Vanguard Group Inc. Sells 112,691 Shares of Comstock Resources, Inc. $CRK

Key Points

• Vanguard Group trimmed its Comstock Resources position by 1.3% in the fourth quarter, selling 112,691 shares and leaving it with 8.44 million shares valued at about $195.7 million.
• Comstock Resources recently reported Q1 earnings of $0.15 per share, missing analyst expectations of $0.23, even though revenue came in at $587.35 million and rose 14.5% from a year earlier.
• Sentiment on the stock remains cautious: analysts have a consensus rating of “Reduce” with a consensus price target of $20.88, while the shares were trading near their 52-week low at $14.13.

Vanguard Group Inc. reduced its stake in shares of Comstock Resources, Inc. (NYSE:CRK - Free Report) by 1.3% during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 8,443,068 shares of the oil and gas producer's stock after selling 112,691 shares during the quarter. Vanguard Group Inc. owned 2.88% of Comstock Resources worth $195,710,000 as of its most recent SEC filing.

Several other large investors also recently modified their holdings of CRK. Bank of America Corp DE grew its holdings in shares of Comstock Resources by 344.5% during the 2nd quarter. Bank of America Corp DE now owns 1,853,846 shares of the oil and gas producer's stock worth $51,296,000 after purchasing an additional 1,436,746 shares in the last quarter. Aventail Capital Group LP grew its holdings in shares of Comstock Resources by 149.9% during the 3rd quarter. Aventail Capital Group LP now owns 1,143,721 shares of the oil and gas producer's stock worth $22,680,000 after purchasing an additional 686,002 shares in the last quarter. Man Group plc grew its holdings in shares of Comstock Resources by 1,752.8% during the 3rd quarter. Man Group plc now owns 600,205 shares of the oil and gas producer's stock worth $11,902,000 after purchasing an additional 567,810 shares in the last quarter. Marshall Wace LLP acquired a new stake in shares of Comstock Resources during the 3rd quarter worth $8,961,000. Finally, Goldman Sachs Group Inc. grew its holdings in shares of Comstock Resources by 67.4% during the 1st quarter. Goldman Sachs Group Inc. now owns 1,086,868 shares of the oil and gas producer's stock worth $22,107,000 after purchasing an additional 437,476 shares in the last quarter. 36.13% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In other news, VP Patrick Mcgough sold 48,915 shares of the firm'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 directly owned 187,516 shares in the company, valued at $3,975,339.20. This trade represents a 20.69% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 2.20% of the stock is owned by company insiders.

Comstock Resources Price Performance

Shares of CRK opened at $14.13 on Monday. Comstock Resources, Inc. has a 1 year low of $14.10 and a 1 year high of $31.17. The company has a debt-to-equity ratio of 0.96, a current ratio of 0.41 and a quick ratio of 0.41. The company has a market capitalization of $4.15 billion, a price-to-earnings ratio of 6.45 and a beta of 0.22. The business has a 50-day moving average of $19.13 and a 200-day moving average of $21.12.

Comstock Resources (NYSE:CRK - Get Free Report) last issued its quarterly earnings data on Tuesday, May 5th. The oil and gas producer reported $0.15 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.23 by ($0.08). Comstock Resources had a return on equity of 5.54% and a net margin of 27.18%.The company had revenue of $587.35 million for the quarter, compared to the consensus estimate of $554.02 million. During the same quarter last year, the business earned $0.18 earnings per share. Comstock Resources's revenue was up 14.5% compared to the same quarter last year. As a group, equities research analysts anticipate that Comstock Resources, Inc. will post 0.73 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several analysts recently weighed in on the company. Citigroup restated a "neutral" rating on shares of Comstock Resources in a research report on Wednesday, April 15th. UBS Group set a $17.00 target price on Comstock Resources in a research report on Friday, February 13th. Wall Street Zen downgraded Comstock Resources from a "sell" rating to a "strong sell" rating in a research report on Saturday. Morgan Stanley set a $19.00 target price on Comstock Resources in a research report on Friday, February 13th. Finally, Bank of America downgraded Comstock Resources from a "buy" rating to a "neutral" rating and dropped their target price for the company from $27.00 to $24.00 in a research report on Friday, January 16th. One research analyst has rated the stock with a Buy rating, six have issued a Hold rating and three have given a Sell rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of "Reduce" and a consensus target price of $20.88.

About Comstock Resources

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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