Bank of New York Mellon Corp Cuts Stake in Comstock Resources, Inc. (NYSE:CRK)

Bank of New York Mellon Corp lowered its position in shares of Comstock Resources, Inc. (NYSE:CRK - Free Report) by 5.9% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 698,314 shares of the oil and gas producer's stock after selling 43,841 shares during the period. Bank of New York Mellon Corp owned about 0.24% of Comstock Resources worth $14,204,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in the company. Sterling Capital Management LLC boosted its position in Comstock Resources by 804.6% during the 4th quarter. Sterling Capital Management LLC now owns 2,958 shares of the oil and gas producer's stock valued at $54,000 after acquiring an additional 2,631 shares in the last quarter. Quarry LP bought a new stake in Comstock Resources during the 4th quarter valued at approximately $70,000. GAMMA Investing LLC boosted its position in Comstock Resources by 17.6% during the 1st quarter. GAMMA Investing LLC now owns 6,803 shares of the oil and gas producer's stock valued at $138,000 after acquiring an additional 1,017 shares in the last quarter. Dark Forest Capital Management LP bought a new stake in Comstock Resources during the 4th quarter valued at approximately $194,000. Finally, Townsquare Capital LLC bought a new stake in Comstock Resources during the 4th quarter valued at approximately $202,000. Institutional investors own 36.13% of the company's stock.

Analysts Set New Price Targets

Several research firms recently issued reports on CRK. Bank of America upped their price objective on Comstock Resources from $25.00 to $27.00 and gave the company a "buy" rating in a research report on Friday, May 23rd. 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. Piper Sandler restated an "underweight" rating and issued a $12.00 price objective (up from $6.00) on shares of Comstock Resources in a research note on Tuesday, May 13th. Mizuho upped their price objective on Comstock Resources from $22.00 to $24.00 and gave the stock a "neutral" rating in a research note on Tuesday, May 13th. Finally, UBS Group restated a "sell" rating and issued a $20.00 price objective (up from $19.00) on shares of Comstock Resources in a research note on Thursday, July 10th. Five equities research analysts have rated the stock with a sell rating, four have given a hold rating and two have issued a buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of "Hold" and an average target price of $19.82.

Comstock Resources Price Performance

Shares of Comstock Resources stock traded down $0.09 during trading on Friday, reaching $23.17. 1,489,285 shares of the stock traded hands, compared to its average volume of 2,497,240. The company has a market capitalization of $6.79 billion, a price-to-earnings ratio of -20.87 and a beta of 0.37. The business has a fifty day simple moving average of $24.95 and a two-hundred day simple moving average of $21.25. The company has a debt-to-equity ratio of 1.34, a current ratio of 0.40 and a quick ratio of 0.40. Comstock Resources, Inc. has a 52-week low of $7.74 and a 52-week high of $31.17.

Comstock Resources (NYSE:CRK - Get Free Report) last announced its quarterly earnings results on Wednesday, April 30th. The oil and gas producer reported $0.18 EPS for the quarter, beating analysts' consensus estimates of $0.16 by $0.02. Comstock Resources had a negative net margin of 23.39% and a negative return on equity of 0.67%. The firm had revenue of $512.85 million during the quarter, compared to the consensus estimate of $408.99 million. During the same quarter last year, the firm earned ($0.03) EPS. The firm's revenue for the quarter was up 52.7% compared to the same quarter last year. Sell-side analysts expect that Comstock Resources, Inc. will post 0.54 EPS for the current year.

Comstock Resources 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.