Empowered Funds LLC Acquires New Holdings in Comstock Resources, Inc. $CRK

Key Points

• Empowered Funds LLC acquired 122,868 shares of Comstock Resources worth approximately $1.83 million, while institutional investors and hedge funds collectively own 36.13% of the company.
• Comstock beat quarterly earnings expectations with adjusted EPS of $0.03 versus $0.02 expected, but revenue fell 24.9% year over year to $353.28 million, below analysts’ $419.22 million forecast.
• Analyst sentiment remains cautious: eight analysts rate the stock Hold and four rate it Sell, producing a consensus “Reduce” rating and a $15.80 target price.

Empowered Funds LLC bought a new position in shares of Comstock Resources, Inc. (NYSE:CRK - Free Report) during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm bought 122,868 shares of the oil and gas producer's stock, valued at approximately $1,833,000.

Several other hedge funds have also added to or reduced their stakes in CRK. Rothschild Investment LLC increased its position in Comstock Resources by 740.4% in the 4th quarter. Rothschild Investment LLC now owns 1,143 shares of the oil and gas producer's stock valued at $26,000 after acquiring an additional 1,007 shares during the period. Public Employees Retirement System of Ohio acquired a new position in shares of Comstock Resources during the second quarter worth $26,000. Advisory Services Network LLC acquired a new position in shares of Comstock Resources during the third quarter worth $27,000. Whittier Trust Co. of Nevada Inc. acquired a new position in shares of Comstock Resources during the first quarter worth $29,000. Finally, Kemnay Advisory Services Inc. bought a new stake in shares of Comstock Resources in the fourth quarter worth $29,000. 36.13% of the stock is currently owned by institutional investors and hedge funds.

Comstock Resources Stock Down 3.9%

Shares of NYSE CRK opened at $14.94 on Friday. The company's 50 day moving average price is $13.84 and its 200-day moving average price is $15.93. 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 company has a market capitalization of $4.39 billion, a P/E ratio of 8.39 and a beta of 0.14.

Comstock Resources (NYSE:CRK - Get Free Report) last posted its quarterly earnings data on Wednesday, July 29th. The oil and gas producer reported $0.03 earnings per share for the quarter, topping the consensus estimate 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 during the quarter, compared to analysts' expectations of $419.22 million. During the same period in the prior year, the company posted $0.13 earnings per share. Comstock Resources's revenue for the quarter was down 24.9% compared to the same quarter last year. Equities analysts forecast that Comstock Resources, Inc. will post 0.4 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of analysts recently weighed in on CRK shares. Williams Trading set a $16.00 price objective on Comstock Resources in a report on Thursday, May 14th. Wall Street Zen downgraded Comstock Resources from a "sell" rating to a "strong sell" rating in a report on Saturday, August 29th. The Goldman Sachs Group upped their price target on Comstock Resources from $9.00 to $15.00 and gave the company a "sell" rating in a research report on Wednesday. Citigroup decreased their price target on Comstock Resources from $19.00 to $16.00 and set a "neutral" rating for the company in a research note on Monday, July 20th. Finally, Morgan Stanley set a $15.00 price target on Comstock Resources and gave the company an "equal weight" rating in a research note on Wednesday, August 19th. Eight analysts have rated the stock with a Hold rating and four have issued a Sell rating to the stock. According to data from MarketBeat, Comstock Resources currently has an average rating of "Reduce" and a consensus target price of $15.80.

Comstock Resources Company 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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