UBS Group AG Has $13.42 Million Stock Position in Comstock Resources, Inc. $CRK

Key Points

• UBS Group AG reduced its Comstock Resources stake by 14.1% in the fourth quarter, selling 94,795 shares and ending with 578,969 shares valued at about $13.42 million.
• Comstock Resources posted mixed quarterly results: revenue of $587.35 million beat expectations, but EPS of $0.15 missed the $0.23 consensus. The company also reported strong year-over-year revenue growth of 14.5%.
• Wall Street sentiment remains cautious, with a consensus rating of “Reduce” and an average price target of $19.89. UBS reaffirmed a sell rating with a $13 target, while several other analysts also hold neutral or bearish views.

UBS Group AG lowered its position in shares of Comstock Resources, Inc. (NYSE:CRK - Free Report) by 14.1% in the fourth quarter, according to its most recent disclosure with the SEC. The institutional investor owned 578,969 shares of the oil and gas producer's stock after selling 94,795 shares during the quarter. UBS Group AG owned about 0.20% of Comstock Resources worth $13,421,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently modified their holdings of the company. Patriot Financial Group Insurance Agency LLC acquired a new stake in shares of Comstock Resources during the fourth quarter worth $461,000. Great Hill Capital LLC lifted its holdings in shares of Comstock Resources by 13.6% during the fourth quarter. Great Hill Capital LLC now owns 233,434 shares of the oil and gas producer's stock worth $5,411,000 after buying an additional 27,935 shares in the last quarter. Farther Finance Advisors LLC lifted its holdings in shares of Comstock Resources by 14.2% during the fourth quarter. Farther Finance Advisors LLC now owns 6,435 shares of the oil and gas producer's stock worth $149,000 after buying an additional 802 shares in the last quarter. State of Alaska Department of Revenue lifted its holdings in shares of Comstock Resources by 7.0% during the fourth quarter. State of Alaska Department of Revenue now owns 42,589 shares of the oil and gas producer's stock worth $986,000 after buying an additional 2,773 shares in the last quarter. Finally, Fiduciary Alliance LLC lifted its holdings in shares of Comstock Resources by 23.9% during the fourth quarter. Fiduciary Alliance LLC now owns 45,362 shares of the oil and gas producer's stock worth $1,051,000 after buying an additional 8,740 shares in the last quarter. Institutional investors and hedge funds own 36.13% of the company's stock.

Comstock Resources Stock Up 2.4%

CRK stock opened at $14.89 on Friday. The company has a market cap of $4.37 billion, a PE ratio of 6.80 and a beta of 0.22. The business has a 50-day simple moving average of $18.65 and a 200 day simple moving average of $21.01. Comstock Resources, Inc. has a 52 week low of $14.10 and a 52 week high of $31.17. The company has a quick ratio of 0.41, a current ratio of 0.41 and a debt-to-equity ratio of 0.96.

Comstock Resources (NYSE:CRK - Get Free Report) last posted its quarterly earnings results on Tuesday, May 5th. The oil and gas producer reported $0.15 EPS for the quarter, missing analysts' consensus estimates of $0.23 by ($0.08). The company had revenue of $587.35 million during the quarter, compared to analyst estimates of $554.02 million. Comstock Resources had a net margin of 27.18% and a return on equity of 5.54%. The firm's revenue for the quarter was up 14.5% compared to the same quarter last year. During the same period last year, the firm earned $0.18 EPS. Sell-side analysts anticipate that Comstock Resources, Inc. will post 0.75 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on CRK shares. Williams Trading set a $16.00 target price on Comstock Resources in a report on Thursday. Wall Street Zen downgraded Comstock Resources from a "sell" rating to a "strong sell" rating in a research note on Saturday, May 9th. UBS Group reaffirmed a "sell" rating and issued a $13.00 price target (down from $17.00) on shares of Comstock Resources in a research note on Monday. Bank of America downgraded Comstock Resources from a "buy" rating to a "neutral" rating and dropped their price target for the company from $27.00 to $24.00 in a research note on Friday, January 16th. Finally, Citigroup reaffirmed a "neutral" rating on shares of Comstock Resources in a research note on Wednesday, April 15th. One equities research analyst has rated the stock with a Buy rating, six have given a Hold rating and three have issued a Sell rating to the stock. According to data from MarketBeat.com, Comstock Resources currently has a consensus rating of "Reduce" and an average price target of $19.89.

Insider Buying and Selling

In other Comstock Resources news, VP Patrick Mcgough sold 48,915 shares of the business's stock in a transaction dated Thursday, March 5th. The stock was sold at an average price of $21.20, for a total transaction of $1,036,998.00. Following the completion of the transaction, the vice president owned 187,516 shares of the company's stock, valued at approximately $3,975,339.20. The trade was a 20.69% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 2.20% of the company's stock.

Comstock Resources Company 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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