Jacobs Levy Equity Management Inc. Takes $1.75 Million Position in Comstock Resources, Inc. $CRK

Key Points

• Jacobs Levy Equity Management Inc. invested approximately $1.75 million in Comstock Resources, acquiring 85,946 shares in the first quarter.
• Comstock Resources reported a revenue increase of 90.5% year-over-year, reaching $470.26 million, and earnings of $0.13 per share, surpassing analyst expectations.
• Analyst sentiment is mixed, with downgrades from several firms; the current consensus rating for Comstock Resources is "Reduce", with an average price target of $18.25.

Jacobs Levy Equity Management Inc. acquired a new stake in shares of Comstock Resources, Inc. (NYSE:CRK - Free Report) in the first quarter, according to the company in its most recent disclosure with the SEC. The firm acquired 85,946 shares of the oil and gas producer's stock, valued at approximately $1,748,000.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. AQR Capital Management LLC bought a new position in Comstock Resources during the 1st quarter valued at approximately $627,000. Graham Capital Management L.P. increased its position in Comstock Resources by 339.5% during the 1st quarter. Graham Capital Management L.P. now owns 157,425 shares of the oil and gas producer's stock valued at $3,202,000 after buying an additional 121,607 shares in the last quarter. Vident Advisory LLC increased its position in Comstock Resources by 93.8% during the 1st quarter. Vident Advisory LLC now owns 63,485 shares of the oil and gas producer's stock valued at $1,291,000 after buying an additional 30,725 shares in the last quarter. Magnetar Financial LLC bought a new stake in shares of Comstock Resources in the 1st quarter worth $1,012,000. Finally, State of Wyoming bought a new stake in shares of Comstock Resources in the 1st quarter worth $126,000. Institutional investors own 36.13% of the company's stock.

Wall Street Analysts Forecast Growth

A number of analysts have commented on the company. Mizuho reduced their target price on Comstock Resources from $27.00 to $22.00 and set a "neutral" rating for the company in a report on Monday. Morgan Stanley reduced their target price on Comstock Resources from $21.00 to $19.00 and set an "equal weight" rating for the company in a report on Monday, August 4th. Piper Sandler reduced their target price on Comstock Resources from $12.00 to $10.00 and set an "underweight" rating for the company in a report on Monday, August 4th. Citigroup reissued a "neutral" rating and issued a $27.00 target price (up previously from $22.00) on shares of Comstock Resources in a report on Friday, June 13th. Finally, Roth Capital lowered Comstock Resources from a "neutral" rating to a "sell" rating and reduced their target price for the stock from $18.00 to $12.00 in a report on Monday, August 18th. Two research analysts have rated the stock with a Buy rating, five have issued a Hold rating and four have issued a Sell rating to the company's stock. According to MarketBeat, the stock currently has a consensus rating of "Reduce" and a consensus price target of $18.08.

Comstock Resources Stock Performance

Shares of CRK stock traded up $0.86 on Tuesday, reaching $17.10. The stock had a trading volume of 2,670,032 shares, compared to its average volume of 1,991,948. The stock has a market cap of $5.01 billion, a P/E ratio of -71.25 and a beta of 0.27. Comstock Resources, Inc. has a 1 year low of $9.84 and a 1 year high of $31.17. The company has a debt-to-equity ratio of 1.24, a quick ratio of 0.36 and a current ratio of 0.36. The company has a 50 day simple moving average of $17.87 and a 200 day simple moving average of $20.56.

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 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.09 by $0.04. The firm had revenue of $470.26 million for the quarter, compared to the consensus estimate 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 period last year, the business posted ($0.20) EPS. Equities research analysts expect that Comstock Resources, Inc. will post 0.54 EPS for the current 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.