Wellington Management Group LLP Sells 43,460 Shares of Comstock Resources, Inc. $CRK

Key Points

• Wellington Management Group LLP reduced its holdings in Comstock Resources by 4.4%, selling 43,460 shares and owning 947,052 shares valued at approximately $19.26 million.
• Comstock Resources reported earnings of $0.13 per share, exceeding analyst estimates, with revenues rising 90.5% year-over-year to $470.26 million.
• Analyst ratings are mixed, with the average target price for Comstock Resources set at $18.25, reflecting a consensus view of "Reduce" on the stock.

Wellington Management Group LLP decreased its position in shares of Comstock Resources, Inc. (NYSE:CRK - Free Report) by 4.4% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 947,052 shares of the oil and gas producer's stock after selling 43,460 shares during the quarter. Wellington Management Group LLP owned about 0.32% of Comstock Resources worth $19,263,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also bought and sold shares of the company. Invesco Ltd. boosted its stake in Comstock Resources by 79.9% during the 1st quarter. Invesco Ltd. now owns 1,155,680 shares of the oil and gas producer's stock worth $23,507,000 after acquiring an additional 513,190 shares during the last quarter. Corigliano Investment Advisers LLC bought a new position in Comstock Resources during the 4th quarter worth approximately $11,450,000. Principal Financial Group Inc. boosted its stake in Comstock Resources by 2.7% during the 1st quarter. Principal Financial Group Inc. now owns 451,327 shares of the oil and gas producer's stock worth $9,180,000 after acquiring an additional 11,857 shares during the last quarter. Susquehanna Fundamental Investments LLC bought a new position in Comstock Resources during the 4th quarter worth approximately $6,349,000. Finally, Public Sector Pension Investment Board boosted its stake in Comstock Resources by 27.3% during the 1st quarter. Public Sector Pension Investment Board now owns 287,298 shares of the oil and gas producer's stock worth $5,844,000 after acquiring an additional 61,581 shares during the last quarter. Institutional investors own 36.13% of the company's stock.

Comstock Resources Price Performance

NYSE CRK opened at $15.31 on Tuesday. The company has a quick ratio of 0.36, a current ratio of 0.36 and a debt-to-equity ratio of 1.24. Comstock Resources, Inc. has a 12-month low of $9.09 and a 12-month high of $31.17. The company has a market capitalization of $4.49 billion, a PE ratio of -63.79 and a beta of 0.28. The firm's 50 day moving average is $21.51 and its 200-day moving average is $20.87.

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, beating analysts' consensus estimates of $0.09 by $0.04. Comstock Resources had a negative net margin of 5.05% and a positive return on equity of 3.65%. The company had revenue of $470.26 million for the quarter, compared to the consensus estimate of $431.82 million. During the same period last year, the company earned ($0.20) earnings per share. The firm's revenue was up 90.5% compared to the same quarter last year. Equities research analysts anticipate that Comstock Resources, Inc. will post 0.54 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on CRK. Wolfe Research raised shares of Comstock Resources from a "peer perform" rating to an "outperform" rating and set a $34.00 price objective on the stock in a research note on Tuesday, June 17th. Wall Street Zen upgraded shares of Comstock Resources to a "sell" rating in a report on Thursday, May 8th. Citigroup restated a "neutral" rating and set a $27.00 target price (up from $22.00) on shares of Comstock Resources in a report on Friday, June 13th. Bank of America raised their target price on shares of Comstock Resources from $25.00 to $27.00 and gave the stock a "buy" rating in a report on Friday, May 23rd. Finally, Piper Sandler dropped their target price on shares of Comstock Resources from $12.00 to $10.00 and set an "underweight" rating on the stock in a report on Monday, August 4th. Two research analysts have rated the stock with a Buy rating, five have given a Hold rating and four have issued a Sell rating to the company's stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Reduce" and a consensus target price of $18.25.

Comstock Resources Company 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.

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