Comstock Resources, Inc. $CRK Shares Sold by Cross Staff Investments Inc

Key Points

• Cross Staff Investments Inc significantly decreased its holdings in Comstock Resources, Inc. by 81.1%, selling 334,820 shares and reducing its position to 77,993 shares.
• In the latest quarter, Comstock Resources reported earnings of $0.13 per share, beating analysts' estimates, and had revenues of $470.26 million, marking a 90.5% increase compared to the same quarter last year.
• Comstock Resources' stock has seen varying analyst ratings, with a current average rating of "Reduce" and an average price target of $18.73, indicating differing opinions on the stock's future performance.

Cross Staff Investments Inc decreased its holdings in Comstock Resources, Inc. (NYSE:CRK - Free Report) by 81.1% in the second quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 77,993 shares of the oil and gas producer's stock after selling 334,820 shares during the quarter. Comstock Resources accounts for about 1.5% of Cross Staff Investments Inc's holdings, making the stock its 15th largest holding. Cross Staff Investments Inc's holdings in Comstock Resources were worth $2,158,000 as of its most recent SEC filing.

A number of other large investors also recently bought and sold shares of CRK. Invesco Ltd. raised its holdings in Comstock Resources by 79.9% in the 1st quarter. Invesco Ltd. now owns 1,155,680 shares of the oil and gas producer's stock worth $23,507,000 after purchasing an additional 513,190 shares during the period. Goldman Sachs Group Inc. raised its holdings in Comstock Resources by 67.4% in the 1st quarter. Goldman Sachs Group Inc. now owns 1,086,868 shares of the oil and gas producer's stock worth $22,107,000 after purchasing an additional 437,476 shares during the period. Woodline Partners LP acquired a new position in Comstock Resources in the 1st quarter worth about $8,719,000. Nuveen LLC acquired a new position in Comstock Resources in the 1st quarter worth about $5,127,000. Finally, Connor Clark & Lunn Investment Management Ltd. acquired a new position in Comstock Resources in the 1st quarter worth about $4,043,000. Institutional investors and hedge funds own 36.13% of the company's stock.

Comstock Resources Price Performance

NYSE:CRK opened at $18.40 on Friday. The company has a current ratio of 0.36, a quick ratio of 0.36 and a debt-to-equity ratio of 1.24. The stock has a 50 day moving average of $17.19 and a two-hundred day moving average of $20.64. The firm has a market cap of $5.39 billion, a P/E ratio of -76.66 and a beta of 0.19. Comstock Resources, Inc. has a 12 month low of $11.05 and a 12 month high of $31.17.

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

Analyst Ratings Changes

A number of equities analysts recently weighed in on the company. Weiss Ratings reaffirmed a "sell (d+)" rating on shares of Comstock Resources in a report on Wednesday. Piper Sandler cut their price objective 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. Wolfe Research upgraded Comstock Resources from a "peer perform" rating to an "outperform" rating and set a $34.00 price objective for the company in a research note on Tuesday, June 17th. Mizuho cut their price objective on Comstock Resources from $27.00 to $22.00 and set a "neutral" rating for the company in a research note on Monday, September 15th. Finally, UBS Group cut their price objective on Comstock Resources from $18.00 to $14.00 and set a "sell" rating for the company in a research note on Wednesday, August 20th. Two analysts have rated the stock with a Buy rating, four have issued a Hold rating and five have assigned a Sell rating to the company's stock. According to MarketBeat, Comstock Resources currently has an average rating of "Reduce" and an average price target of $18.73.

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.

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