Vident Advisory LLC Purchases 30,725 Shares of Comstock Resources, Inc. $CRK

Key Points

• Vident Advisory LLC increased its stake in Comstock Resources by 93.8% during the first quarter, ending with a total of 63,485 shares valued at approximately $1.29 million.
• Multiple institutional investors have also made significant moves in Comstock Resources, raising their positions and indicating a growing interest among hedge funds, which now collectively own 36.13% of the stock.
• The stock has seen price target adjustments from various analysts, with a consensus target of $18.25, reflecting mixed outlooks with two Buy ratings, five Hold ratings, and four Sell ratings.

Vident Advisory LLC increased its stake in shares of Comstock Resources, Inc. (NYSE:CRK - Free Report) by 93.8% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 63,485 shares of the oil and gas producer's stock after buying an additional 30,725 shares during the quarter. Vident Advisory LLC's holdings in Comstock Resources were worth $1,291,000 at the end of the most recent quarter.

Other large investors have also recently added to or reduced their stakes in the company. Corigliano Investment Advisers LLC acquired a new stake in Comstock Resources in the 4th quarter valued at approximately $11,450,000. Invesco Ltd. increased its stake in Comstock Resources by 79.9% in the 1st quarter. Invesco Ltd. now owns 1,155,680 shares of the oil and gas producer's stock worth $23,507,000 after purchasing an additional 513,190 shares in the last quarter. Nuveen LLC purchased a new position in shares of Comstock Resources in the first quarter worth approximately $5,127,000. Connor Clark & Lunn Investment Management Ltd. purchased a new stake in shares of Comstock Resources in the first quarter valued at $4,043,000. Finally, Informed Momentum Co LLC acquired a new position in Comstock Resources during the first quarter valued at $3,173,000. 36.13% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of research analysts recently commented on CRK shares. Morgan Stanley lowered their price objective on shares of Comstock Resources from $21.00 to $19.00 and set an "equal weight" rating on the stock in a research report on Monday, August 4th. Mizuho upped their price target on shares of Comstock Resources from $22.00 to $24.00 and gave the stock a "neutral" rating in a research note on Tuesday, May 13th. Piper Sandler cut their price objective on Comstock Resources from $12.00 to $10.00 and set an "underweight" rating for the company in a report on Monday, August 4th. Roth Capital downgraded Comstock Resources from a "neutral" rating to a "sell" rating and lowered their target price for the company from $18.00 to $12.00 in a research note on Monday, August 18th. Finally, UBS Group dropped their price objective on Comstock Resources from $18.00 to $14.00 and set a "sell" rating on the stock in a report on Wednesday, August 20th. Two investment analysts have rated the stock with a Buy rating, five have given a Hold rating and four have assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company has an average rating of "Reduce" and an average price target of $18.25.

Comstock Resources Stock Performance

Comstock Resources stock traded down $0.11 on Friday, reaching $15.89. 2,069,365 shares of the stock were exchanged, compared to its average volume of 2,124,878. The stock has a market cap of $4.66 billion, a PE ratio of -66.18 and a beta of 0.27. The company has a current ratio of 0.36, a quick ratio of 0.36 and a debt-to-equity ratio of 1.24. Comstock Resources, Inc. has a twelve month low of $9.09 and a twelve month high of $31.17. The firm has a fifty day moving average price of $19.08 and a two-hundred day moving average price of $20.69.

Comstock Resources (NYSE:CRK - Get Free Report) last issued its quarterly earnings results on Wednesday, July 30th. The oil and gas producer reported $0.13 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.09 by $0.04. The company had revenue of $470.26 million for the quarter, compared to the consensus estimate of $431.82 million. Comstock Resources had a positive return on equity of 3.65% and a negative net margin of 5.05%.The firm's revenue was up 90.5% compared to the same quarter last year. During the same period last year, the business posted ($0.20) earnings per share. Sell-side analysts anticipate that Comstock Resources, Inc. will post 0.54 EPS for the current year.

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.