Nuveen LLC Takes Position in Comstock Resources, Inc. $CRK

Key Points

• Nuveen LLC acquired a new stake in Comstock Resources, purchasing 252,048 shares valued at approximately $5.1 million, representing 0.09% ownership of the company.
• Comstock Resources saw a significant increase in revenue, with a 90.5% year-over-year growth to $470.26 million, and reported earnings per share of $0.13.
• Wall Street analysts have mixed opinions on Comstock Resources, with ratings ranging from Buy to Sell, and an average target price of $18.25.

Nuveen LLC bought a new position in shares of Comstock Resources, Inc. (NYSE:CRK - Free Report) during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund bought 252,048 shares of the oil and gas producer's stock, valued at approximately $5,127,000. Nuveen LLC owned approximately 0.09% of Comstock Resources at the end of the most recent quarter.

A number of other institutional investors also recently made changes to their positions in the business. MetLife Investment Management LLC grew its position in shares of Comstock Resources by 5.2% during the fourth quarter. MetLife Investment Management LLC now owns 56,177 shares of the oil and gas producer's stock worth $1,024,000 after buying an additional 2,761 shares in the last quarter. Dark Forest Capital Management LP bought a new stake in Comstock Resources in the fourth quarter valued at about $194,000. Price T Rowe Associates Inc. MD increased its holdings in Comstock Resources by 11.4% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 66,060 shares of the oil and gas producer's stock valued at $1,204,000 after buying an additional 6,741 shares during the last quarter. Quarry LP acquired a new stake in Comstock Resources during the fourth quarter valued at approximately $70,000. Finally, Aptus Capital Advisors LLC bought a new stake in shares of Comstock Resources in the 4th quarter valued at approximately $3,499,000. 36.13% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on CRK shares. UBS Group lowered their price objective on shares of Comstock Resources from $18.00 to $14.00 and set a "sell" rating for the company in a research report on Wednesday, August 20th. Bank of America lifted their target price on Comstock Resources from $25.00 to $27.00 and gave the company a "buy" rating in a research note on Friday, May 23rd. Citigroup reaffirmed a "neutral" rating and set a $27.00 target price (up from $22.00) on shares of Comstock Resources in a report on Friday, June 13th. Morgan Stanley dropped their price target on 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. Finally, Wolfe Research upgraded Comstock Resources from a "peer perform" rating to an "outperform" rating and set a $34.00 price objective for the company in a research report on Tuesday, June 17th. Two analysts have rated the stock with a Buy rating, five have assigned a Hold rating and four have given a Sell rating to the company's stock. According to data from MarketBeat, Comstock Resources has an average rating of "Reduce" and a consensus target price of $18.25.

Comstock Resources Price Performance

Comstock Resources stock traded down $0.25 during midday trading on Monday, hitting $16.11. The company's stock had a trading volume of 1,443,538 shares, compared to its average volume of 2,287,522. Comstock Resources, Inc. has a 12 month low of $9.09 and a 12 month 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. The company has a market capitalization of $4.72 billion, a PE ratio of -67.10 and a beta of 0.27. The stock's 50-day moving average price is $20.10 and its 200-day moving average price is $20.79.

Comstock Resources (NYSE:CRK - Get Free Report) last announced its quarterly earnings data on Wednesday, July 30th. The oil and gas producer reported $0.13 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.09 by $0.04. Comstock Resources had a negative net margin of 5.05% and a positive return on equity of 3.65%. The company had revenue of $470.26 million for the quarter, compared to analysts' expectations of $431.82 million. During the same quarter in the previous year, the company posted ($0.20) EPS. The business's revenue was up 90.5% compared to the same quarter last year. Analysts anticipate that Comstock Resources, Inc. will post 0.54 earnings per share for the current fiscal year.

Comstock Resources 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.