Comstock Resources, Inc. (NYSE:CRK) Shares Acquired by TCTC Holdings LLC

Key Points

• TCTC Holdings LLC significantly increased its stake in Comstock Resources by 184.3%, acquiring an additional 40,000 shares to bring its total holdings to 61,700 shares valued at approximately $1.25 million.
• Comstock Resources reported an increase in quarterly revenue of 52.7% year-over-year, posting $512.85 million, and surpassed earnings estimates with an EPS of $0.18.
• Analysts have varied opinions on Comstock Resources, with price targets ranging from $19.82 to $34.00, reflecting a consensus rating of "Hold" amid mixed recommendations from five sell and two buy ratings.

TCTC Holdings LLC grew its holdings in Comstock Resources, Inc. (NYSE:CRK - Free Report) by 184.3% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 61,700 shares of the oil and gas producer's stock after buying an additional 40,000 shares during the quarter. TCTC Holdings LLC's holdings in Comstock Resources were worth $1,255,000 at the end of the most recent quarter.

Several other hedge funds have also modified their holdings of CRK. Corigliano Investment Advisers LLC acquired a new stake in shares of Comstock Resources in the 4th quarter valued at approximately $11,450,000. Susquehanna Fundamental Investments LLC acquired a new stake in shares of Comstock Resources in the 4th quarter valued at approximately $6,349,000. Marshall Wace LLP purchased a new position in Comstock Resources in the 4th quarter valued at approximately $6,329,000. Dimensional Fund Advisors LP increased its stake in Comstock Resources by 1.7% in the 4th quarter. Dimensional Fund Advisors LP now owns 13,297,863 shares of the oil and gas producer's stock valued at $242,301,000 after purchasing an additional 227,638 shares in the last quarter. Finally, Aptus Capital Advisors LLC purchased a new position in 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.

Comstock Resources Price Performance

Comstock Resources stock traded down $1.32 during mid-day trading on Friday, hitting $16.55. 3,002,171 shares of the company were exchanged, compared to its average volume of 2,436,088. 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 business's 50 day simple moving average is $24.39 and its two-hundred day simple moving average is $21.32. The company has a market capitalization of $4.85 billion, a P/E ratio of -68.79 and a beta of 0.37. 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 posted 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 positive return on equity of 3.69% and a negative net margin of 5.05%. The business had revenue of $470.26 million for the quarter, compared to analysts' expectations of $431.82 million. During the same quarter last year, the firm earned ($0.20) earnings per share. The business's revenue was up 90.5% on a year-over-year basis. Analysts forecast that Comstock Resources, Inc. will post 0.54 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several equities analysts recently weighed in on CRK shares. Bank of America raised their price objective 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 issued a $27.00 price objective (up from $22.00) on shares of Comstock Resources in a research note on Friday, June 13th. Wolfe Research raised Comstock Resources from a "peer perform" rating to an "outperform" rating and set a $34.00 price objective for the company in a research note on Tuesday, June 17th. UBS Group dropped their price objective on Comstock Resources from $20.00 to $18.00 and set a "sell" rating for the company in a research note on Thursday. Finally, 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. Five investment analysts have rated the stock with a sell rating, four have issued a hold rating and two have assigned a buy rating to the stock. Based on data from MarketBeat.com, Comstock Resources currently has a consensus rating of "Hold" and an average target price of $19.64.

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.