Phocas Financial Corp. Makes New $1.12 Million Investment in Comstock Resources, Inc. (NYSE:CRK)

Key Points

• Phocas Financial Corp. made a new investment of approximately $1.12 million in Comstock Resources, acquiring 54,827 shares of the company.
• Recent analyst ratings show mixed sentiments, with Mizuho and Citigroup both issuing neutral ratings while others, including Bank of America, have a buy rating and price target upgrades.
• Comstock Resources reported a 90.5% increase in revenue year-over-year, with quarterly earnings of $0.13 EPS surpassing expectations, compared to a loss of ($0.20) EPS during the same period last year.

Phocas Financial Corp. acquired a new position in shares of Comstock Resources, Inc. (NYSE:CRK - Free Report) in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm acquired 54,827 shares of the oil and gas producer's stock, valued at approximately $1,115,000.

A number of other institutional investors have also recently bought and sold shares of the business. Nisa Investment Advisors LLC lifted its holdings in shares of Comstock Resources by 129.3% during the 1st quarter. Nisa Investment Advisors LLC now owns 2,075 shares of the oil and gas producer's stock valued at $42,000 after buying an additional 1,170 shares during the last quarter. Emerald Mutual Fund Advisers Trust acquired a new stake in shares of Comstock Resources during the 1st quarter valued at about $52,000. Sterling Capital Management LLC lifted its holdings in shares of Comstock Resources by 804.6% during the 4th quarter. Sterling Capital Management LLC now owns 2,958 shares of the oil and gas producer's stock valued at $54,000 after buying an additional 2,631 shares during the last quarter. Quarry LP acquired a new stake in shares of Comstock Resources during the 4th quarter valued at about $70,000. Finally, GAMMA Investing LLC raised its stake 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 acquiring an additional 1,017 shares in the last quarter. 36.13% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of research analysts recently weighed in on the company. Mizuho raised their price objective on Comstock Resources from $22.00 to $24.00 and gave the company a "neutral" rating in a research note on Tuesday, May 13th. Citigroup reaffirmed a "neutral" rating and issued a $27.00 price target (up from $22.00) on shares of Comstock Resources in a research report on Friday, June 13th. Wall Street Zen upgraded Comstock Resources to a "sell" rating in a research report on Thursday, May 8th. 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 research report on Tuesday, June 17th. Finally, Bank of America upped their price target on Comstock Resources from $25.00 to $27.00 and gave the company a "buy" rating in a research report on Friday, May 23rd. Five research analysts have rated the stock with a sell rating, four have issued a hold rating and two have issued a buy rating to the company's stock. Based on data from MarketBeat.com, the company has an average rating of "Hold" and an average price target of $19.64.

Comstock Resources Trading Down 8.1%

NYSE CRK opened at $16.42 on Monday. The stock has a 50-day simple moving average of $24.24 and a 200 day simple moving average of $21.29. The company has a market capitalization of $4.81 billion, a PE ratio of -68.41 and a beta of 0.28. The company has a current ratio of 0.36, a quick ratio of 0.36 and a debt-to-equity ratio of 1.24. Comstock Resources, Inc. has a 12 month low of $7.74 and a 12 month high of $31.17.

Comstock Resources (NYSE:CRK - Get Free Report) last announced its quarterly earnings results 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 positive return on equity of 3.65% and a negative net margin of 5.05%. The company had revenue of $470.26 million during the quarter, compared to the consensus estimate of $431.82 million. During the same period in the prior year, the company earned ($0.20) earnings per share. The company's revenue for the quarter was up 90.5% compared to the same quarter last year. Research analysts forecast 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.