Rafferty Asset Management LLC Sells 20,519 Shares of Comstock Resources, Inc. $CRK

Key Points

• Rafferty Asset Management LLC has reduced its stake in Comstock Resources, Inc. by 14.1%, selling 20,519 shares during the first quarter, leaving it with 125,342 shares valued at about $2.55 million.
• Several analysts have given mixed ratings for Comstock Resources, with Citigroup rating it as "neutral" with a target price of $27.00, while UBS has set a "sell" rating with a target of $14.00.
• Comstock Resources recently reported a quarterly revenue of $470.26 million, surpassing estimates and reflecting a 90.5% year-over-year increase despite a negative net margin of 5.05%.

Rafferty Asset Management LLC decreased its position in shares of Comstock Resources, Inc. (NYSE:CRK - Free Report) by 14.1% during the first quarter, according to its most recent filing with the SEC. The firm owned 125,342 shares of the oil and gas producer's stock after selling 20,519 shares during the period. Rafferty Asset Management LLC's holdings in Comstock Resources were worth $2,549,000 at the end of the most recent quarter.

Several other hedge funds also recently made changes to their positions in CRK. Illinois Municipal Retirement Fund increased its stake in shares of Comstock Resources by 1.2% in the 1st quarter. Illinois Municipal Retirement Fund now owns 45,075 shares of the oil and gas producer's stock worth $917,000 after acquiring an additional 550 shares in the last quarter. GAMMA Investing LLC increased its stake in shares of Comstock Resources by 17.6% during the first quarter. GAMMA Investing LLC now owns 6,803 shares of the oil and gas producer's stock valued at $138,000 after purchasing an additional 1,017 shares in the last quarter. Wealth Enhancement Advisory Services LLC increased its stake in shares of Comstock Resources by 11.0% during the first quarter. Wealth Enhancement Advisory Services LLC now owns 11,599 shares of the oil and gas producer's stock valued at $236,000 after purchasing an additional 1,145 shares in the last quarter. Nisa Investment Advisors LLC lifted its holdings in shares of 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 valued at $42,000 after purchasing an additional 1,170 shares during the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in shares of Comstock Resources by 3.5% in the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 52,539 shares of the oil and gas producer's stock worth $957,000 after buying an additional 1,793 shares during the last quarter. 36.13% of the stock is currently owned by institutional investors.

Comstock Resources Stock Performance

Shares of CRK stock traded up $0.15 during trading hours on Thursday, reaching $15.96. The company had a trading volume of 922,962 shares, compared to its average volume of 2,418,359. 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 business has a fifty day moving average price of $19.59 and a 200-day moving average price of $20.73. Comstock Resources, Inc. has a one year low of $9.09 and a one year high of $31.17. The firm has a market cap of $4.68 billion, a PE ratio of -66.50 and a beta of 0.27.

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

Analysts Set New Price Targets

Several research firms have commented on CRK. Piper Sandler dropped their target price on Comstock Resources from $12.00 to $10.00 and set an "underweight" rating on the stock in a report on Monday, August 4th. Wall Street Zen upgraded shares of Comstock Resources to a "sell" rating in a research note on Thursday, May 8th. Mizuho increased their price objective on shares of Comstock Resources from $22.00 to $24.00 and gave the company a "neutral" rating in a research report on Tuesday, May 13th. UBS Group decreased their target price on shares of Comstock Resources from $18.00 to $14.00 and set a "sell" rating for the company in a report on Wednesday, August 20th. Finally, Wolfe Research upgraded shares of Comstock Resources from a "peer perform" rating to an "outperform" rating and set a $34.00 price target on the stock in a report on Tuesday, June 17th. Two investment analysts have rated the stock with a Buy rating, five have assigned a Hold rating and four have assigned a Sell rating to the company. According to MarketBeat, the stock presently has a consensus rating of "Reduce" and an average target price of $18.25.

Comstock Resources Company 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.