Jacobs Levy Equity Management Inc. Acquires Shares of 85,946 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. bought a new position in shares of Comstock Resources, Inc. (NYSE:CRK - Free Report) during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor bought 85,946 shares of the oil and gas producer's stock, valued at approximately $1,748,000.

Other large investors have also recently added to or reduced their stakes in the company. 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 during the period. Emerald Mutual Fund Advisers Trust purchased a new position in shares of Comstock Resources in the 1st quarter worth about $52,000. State of Wyoming purchased a new position in shares of Comstock Resources in the 1st quarter worth about $126,000. GAMMA Investing LLC raised its holdings 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 worth $138,000 after purchasing an additional 1,017 shares during the period. Finally, Emerald Advisers LLC purchased a new position in shares of Comstock Resources in the 1st quarter worth about $158,000. 36.13% of the stock is currently owned by hedge funds and other institutional investors.

Comstock Resources Stock Down 0.2%

Shares of CRK stock traded down $0.03 during trading hours on Friday, reaching $15.97. The company had a trading volume of 1,928,045 shares, compared to its average volume of 2,135,736. The company has a debt-to-equity ratio of 1.24, a quick ratio of 0.36 and a current ratio of 0.36. Comstock Resources, Inc. has a twelve month low of $9.73 and a twelve month high of $31.17. The company has a market capitalization of $4.68 billion, a P/E ratio of -66.54 and a beta of 0.27. The stock's fifty day simple moving average is $18.14 and its 200 day simple moving average is $20.57.

Comstock Resources (NYSE:CRK - Get Free Report) last posted 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. Comstock Resources had a positive return on equity of 3.65% and a negative net margin of 5.05%.The business had revenue of $470.26 million during the quarter, compared to analyst estimates of $431.82 million. During the same quarter last year, the firm earned ($0.20) earnings per share. The company's revenue for the quarter was up 90.5% compared to the same quarter last year. As a group, sell-side analysts expect that Comstock Resources, Inc. will post 0.54 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on CRK shares. Morgan Stanley cut their price objective on Comstock Resources from $21.00 to $19.00 and set an "equal weight" rating on the stock in a report on Monday, August 4th. Citigroup restated a "neutral" rating and issued a $27.00 price objective (up from $22.00) on shares of Comstock Resources in a report on Friday, June 13th. Wolfe Research upgraded Comstock Resources from a "peer perform" rating to an "outperform" rating and set a $34.00 price objective on the stock in a report on Tuesday, June 17th. UBS Group cut their price objective on Comstock Resources from $18.00 to $14.00 and set a "sell" rating on the stock in a report on Wednesday, August 20th. Finally, Piper Sandler cut their price objective on Comstock Resources from $12.00 to $10.00 and set an "underweight" rating on the stock in a report on Monday, August 4th. Two investment analysts have rated the stock with a Buy rating, five have assigned a Hold rating and four have issued a Sell rating to the stock. According to MarketBeat, Comstock Resources has an average rating of "Reduce" and a consensus target price of $18.25.

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.