Comstock Resources, Inc. (NYSE:CRK) Shares Sold by LPL Financial LLC

Key Points

• LPL Financial LLC has decreased its stake in Comstock Resources by 41.8%, now owning 172,586 shares valued at approximately $3.5 million.
• Comstock Resources reported $470.26 million in revenue for the last quarter, significantly exceeding expectations and achieving a 90.5% year-over-year increase.
• Equities analysts have mixed opinions on Comstock Resources, with an average target price of $19.18 and ratings ranging from sell to hold.

LPL Financial LLC reduced its position in shares of Comstock Resources, Inc. (NYSE:CRK - Free Report) by 41.8% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 172,586 shares of the oil and gas producer's stock after selling 124,035 shares during the period. LPL Financial LLC owned 0.06% of Comstock Resources worth $3,510,000 at the end of the most recent quarter.

Other large investors also recently bought and sold shares of the company. JPMorgan Chase & Co. grew its position in shares of Comstock Resources by 7.4% in the fourth quarter. JPMorgan Chase & Co. now owns 182,995 shares of the oil and gas producer's stock valued at $3,334,000 after purchasing an additional 12,657 shares in the last quarter. Bank of Montreal Can grew its position in shares of Comstock Resources by 1.9% in the fourth quarter. Bank of Montreal Can now owns 40,983 shares of the oil and gas producer's stock valued at $747,000 after purchasing an additional 772 shares in the last quarter. Sterling Capital Management LLC grew its position in shares of Comstock Resources by 804.6% in the fourth quarter. Sterling Capital Management LLC now owns 2,958 shares of the oil and gas producer's stock valued at $54,000 after purchasing an additional 2,631 shares in the last quarter. Townsquare Capital LLC purchased a new stake in shares of Comstock Resources in the fourth quarter valued at approximately $202,000. Finally, Mariner LLC grew its position in shares of Comstock Resources by 36.4% in the fourth quarter. Mariner LLC now owns 68,156 shares of the oil and gas producer's stock valued at $1,242,000 after purchasing an additional 18,187 shares in the last quarter. 36.13% of the stock is currently owned by hedge funds and other institutional investors.

Comstock Resources Stock Up 0.2%

Shares of NYSE CRK opened at $15.96 on Friday. The stock has a market cap of $4.68 billion, a P/E ratio of -66.50 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. Comstock Resources, Inc. has a 12-month low of $9.09 and a 12-month high of $31.17. The business's fifty day simple moving average is $22.67 and its 200-day simple moving average is $20.96.

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 for the quarter, beating analysts' consensus estimates of $0.09 by $0.04. Comstock Resources had a positive return on equity of 3.65% and a negative net margin of 5.05%. The company had revenue of $470.26 million for the quarter, compared to analysts' expectations of $431.82 million. During the same period last year, the firm earned ($0.20) earnings per share. Comstock Resources's quarterly revenue was up 90.5% on a year-over-year basis. As a group, equities analysts predict that Comstock Resources, Inc. will post 0.54 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on the company. Citigroup restated a "neutral" rating and issued a $27.00 price target (up from $22.00) on shares of Comstock Resources in a research report on Friday, June 13th. Wall Street Zen upgraded Comstock Resources to a "sell" rating in a research report on Thursday, May 8th. Morgan Stanley lowered their price objective on Comstock Resources from $21.00 to $19.00 and set an "equal weight" rating for the company in a research report on Monday, August 4th. UBS Group lowered their price objective on Comstock Resources from $20.00 to $18.00 and set a "sell" rating for the company in a research report on Thursday, July 31st. Finally, Mizuho increased their price objective on Comstock Resources from $22.00 to $24.00 and gave the stock a "neutral" rating in a research report on Tuesday, May 13th. Four investment analysts have rated the stock with a sell rating, five have given a hold rating and two have assigned a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of "Hold" and an average target price of $19.18.

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.

Want to see what other hedge funds are holding CRK? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Comstock Resources, Inc. (NYSE:CRK - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.