Dimensional Fund Advisors LP Trims Stake in Comstock Resources, Inc. $CRK

Key Points

• Dimensional Fund Advisors LP reduced its Comstock Resources stake by 0.9% in the first quarter, selling 102,660 shares and ending with 11.26 million shares valued at about $237.4 million.
• Comstock Resources reported Q1 earnings of $0.15 per share, missing estimates, though revenue of $587.35 million came in above forecasts and rose 14.5% year over year.
• Analyst sentiment remains cautious: several firms cut ratings or price targets, and MarketBeat shows an average rating of "Reduce" with an average target price of $15.22.

Dimensional Fund Advisors LP cut its stake in Comstock Resources, Inc. (NYSE:CRK - Free Report) by 0.9% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 11,260,788 shares of the oil and gas producer's stock after selling 102,660 shares during the quarter. Dimensional Fund Advisors LP owned approximately 3.83% of Comstock Resources worth $237,398,000 at the end of the most recent reporting period.

Several other hedge funds have also bought and sold shares of CRK. AQR Capital Management LLC purchased a new position in shares of Comstock Resources during the 1st quarter valued at approximately $627,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in Comstock Resources by 5.1% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 55,236 shares of the oil and gas producer's stock worth $1,124,000 after buying an additional 2,697 shares in the last quarter. Goldman Sachs Group Inc. boosted its holdings in Comstock Resources by 67.4% during the first quarter. Goldman Sachs Group Inc. now owns 1,086,868 shares of the oil and gas producer's stock worth $22,107,000 after buying an additional 437,476 shares in the last quarter. Intech Investment Management LLC grew its position in Comstock Resources by 26.0% during the first quarter. Intech Investment Management LLC now owns 65,289 shares of the oil and gas producer's stock valued at $1,328,000 after buying an additional 13,485 shares during the period. Finally, Northwestern Mutual Wealth Management Co. acquired a new stake in Comstock Resources during the second quarter valued at $93,000. Hedge funds and other institutional investors own 36.13% of the company's stock.

Comstock Resources Stock Performance

NYSE:CRK opened at $13.73 on Friday. The company has a debt-to-equity ratio of 0.96, a quick ratio of 0.41 and a current ratio of 0.41. The company has a fifty day moving average of $13.66 and a two-hundred day moving average of $17.66. The stock has a market capitalization of $4.03 billion, a PE ratio of 6.27 and a beta of 0.10. Comstock Resources, Inc. has a fifty-two week low of $12.44 and a fifty-two week high of $28.10.

Comstock Resources (NYSE:CRK - Get Free Report) last posted its quarterly earnings data on Tuesday, May 5th. The oil and gas producer reported $0.15 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.23 by ($0.08). Comstock Resources had a return on equity of 5.54% and a net margin of 27.18%.The firm had revenue of $587.35 million during the quarter, compared to analyst estimates of $554.01 million. During the same quarter in the previous year, the firm posted $0.18 earnings per share. The company's quarterly revenue was up 14.5% on a year-over-year basis. As a group, research analysts forecast that Comstock Resources, Inc. will post 0.5 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

CRK has been the subject of a number of analyst reports. Wall Street Zen downgraded shares of Comstock Resources from a "sell" rating to a "strong sell" rating in a research report on Saturday, May 9th. The Goldman Sachs Group cut their price target on Comstock Resources from $13.00 to $10.00 and set a "sell" rating for the company in a research note on Tuesday, June 30th. Roth Capital raised Comstock Resources from a "sell" rating to a "neutral" rating and set a $13.00 price target for the company in a report on Friday, July 10th. Williams Trading set a $16.00 price target on Comstock Resources in a research report on Thursday, May 14th. Finally, Citigroup lowered their price target on Comstock Resources from $19.00 to $16.00 and set a "neutral" rating on the stock in a research report on Monday. Six research analysts have rated the stock with a Hold rating and four have given a Sell rating to the company. According to data from MarketBeat, the company has an average rating of "Reduce" and an average target price of $15.22.

Comstock Resources Profile

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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