Wellington Management Group LLP Has $19.26 Million Holdings in 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 lowered its stake in Comstock Resources, Inc. (NYSE:CRK - Free Report) by 4.4% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor 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 at the end of the most recent reporting period.

A number of other institutional investors have also recently bought and sold shares of CRK. Nisa Investment Advisors LLC lifted its stake in Comstock Resources by 129.3% in the first quarter. Nisa Investment Advisors LLC now owns 2,075 shares of the oil and gas producer's stock valued at $42,000 after buying an additional 1,170 shares in the last quarter. Emerald Mutual Fund Advisers Trust bought a new stake in shares of Comstock Resources in the first quarter worth $52,000. Quarry LP bought a new stake in shares of Comstock Resources in the fourth quarter worth $70,000. GAMMA Investing LLC lifted its position in shares of Comstock Resources by 17.6% in the first quarter. GAMMA Investing LLC now owns 6,803 shares of the oil and gas producer's stock worth $138,000 after purchasing an additional 1,017 shares in the last quarter. Finally, Emerald Advisers LLC bought a new stake in shares of Comstock Resources in the first quarter worth $158,000. Institutional investors own 36.13% of the company's stock.

Wall Street Analyst Weigh In

CRK has been the topic of a number of research reports. Piper Sandler cut their price objective on shares of Comstock Resources from $12.00 to $10.00 and set an "underweight" rating on the stock in a research report on Monday, August 4th. Wall Street Zen raised shares of Comstock Resources to a "sell" rating in a research report on Thursday, May 8th. 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 report on Tuesday, June 17th. Morgan Stanley cut 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. Finally, Citigroup reissued a "neutral" rating and issued a $27.00 price objective (up previously from $22.00) on shares of Comstock Resources in a research report on Friday, June 13th. Two research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and four have given a Sell rating to the company. According to MarketBeat, the company presently has an average rating of "Reduce" and an average target price of $18.25.

Comstock Resources Stock Performance

NYSE CRK traded down $0.25 on Friday, hitting $16.11. 1,443,538 shares of the stock were exchanged, compared to its average volume of 2,287,522. The company has a debt-to-equity ratio of 1.24, a current ratio of 0.36 and a quick ratio of 0.36. The business's fifty day moving average is $20.38 and its 200 day moving average is $20.81. Comstock Resources, Inc. has a 52 week low of $9.09 and a 52 week high of $31.17. The company has a market capitalization of $4.72 billion, a PE ratio of -67.10 and a beta of 0.27.

Comstock Resources (NYSE:CRK - Get Free Report) last posted its quarterly earnings results on Wednesday, July 30th. The oil and gas producer reported $0.13 earnings per share (EPS) for the quarter, topping the consensus estimate 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 firm had revenue of $470.26 million for the quarter, compared to analyst estimates of $431.82 million. During the same period in the prior year, the firm posted ($0.20) earnings per share. The company's quarterly revenue was up 90.5% compared to the same quarter last year. Research analysts anticipate that Comstock Resources, Inc. will post 0.54 EPS for the current fiscal year.

About Comstock Resources

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.