Comstock Resources, Inc. $CRK Shares Bought by Invesco Ltd.

Key Points

• Invesco Ltd. increased its stake in Comstock Resources by 79.9% during the first quarter, owning approximately 1,155,680 shares valued at $23.51 million.
• Comstock Resources reported a 90.5% increase in quarterly revenue, totaling $470.26 million, and achieved an EPS of $0.13, surpassing analysts' expectations.
• Several brokerage firms have adjusted their ratings on Comstock, with a consensus rating of "Reduce" and a target price of $18.25.

Invesco Ltd. lifted its holdings in shares of Comstock Resources, Inc. (NYSE:CRK - Free Report) by 79.9% in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 1,155,680 shares of the oil and gas producer's stock after buying an additional 513,190 shares during the period. Invesco Ltd. owned 0.39% of Comstock Resources worth $23,507,000 at the end of the most recent reporting period.

A number of other institutional investors have also modified their holdings of the business. Corigliano Investment Advisers LLC bought a new stake in shares of Comstock Resources during the 4th quarter valued at about $11,450,000. Principal Financial Group Inc. grew its position in shares of Comstock Resources by 2.7% during the 1st quarter. Principal Financial Group Inc. now owns 451,327 shares of the oil and gas producer's stock valued at $9,180,000 after buying an additional 11,857 shares during the last quarter. Susquehanna Fundamental Investments LLC bought a new stake in shares of Comstock Resources during the 4th quarter valued at about $6,349,000. Marshall Wace LLP bought a new stake in shares of Comstock Resources during the 4th quarter valued at about $6,329,000. Finally, Glenorchy Capital Ltd grew its position in shares of Comstock Resources by 4.2% during the 4th quarter. Glenorchy Capital Ltd now owns 205,976 shares of the oil and gas producer's stock valued at $3,753,000 after buying an additional 8,263 shares during the last quarter. Institutional investors own 36.13% of the company's stock.

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on the stock. Roth Capital downgraded shares of Comstock Resources from a "neutral" rating to a "sell" rating and lowered their price objective for the company from $18.00 to $12.00 in a research report on Monday, August 18th. Piper Sandler lowered their price objective 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. Wolfe Research raised shares of Comstock Resources from a "peer perform" rating to an "outperform" rating and set a $34.00 price objective for the company in a research report on Tuesday, June 17th. UBS Group decreased 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. Finally, Mizuho upped their target price on shares of Comstock Resources from $22.00 to $24.00 and gave the stock a "neutral" rating in a research report on Tuesday, May 13th. Two investment 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 MarketBeat.com, the company presently has an average rating of "Reduce" and a consensus target price of $18.25.

Comstock Resources Stock Performance

NYSE CRK traded up $0.60 on Tuesday, hitting $15.90. The stock had a trading volume of 1,758,342 shares, compared to its average volume of 2,811,076. Comstock Resources, Inc. has a one year low of $9.09 and a one year high of $31.17. The company has a quick ratio of 0.36, a current ratio of 0.36 and a debt-to-equity ratio of 1.24. The stock has a market cap of $4.66 billion, a price-to-earnings ratio of -66.25 and a beta of 0.28. The company's 50-day moving average is $21.25 and its two-hundred day moving average is $20.84.

Comstock Resources (NYSE:CRK - Get Free Report) last posted its earnings results on Wednesday, July 30th. The oil and gas producer reported $0.13 EPS for the quarter, topping the consensus estimate of $0.09 by $0.04. Comstock Resources had a negative net margin of 5.05% and a positive return on equity of 3.65%. The firm had revenue of $470.26 million during the quarter, compared to analysts' expectations of $431.82 million. During the same quarter in the prior year, the firm earned ($0.20) EPS. Comstock Resources's quarterly revenue was up 90.5% on a year-over-year basis. On average, analysts expect that Comstock Resources, Inc. will post 0.54 earnings per share for the current year.

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.