Royce & Associates LP Sells 139,570 Shares of Comstock Resources, Inc. (NYSE:CRK)

Key Points

• Royce & Associates LP has reduced its stake in Comstock Resources by 17.9%, now owning 639,840 shares valued at approximately $13 million after selling 139,570 shares in the first quarter.
• Comstock Resources reported a quarterly earnings per share (EPS) of $0.18, surpassing analysts' estimates, with revenue increasing 52.7% year-over-year to $512.85 million.
• The stock has a consensus rating of "Hold" from analysts, with a target price range varying from $20.00 to $34.00, reflecting mixed sentiments on its future performance.

Royce & Associates LP trimmed its stake in shares of Comstock Resources, Inc. (NYSE:CRK - Free Report) by 17.9% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 639,840 shares of the oil and gas producer's stock after selling 139,570 shares during the period. Royce & Associates LP owned approximately 0.22% of Comstock Resources worth $13,014,000 at the end of the most recent reporting period.

A number of other large investors also recently modified their holdings of the stock. Natixis Advisors LLC raised its holdings in Comstock Resources by 6.6% in the fourth quarter. Natixis Advisors LLC now owns 25,778 shares of the oil and gas producer's stock worth $470,000 after purchasing an additional 1,585 shares during the period. KLP Kapitalforvaltning AS bought a new stake in shares of Comstock Resources during the fourth quarter worth $355,000. LPL Financial LLC increased its position in shares of Comstock Resources by 27.8% during the fourth quarter. LPL Financial LLC now owns 296,621 shares of the oil and gas producer's stock worth $5,404,000 after acquiring an additional 64,594 shares in the last quarter. Vanguard Group Inc. increased its position in shares of Comstock Resources by 1.4% during the fourth quarter. Vanguard Group Inc. now owns 9,222,982 shares of the oil and gas producer's stock worth $168,043,000 after acquiring an additional 126,380 shares in the last quarter. Finally, JPMorgan Chase & Co. increased its position in shares of Comstock Resources by 7.4% during the fourth quarter. JPMorgan Chase & Co. now owns 182,995 shares of the oil and gas producer's stock worth $3,334,000 after acquiring an additional 12,657 shares in the last quarter. 36.13% of the stock is currently owned by institutional investors and hedge funds.

Comstock Resources Stock Performance

Comstock Resources stock traded up $0.34 during midday trading on Tuesday, hitting $21.00. The company's stock had a trading volume of 691,692 shares, compared to its average volume of 2,377,481. Comstock Resources, Inc. has a 1-year low of $7.74 and a 1-year high of $31.17. The company has a debt-to-equity ratio of 1.34, a current ratio of 0.40 and a quick ratio of 0.40. The company has a 50-day moving average price of $24.60 and a two-hundred day moving average price of $21.34. The company has a market cap of $6.15 billion, a price-to-earnings ratio of -18.95 and a beta of 0.37.

Comstock Resources (NYSE:CRK - Get Free Report) last issued its quarterly earnings data on Wednesday, April 30th. The oil and gas producer reported $0.18 earnings per share for the quarter, topping the consensus estimate of $0.16 by $0.02. Comstock Resources had a negative net margin of 23.39% and a negative return on equity of 0.67%. The business had revenue of $512.85 million during the quarter, compared to analysts' expectations of $408.99 million. During the same quarter in the previous year, the company earned ($0.03) EPS. The business's revenue was up 52.7% on a year-over-year basis. As a group, sell-side analysts predict that Comstock Resources, Inc. will post 0.54 earnings per share for the current year.

Wall Street Analyst Weigh In

Several equities research analysts have recently issued reports on CRK shares. Piper Sandler reissued an "underweight" rating and set a $12.00 price objective (up previously from $6.00) on shares of Comstock Resources in a research report on Tuesday, May 13th. Citigroup reaffirmed a "neutral" rating and issued a $27.00 target price (up previously from $22.00) on shares of Comstock Resources in a research report on Friday, June 13th. Wall Street Zen raised shares of Comstock Resources to a "sell" rating in a research report on Thursday, May 8th. Wolfe Research raised shares of Comstock Resources from a "peer perform" rating to an "outperform" rating and set a $34.00 target price for the company in a research report on Tuesday, June 17th. Finally, UBS Group reissued a "sell" rating and issued a $20.00 price objective (up previously from $19.00) on shares of Comstock Resources in a research report on Thursday, July 10th. Five equities research analysts have rated the stock with a sell rating, four have issued a hold rating and two have given a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of "Hold" and a consensus target price of $19.82.

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.