FNY Investment Advisers LLC Takes Position in Comstock Resources, Inc. $CRK

Key Points

• FNY Investment Advisers LLC acquired a new stake in Comstock Resources, purchasing 50,000 shares valued at approximately $1.38 million during the second quarter.
• Analyst ratings for Comstock Resources are mixed, with two analysts rating it as a Buy, while five others have issued a Sell rating; the average price target is set at $19.50.
• Comstock Resources reported a 90.5% increase in quarterly revenue year-over-year, with earnings per share surpassing estimates, indicating a recovery despite a negative net margin.

FNY Investment Advisers LLC bought a new stake in Comstock Resources, Inc. (NYSE:CRK - Free Report) during the second quarter, according to its most recent disclosure with the SEC. The firm bought 50,000 shares of the oil and gas producer's stock, valued at approximately $1,383,000.

Other hedge funds have also recently modified their holdings of the company. GAMMA Investing LLC grew its position in shares of Comstock Resources by 17.6% in the 1st quarter. GAMMA Investing LLC now owns 6,803 shares of the oil and gas producer's stock valued at $138,000 after buying an additional 1,017 shares during the last quarter. Counterpoint Mutual Funds LLC purchased a new position in shares of Comstock Resources in the 2nd quarter valued at $2,610,000. Fiduciary Alliance LLC purchased a new position in shares of Comstock Resources in the 2nd quarter valued at $515,000. Public Employees Retirement System of Ohio grew its position in shares of Comstock Resources by 2,433.1% in the 2nd quarter. Public Employees Retirement System of Ohio now owns 54,030 shares of the oil and gas producer's stock valued at $1,495,000 after buying an additional 51,897 shares during the last quarter. Finally, Illinois Municipal Retirement Fund grew its position in shares of Comstock Resources by 1.2% in the 1st quarter. Illinois Municipal Retirement Fund now owns 45,075 shares of the oil and gas producer's stock valued at $917,000 after buying an additional 550 shares during the last quarter. 36.13% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of research firms recently commented on CRK. Mizuho set a $21.00 target price on shares of Comstock Resources and gave the company a "neutral" rating in a research report on Thursday, October 16th. Weiss Ratings reissued a "sell (d+)" rating on shares of Comstock Resources in a research report on Wednesday, October 8th. Morgan Stanley lowered their price objective on shares of Comstock Resources from $21.00 to $19.00 and set an "equal weight" rating on the stock in a research report on Monday, August 4th. Roth Capital downgraded shares of Comstock Resources from a "neutral" rating to a "sell" rating and lowered their price objective for the stock from $18.00 to $12.00 in a research report on Monday, August 18th. Finally, Zacks Research downgraded shares of Comstock Resources from a "hold" rating to a "strong sell" rating in a research report on Tuesday, October 14th. Two investment analysts have rated the stock with a Buy rating, four have assigned a Hold rating and five have issued a Sell rating to the company's stock. Based on data from MarketBeat, the company presently has an average rating of "Reduce" and an average price target of $19.50.

Comstock Resources Stock Up 0.8%

Shares of NYSE:CRK opened at $18.21 on Wednesday. The company has a market cap of $5.34 billion, a price-to-earnings ratio of -75.86 and a beta of 0.19. The firm's 50-day simple moving average is $17.53 and its 200-day simple moving average is $20.57. The company has a quick ratio of 0.36, a current ratio of 0.36 and a debt-to-equity ratio of 1.24. Comstock Resources, Inc. has a fifty-two week low of $11.05 and a fifty-two week high of $31.17.

Comstock Resources (NYSE:CRK - Get Free Report) last issued its earnings results on Wednesday, July 30th. The oil and gas producer reported $0.13 earnings per share for the quarter, beating the consensus estimate of $0.09 by $0.04. The business had revenue of $470.26 million for the quarter, compared to the consensus estimate of $431.82 million. Comstock Resources had a negative net margin of 5.05% and a positive return on equity of 3.65%. The business's quarterly revenue was up 90.5% compared to the same quarter last year. During the same quarter in the previous year, the firm earned ($0.20) earnings per share. As a group, equities research analysts predict that Comstock Resources, Inc. will post 0.54 earnings per share 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.

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