Comstock Resources, Inc. $CRK Position Increased by Graham Capital Management L.P.

Key Points

• Graham Capital Management L.P. significantly increased its stake in Comstock Resources, raising its share ownership by 339.5% to a total of 157,425 shares worth approximately $3.20 million.
• Comstock Resources reported a 90.5% increase in revenue year-over-year, with quarterly earnings of $0.13 per share, beating analysts' expectations by $0.04.
• Analysts have set varying price targets for Comstock Resources, with Citigroup raising its target to $27.00 while Morgan Stanley decreased its target to $19.00.

Graham Capital Management L.P. grew its stake in shares of Comstock Resources, Inc. (NYSE:CRK - Free Report) by 339.5% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 157,425 shares of the oil and gas producer's stock after purchasing an additional 121,607 shares during the quarter. Graham Capital Management L.P. owned approximately 0.05% of Comstock Resources worth $3,202,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in the business. Illinois Municipal Retirement Fund lifted its position in Comstock Resources by 1.2% in the first quarter. Illinois Municipal Retirement Fund now owns 45,075 shares of the oil and gas producer's stock worth $917,000 after purchasing an additional 550 shares during the period. GAMMA Investing LLC lifted its position in Comstock Resources by 17.6% in the first quarter. GAMMA Investing LLC now owns 6,803 shares of the oil and gas producer's stock worth $138,000 after purchasing an additional 1,017 shares during the period. Wealth Enhancement Advisory Services LLC lifted its position in Comstock Resources by 11.0% in the first quarter. Wealth Enhancement Advisory Services LLC now owns 11,599 shares of the oil and gas producer's stock worth $236,000 after purchasing an additional 1,145 shares during the period. Nisa Investment Advisors LLC lifted its position in Comstock Resources by 129.3% in the first quarter. Nisa Investment Advisors LLC now owns 2,075 shares of the oil and gas producer's stock worth $42,000 after purchasing an additional 1,170 shares during the period. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in Comstock Resources by 3.5% in the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 52,539 shares of the oil and gas producer's stock worth $957,000 after purchasing an additional 1,793 shares during the period. 36.13% of the stock is owned by institutional investors.

Analysts Set New Price Targets

CRK has been the subject of a number of research analyst reports. Roth Capital downgraded 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 report on Monday, August 18th. Wall Street Zen upgraded Comstock Resources to a "sell" rating in a research report on Thursday, May 8th. 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 report on Monday, August 4th. UBS Group cut their target price on Comstock Resources from $18.00 to $14.00 and set a "sell" rating for the company in a research report on Wednesday, August 20th. Finally, Morgan Stanley cut 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. Two 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. Based on data from MarketBeat.com, Comstock Resources currently has an average rating of "Reduce" and an average price target of $18.25.

Comstock Resources Stock Up 1.2%

Shares of CRK traded up $0.19 during mid-day trading on Thursday, reaching $16.00. The company's stock had a trading volume of 2,021,885 shares, compared to its average volume of 2,425,235. The business has a fifty day moving average of $19.59 and a 200 day moving average of $20.73. The company has a market cap of $4.69 billion, a price-to-earnings ratio of -66.68 and a beta of 0.27. Comstock Resources, Inc. has a 1 year low of $9.09 and a 1 year high of $31.17. 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 (NYSE:CRK - Get Free Report) last released its earnings results on Wednesday, July 30th. The oil and gas producer reported $0.13 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.09 by $0.04. The company had revenue of $470.26 million during 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 company's revenue for the quarter was up 90.5% on a year-over-year basis. During the same quarter in the prior year, the company earned ($0.20) earnings per share. As a group, analysts forecast that Comstock Resources, Inc. will post 0.54 earnings per share for the current fiscal year.

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.