high of $28.10. The business has a 50-day simple moving average of $13.93 and a two-hundred day simple moving average of $14.38. The company has a debt-to-equity ratio of 0.98, a quick ratio of 0.48 and a current ratio of 0.48. The firm has a market cap of $4.14 billion, a price-to-earnings ratio of 33.12 and a beta of 0.52.

Comstock Resources (NYSE:CRK - Get Free Report) last announced its quarterly earnings results on Wednesday, July 29th. The oil and gas producer reported $0.03 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.02 by $0.01. Comstock Resources had a net margin of 23.31% and a return on equity of 4.12%. The firm had revenue of $353.28 million for the quarter, compared to the consensus estimate of $419.22 million. During the same quarter last year, the firm posted $0.13 EPS. The business's quarterly revenue was down 24.9% compared to the same quarter last year. On average, analysts expect that Comstock Resources, Inc. will post 0.31 earnings per share for the current year.

Comstock Resources Profile

Comstock Resources, Inc is an independent energy company engaged in the acquisition, development, production and exploration of oil and natural gas properties. The company's operations are focused primarily on unconventional resources, with natural gas serving as its principal product.

Comstock's core asset base is concentrated in the Haynesville and Bossier shale formations in East Texas and North Louisiana. These regions are among the major natural gas-producing areas in the United States, and the company uses horizontal drilling and hydraulic fracturing to develop its properties.

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