Public Sector Pension Investment Board Acquires 61,581 Shares of Comstock Resources, Inc. $CRK

Key Points

• The Public Sector Pension Investment Board increased its position in Comstock Resources by 27.3%, acquiring an additional 61,581 shares to own approximately 0.10% of the company, valued at $5,844,000.
• Comstock Resources reported a 90.5% year-over-year revenue increase to $470.26 million for the last quarter, with an EPS of $0.13, surpassing analysts' expectations.
• Analysts have varied opinions on Comstock Resources, with ratings ranging from sell to buy, and a consensus target price of $19.18.

Public Sector Pension Investment Board lifted its position in shares of Comstock Resources, Inc. (NYSE:CRK - Free Report) by 27.3% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 287,298 shares of the oil and gas producer's stock after acquiring an additional 61,581 shares during the period. Public Sector Pension Investment Board owned approximately 0.10% of Comstock Resources worth $5,844,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds also recently made changes to their positions in the company. Nuveen LLC bought a new stake in shares of Comstock Resources during the 1st quarter worth approximately $5,127,000. Invesco Ltd. lifted its holdings in shares of Comstock Resources by 79.9% during the 1st quarter. Invesco Ltd. now owns 1,155,680 shares of the oil and gas producer's stock worth $23,507,000 after acquiring an additional 513,190 shares during the period. Connor Clark & Lunn Investment Management Ltd. bought a new stake in shares of Comstock Resources during the 1st quarter worth approximately $4,043,000. Phocas Financial Corp. bought a new stake in shares of Comstock Resources during the 1st quarter worth approximately $1,115,000. Finally, Natixis Advisors LLC lifted its holdings in shares of Comstock Resources by 33.2% during the 1st quarter. Natixis Advisors LLC now owns 34,326 shares of the oil and gas producer's stock worth $698,000 after acquiring an additional 8,548 shares during the period. Institutional investors own 36.13% of the company's stock.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on CRK shares. UBS Group cut their price target on shares of Comstock Resources from $18.00 to $14.00 and set a "sell" rating for the company in a report on Wednesday. Wall Street Zen raised shares of Comstock Resources to a "sell" rating in a research note on Thursday, May 8th. 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 note on Tuesday, June 17th. Morgan Stanley dropped their price objective on shares of Comstock Resources from $21.00 to $19.00 and set an "equal weight" rating for the company in a research note on Monday, August 4th. Finally, Bank of America increased their price objective on shares of Comstock Resources from $25.00 to $27.00 and gave the company a "buy" rating in a research note on Friday, May 23rd. Two equities research 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 data from MarketBeat, Comstock Resources currently has an average rating of "Reduce" and a consensus price target of $18.25.

Comstock Resources Price Performance

NYSE:CRK traded up $0.1980 on Thursday, hitting $15.6080. The company had a trading volume of 2,188,367 shares, compared to its average volume of 2,768,075. The stock has a market capitalization of $4.57 billion, a price-to-earnings ratio of -65.03 and a beta of 0.28. 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 firm has a 50 day moving average of $21.93 and a two-hundred day moving average of $20.87. Comstock Resources, Inc. has a 52 week low of $9.09 and a 52 week high of $31.17.

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

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.