Comstock Resources, Inc. $CRK Stock Position Lowered by Man Group plc

Key Points

• Man Group plc cut its Comstock Resources stake by 56.6% in the second quarter, selling 298,717 shares and retaining 228,822 shares worth approximately $3.4 million. Institutional investors collectively own 36.13% of the company.
• Comstock reported quarterly EPS of $0.03, ahead of the $0.02 consensus estimate, but revenue fell 24.9% year over year to $353.28 million, below expectations of $419.22 million.
• Analyst sentiment remains cautious, with six Hold ratings and four Sell ratings; the stock has an average “Reduce” rating and a consensus price target of $14.89, near its reported price of $14.45.

Man Group plc trimmed its holdings in Comstock Resources, Inc. (NYSE:CRK - Free Report) by 56.6% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 228,822 shares of the oil and gas producer's stock after selling 298,717 shares during the quarter. Man Group plc owned 0.08% of Comstock Resources worth $3,414,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors also recently made changes to their positions in the company. BlackRock Inc. acquired a new stake in shares of Comstock Resources in the second quarter valued at approximately $176,583,000. Dragoneer Investment Group LLC bought a new position in shares of Comstock Resources during the 4th quarter worth approximately $99,632,000. Bank of America Corp DE increased its holdings in shares of Comstock Resources by 344.5% during the 2nd quarter. Bank of America Corp DE now owns 1,853,846 shares of the oil and gas producer's stock worth $51,296,000 after acquiring an additional 1,436,746 shares during the last quarter. Gemsstock Ltd. bought a new stake in Comstock Resources in the 4th quarter valued at $19,186,000. Finally, First Trust Advisors LP raised its stake in Comstock Resources by 143.2% in the 1st quarter. First Trust Advisors LP now owns 1,079,633 shares of the oil and gas producer's stock valued at $22,759,000 after acquiring an additional 635,781 shares during the period. Institutional investors own 36.13% of the company's stock.

Comstock Resources Price Performance

Comstock Resources stock opened at $14.45 on Tuesday. 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, Inc. has a 52 week low of $12.12 and a 52 week high of $28.10. The stock has a market capitalization of $4.24 billion, a P/E ratio of 8.12 and a beta of 0.13. The stock has a fifty day moving average of $13.72 and a 200-day moving average of $16.01.

Comstock Resources (NYSE:CRK - Get Free Report) last posted its quarterly earnings results on Wednesday, July 29th. The oil and gas producer reported $0.03 earnings per share 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 company had revenue of $353.28 million for the quarter, compared to the consensus estimate of $419.22 million. During the same period last year, the company posted $0.13 EPS. The firm's quarterly revenue was down 24.9% compared to the same quarter last year. On average, sell-side analysts expect that Comstock Resources, Inc. will post 0.4 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on CRK. Citigroup dropped their price target on Comstock Resources from $19.00 to $16.00 and set a "neutral" rating for the company in a report on Monday, July 20th. Williams Trading set a $16.00 price objective on Comstock Resources in a report on Thursday, May 14th. Mizuho set a $19.00 price objective on Comstock Resources in a research report on Monday, August 10th. Zacks Research downgraded Comstock Resources from a "hold" rating to a "strong sell" rating in a report on Thursday, July 16th. Finally, Morgan Stanley set a $15.00 target price on shares of Comstock Resources and gave the company an "equal weight" rating in a research report on Wednesday, August 19th. Six investment analysts have rated the stock with a Hold rating and four have assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Reduce" and a consensus target price of $14.89.

About Comstock Resources

Comstock Resources, Inc is an independent energy company engaged in the acquisition, exploration, development and production of oil and natural gas properties in the United States. The company focuses on generating long-term value through the efficient development of unconventional resource plays and conventional prospects. Its activities encompass drilling, completion and production operations, as well as the marketing of natural gas, natural gas liquids and crude oil.

Comstock holds a core position in the Haynesville Shale of Northwest Louisiana, one of the most active natural gas plays in North America, and has built a complementary portfolio in the Delaware Basin of West Texas.

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