Comstock Resources, Inc. $CRK Shares Purchased by State Street Corp

Key Points

• State Street increased its Comstock Resources position by 2.7% in the second quarter, acquiring 141,295 additional shares and bringing its holdings to 5.34 million shares, worth approximately $79.6 million.
• Other institutional investors also expanded or initiated positions, including BlackRock’s new $176.6 million stake; institutions and hedge funds collectively own 36.13% of Comstock’s shares.
• Comstock reported quarterly EPS of $0.03, beating estimates, but revenue fell 24.9% year over year to $353.3 million. Analysts maintain a cautious outlook, with an average “Reduce” rating and a consensus price target of $15.91 versus the stock’s $13.80 opening price.

State Street Corp raised its position in shares of Comstock Resources, Inc. (NYSE:CRK - Free Report) by 2.7% in the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 5,336,565 shares of the oil and gas producer's stock after acquiring an additional 141,295 shares during the period. State Street Corp owned approximately 1.82% of Comstock Resources worth $79,622,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. BlackRock Inc. bought a new stake in Comstock Resources in the 2nd quarter valued at $176,583,000. Dragoneer Investment Group LLC bought a new position in Comstock Resources during the 4th quarter worth $99,632,000. First Trust Advisors LP lifted its holdings in shares of Comstock Resources by 143.2% during the first quarter. First Trust Advisors LP now owns 1,079,633 shares of the oil and gas producer's stock worth $22,759,000 after buying an additional 635,781 shares in the last quarter. Goehring & Rozencwajg Associates LLC lifted its holdings in shares of 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 worth $18,168,000 after buying an additional 222,569 shares in the last quarter. Finally, Gemsstock Ltd. bought a new stake in shares of Comstock Resources in the fourth quarter valued at about $19,186,000. Institutional investors and hedge funds own 36.13% of the company's stock.

Comstock Resources Stock Up 2.6%

Shares of NYSE CRK opened at $13.80 on Friday. The stock has a market capitalization of $4.05 billion, a P/E ratio of 7.75 and a beta of 0.14. The stock's fifty day moving average is $13.89 and its 200 day moving average is $15.35. Comstock Resources, Inc. has a 52 week low of $12.12 and a 52 week high of $28.10. The company has a debt-to-equity ratio of 0.98, a quick ratio of 0.48 and a current ratio of 0.48.

Comstock Resources (NYSE:CRK - Get Free Report) last released its earnings results on Wednesday, July 29th. The oil and gas producer reported $0.03 EPS for the quarter, beating the consensus estimate of $0.02 by $0.01. The firm had revenue of $353.28 million for the quarter, compared to analyst estimates of $419.22 million. Comstock Resources had a net margin of 23.31% and a return on equity of 4.12%. The business's quarterly revenue was down 24.9% compared to the same quarter last year. During the same period last year, the firm earned $0.13 EPS. Sell-side analysts forecast that Comstock Resources, Inc. will post 0.27 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on the stock. BMO Capital Markets reaffirmed a "market perform" rating and set a $17.00 price target (up from $13.00) on shares of Comstock Resources in a research report on Wednesday, September 2nd. Citigroup cut their price objective on shares of Comstock Resources from $19.00 to $16.00 and set a "neutral" rating for the company in a report on Monday, July 20th. Truist Financial initiated coverage on shares of Comstock Resources in a report on Thursday, September 17th. They set a "hold" rating and a $16.00 target price on the stock. Weiss Ratings reiterated a "hold (c)" rating on shares of Comstock Resources in a research report on Monday, August 17th. Finally, Zacks Research cut Comstock Resources from a "hold" rating to a "strong sell" rating in a research note on Thursday, July 16th. Nine research analysts have rated the stock with a Hold rating and four have given a Sell rating to the stock. According to MarketBeat, the company presently has an average rating of "Reduce" and a consensus price target of $15.91.

Comstock Resources Company Profile

Comstock Resources, Inc is an independent exploration and production company focused on finding, developing, acquiring and producing oil and natural gas in the United States. Its operations are primarily centered on natural gas and natural gas liquids, with production sold to commercial customers, utilities, marketers and other participants in energy markets.

The company's principal assets are located in the Haynesville and Bossier shale plays in North Louisiana and East Texas, one of the largest natural gas-producing regions in the United States.

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