Fiduciary Alliance LLC Buys Shares of 18,615 Comstock Resources, Inc. $CRK

Key Points

• Fiduciary Alliance LLC has invested approximately $515,000 in Comstock Resources, acquiring 18,615 shares of the oil and gas producer's stock during the second quarter.
• Comstock Resources reported a 90.5% increase in quarterly revenue year-over-year, with earnings per share of $0.13, surpassing analyst expectations of $0.09.
• Investment firms are actively repositioning in Comstock Resources, with Deutsche Bank AG increasing its stake by 72.6% and analysts giving mixed ratings and price targets for the stock.

Fiduciary Alliance LLC acquired a new position in shares of Comstock Resources, Inc. (NYSE:CRK - Free Report) during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm acquired 18,615 shares of the oil and gas producer's stock, valued at approximately $515,000.

A number of other institutional investors have also recently added to or reduced their stakes in CRK. Nisa Investment Advisors LLC lifted its position in Comstock Resources by 129.3% during the first quarter. Nisa Investment Advisors LLC now owns 2,075 shares of the oil and gas producer's stock worth $42,000 after buying an additional 1,170 shares in the last quarter. Emerald Mutual Fund Advisers Trust acquired a new stake in Comstock Resources during the first quarter worth $52,000. State of Wyoming acquired a new stake in Comstock Resources during the first quarter worth $126,000. GAMMA Investing LLC increased its stake in Comstock Resources by 17.6% during the first quarter. GAMMA Investing LLC now owns 6,803 shares of the oil and gas producer's stock worth $138,000 after acquiring an additional 1,017 shares during the last quarter. Finally, Emerald Advisers LLC acquired a new stake in Comstock Resources during the first quarter worth $158,000. Hedge funds and other institutional investors own 36.13% of the company's stock.

Analyst Upgrades and Downgrades

CRK has been the subject of several recent analyst reports. Roth Capital cut Comstock Resources from a "neutral" rating to a "sell" rating and cut their target price for the stock from $18.00 to $12.00 in a research note on Monday, August 18th. Morgan Stanley cut their target price on 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. Mizuho cut their target price on Comstock Resources from $27.00 to $22.00 and set a "neutral" rating for the company in a research note on Monday, September 15th. Piper Sandler cut their target price on Comstock Resources from $12.00 to $10.00 and set an "underweight" rating for the company in a research note on Monday, August 4th. Finally, UBS Group dropped their price objective on Comstock Resources from $18.00 to $14.00 and set a "sell" rating for the company in a research note on Wednesday, August 20th. Two investment analysts have rated the stock with a Buy rating, five have given a Hold rating and four have given a Sell rating to the company's stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Reduce" and an average price target of $18.08.

Comstock Resources Stock Performance

Shares of Comstock Resources stock traded down $0.15 on Friday, hitting $16.90. The stock had a trading volume of 5,520,740 shares, compared to its average volume of 1,967,564. The stock has a market cap of $4.95 billion, a price-to-earnings ratio of -70.41 and a beta of 0.27. Comstock Resources, Inc. has a 52-week low of $9.97 and a 52-week high of $31.17. The company's 50 day moving average price is $17.55 and its 200 day moving average price is $20.52. 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 (NYSE:CRK - Get Free Report) last released its quarterly earnings results on Wednesday, July 30th. The oil and gas producer reported $0.13 EPS for the quarter, topping the consensus estimate of $0.09 by $0.04. The company had revenue of $470.26 million for the quarter, compared to analyst estimates of $431.82 million. Comstock Resources had a positive return on equity of 3.65% and a negative net margin of 5.05%.The firm's revenue was up 90.5% compared to the same quarter last year. During the same quarter in the previous year, the company posted ($0.20) earnings per share. On average, research analysts anticipate that Comstock Resources, Inc. will post 0.54 EPS for the current year.

Comstock Resources Company 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.