Texas Capital Bank Wealth Management Services Inc Takes Position in Comstock Resources, Inc. $CRK

Key Points

• Texas Capital Bank Wealth Management Services purchased 77,579 shares of Comstock Resources in the second quarter, valued at approximately $1.16 million. Institutional investors now own 36.13% of the company.
• Comstock shares opened at $13.51 after declining 3.9%, near the lower end of their 52-week range. The company beat quarterly EPS expectations, but revenue fell 24.9% year over year to $353.28 million.
• Analyst sentiment remains cautious, with six Hold ratings and four Sell ratings; Comstock has an average “Reduce” rating and a consensus price target of $15.00.

Texas Capital Bank Wealth Management Services Inc purchased a new position in shares of Comstock Resources, Inc. (NYSE:CRK - Free Report) in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The firm purchased 77,579 shares of the oil and gas producer's stock, valued at approximately $1,157,000.

A number of other hedge funds also recently modified their holdings of the stock. Renaissance Technologies LLC purchased a new stake in Comstock Resources in the first quarter worth $2,780,000. Liontrust Investment Partners LLP lifted its position in shares of Comstock Resources by 877.8% during the 1st quarter. Liontrust Investment Partners LLP now owns 128,938 shares of the oil and gas producer's stock valued at $2,718,000 after buying an additional 115,752 shares during the last quarter. Goehring & Rozencwajg Associates LLC lifted its position in shares of Comstock Resources by 34.8% during the 1st quarter. Goehring & Rozencwajg Associates LLC now owns 861,858 shares of the oil and gas producer's stock valued at $18,168,000 after buying an additional 222,569 shares during the last quarter. Old West Investment Management LLC bought a new position in shares of Comstock Resources during the 2nd quarter worth $4,104,000. Finally, GSA Capital Partners LLP bought a new position in shares of Comstock Resources during the 2nd quarter worth $2,028,000. Institutional investors own 36.13% of the company's stock.

Comstock Resources Trading Down 3.9%

NYSE:CRK opened at $13.51 on Tuesday. Comstock Resources, Inc. has a 1 year low of $12.12 and a 1 year high of $28.10. The stock's fifty day moving average price is $13.53 and its two-hundred day moving average price is $16.57. The company has a debt-to-equity ratio of 0.98, a current ratio of 0.48 and a quick ratio of 0.48. The company has a market cap of $3.97 billion, a P/E ratio of 7.59 and a beta of 0.13.

Comstock Resources (NYSE:CRK - Get Free Report) last announced its quarterly earnings results on Wednesday, July 29th. The oil and gas producer reported $0.03 earnings per share for the quarter, beating the consensus estimate of $0.02 by $0.01. Comstock Resources had a return on equity of 4.12% and a net margin of 23.31%.The company had revenue of $353.28 million during the quarter, compared to analysts' expectations of $419.22 million. During the same period in the previous year, the business earned $0.13 earnings per share. The firm's quarterly revenue was down 24.9% compared to the same quarter last year. As a group, analysts expect that Comstock Resources, Inc. will post 0.48 EPS for the current year.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on the company. Roth Capital reissued a "neutral" rating on shares of Comstock Resources in a report on Thursday, July 30th. The Goldman Sachs Group dropped their price objective on shares of Comstock Resources from $13.00 to $10.00 and set a "sell" rating on the stock in a report on Tuesday, June 30th. Zacks Research lowered shares of Comstock Resources from a "hold" rating to a "strong sell" rating in a research report on Thursday, July 16th. Mizuho set a $19.00 target price on shares of Comstock Resources in a research note on Monday, August 10th. Finally, Citigroup lowered their price target on shares of Comstock Resources from $19.00 to $16.00 and set a "neutral" rating on the stock in a research report on Monday, July 20th. Six research analysts have rated the stock with a Hold rating and four have given a Sell rating to the company's stock. According to MarketBeat, Comstock Resources currently has an average rating of "Reduce" and a consensus target price of $15.00.

Comstock Resources Profile

Comstock Resources, Inc is an independent energy company engaged in the acquisition, exploration, development and production of oil and natural gas properties in the United States. The company focuses on generating long-term value through the efficient development of unconventional resource plays and conventional prospects. Its activities encompass drilling, completion and production operations, as well as the marketing of natural gas, natural gas liquids and crude oil.

Comstock holds a core position in the Haynesville Shale of Northwest Louisiana, one of the most active natural gas plays in North America, and has built a complementary portfolio in the Delaware Basin of West Texas.

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