Raymond James Financial Inc. Reduces Holdings in Comstock Resources, Inc. $CRK

Key Points

• Raymond James Financial Inc. has reduced its stake in Comstock Resources, Inc. by 36.8%, selling 239,879 shares and now owning 412,763 shares valued at approximately $8,396,000.
• Analysts have mixed opinions on Comstock Resources, with target prices ranging from $12.00 to $34.00 and an average consensus price target of $18.25 amid varied ratings.
• Comstock Resources reported $0.13 EPS for the last quarter, surpassing expectations, with revenue of $470.26 million, a 90.5% year-over-year increase.

Raymond James Financial Inc. trimmed its holdings in Comstock Resources, Inc. (NYSE:CRK - Free Report) by 36.8% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 412,763 shares of the oil and gas producer's stock after selling 239,879 shares during the period. Raymond James Financial Inc. owned 0.14% of Comstock Resources worth $8,396,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also recently added to or reduced their stakes in the company. GAMMA Investing LLC grew its stake in 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 during the last quarter. Illinois Municipal Retirement Fund boosted its stake in shares of Comstock Resources by 1.2% during the 1st quarter. Illinois Municipal Retirement Fund now owns 45,075 shares of the oil and gas producer's stock worth $917,000 after purchasing an additional 550 shares during the last quarter. Nisa Investment Advisors LLC boosted its stake 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 worth $42,000 after purchasing an additional 1,170 shares during the last quarter. Principal Financial Group Inc. boosted its stake in shares of Comstock Resources by 2.7% during the 1st quarter. Principal Financial Group Inc. now owns 451,327 shares of the oil and gas producer's stock worth $9,180,000 after purchasing an additional 11,857 shares during the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake in shares of Comstock Resources by 3.5% during 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 purchasing an additional 1,793 shares during the last quarter. 36.13% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several research firms have issued reports on CRK. Morgan Stanley decreased their price target on shares of Comstock Resources from $21.00 to $19.00 and set an "equal weight" rating on the stock in a research note on Monday, August 4th. Piper Sandler decreased their price target on shares of Comstock Resources from $12.00 to $10.00 and set an "underweight" rating on the stock in a research note on Monday, August 4th. Citigroup reaffirmed a "neutral" rating and set a $27.00 price target (up from $22.00) on shares of Comstock Resources in a research note on Friday, June 13th. Wall Street Zen upgraded shares of Comstock Resources to a "sell" rating in a report on Thursday, May 8th. Finally, UBS Group cut their price objective on shares of Comstock Resources from $18.00 to $14.00 and set a "sell" rating on the stock in a report on Wednesday, August 20th. Two analysts have rated the stock with a Buy rating, five have given a Hold rating and four have issued a Sell rating to the company. Based on data from MarketBeat.com, Comstock Resources has an average rating of "Reduce" and a consensus target price of $18.25.

Comstock Resources Trading Down 3.3%

NYSE CRK traded down $0.55 during mid-day trading on Wednesday, hitting $15.83. The company's stock had a trading volume of 2,443,646 shares, compared to its average volume of 2,133,896. Comstock Resources, Inc. has a 52-week low of $9.09 and a 52-week high of $31.17. The stock's fifty day simple moving average is $19.59 and its two-hundred day simple moving average is $20.73. The company has a debt-to-equity ratio of 1.24, a current ratio of 0.36 and a quick ratio of 0.36. The firm has a market capitalization of $4.64 billion, a P/E ratio of -65.93 and a beta of 0.27.

Comstock Resources (NYSE:CRK - Get Free Report) last posted its quarterly earnings results on Wednesday, July 30th. The oil and gas producer reported $0.13 EPS for the quarter, beating 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 firm had revenue of $470.26 million for the quarter, compared to analyst estimates of $431.82 million. During the same quarter last year, the firm posted ($0.20) earnings per share. Comstock Resources's revenue for the quarter was up 90.5% compared to the same quarter last year. Research analysts expect that Comstock Resources, Inc. will post 0.54 EPS for the current year.

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.