Wesbanco Bank Inc. Decreases Holdings in Comstock Resources, Inc. $CRK

Key Points

• Wesbanco Bank Inc. has reduced its holdings in Comstock Resources by 62.2%, selling 93,000 shares to hold 56,549 shares worth approximately $1.57 million.
• Analysts have mixed ratings for Comstock Resources, with a consensus rating of "Reduce" and a target price of $18.25
• Comstock Resources reported a 90.5% revenue increase year-over-year for the most recent quarter, with an EPS of $0.13, surpassing analyst estimates.

Wesbanco Bank Inc. trimmed its stake in shares of Comstock Resources, Inc. (NYSE:CRK - Free Report) by 62.2% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 56,549 shares of the oil and gas producer's stock after selling 93,000 shares during the period. Wesbanco Bank Inc.'s holdings in Comstock Resources were worth $1,565,000 at the end of the most recent quarter.

Other institutional investors also recently added to or reduced their stakes in the company. Invesco Ltd. lifted its holdings in Comstock Resources by 79.9% in the first quarter. Invesco Ltd. now owns 1,155,680 shares of the oil and gas producer's stock valued at $23,507,000 after acquiring an additional 513,190 shares during the period. Goldman Sachs Group Inc. lifted its position in shares of Comstock Resources by 67.4% in the first 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. Principal Financial Group Inc. grew its holdings in Comstock Resources by 2.7% during the first quarter. Principal Financial Group Inc. now owns 451,327 shares of the oil and gas producer's stock valued at $9,180,000 after purchasing an additional 11,857 shares during the last quarter. Woodline Partners LP bought a new position in Comstock Resources in the first quarter worth $8,719,000. Finally, Public Sector Pension Investment Board increased its holdings 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 valued at $5,844,000 after purchasing an additional 61,581 shares in the last quarter. Hedge funds and other institutional investors own 36.13% of the company's stock.

Analyst Ratings Changes

CRK has been the subject of a number of research reports. Roth Capital downgraded Comstock Resources from a "neutral" rating to a "sell" rating and decreased their price objective for the stock from $18.00 to $12.00 in a report on Monday, August 18th. Wolfe Research raised 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. Bank of America boosted their target price on shares of Comstock Resources from $25.00 to $27.00 and gave the company a "buy" rating in a research report on Friday, May 23rd. UBS Group lowered their price objective on shares of Comstock Resources from $18.00 to $14.00 and set a "sell" rating on the stock in a research report on Wednesday, August 20th. Finally, Morgan Stanley dropped their price objective on Comstock Resources from $21.00 to $19.00 and set an "equal weight" rating for the company in a research note on Monday, August 4th. Two equities 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's stock. Based on data from MarketBeat.com, the company has a consensus rating of "Reduce" and a consensus target price of $18.25.

Comstock Resources Trading Down 0.2%

Shares of CRK opened at $15.97 on Monday. The company has a market cap of $4.68 billion, a P/E ratio of -66.54 and a beta of 0.27. Comstock Resources, Inc. has a twelve month low of $9.73 and a twelve month high of $31.17. The company has a current ratio of 0.36, a quick ratio of 0.36 and a debt-to-equity ratio of 1.24. The company's fifty day simple moving average is $18.14 and its 200-day simple moving average is $20.59.

Comstock Resources (NYSE:CRK - Get Free Report) last issued its quarterly earnings data on Wednesday, July 30th. The oil and gas producer reported $0.13 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.09 by $0.04. The firm had revenue of $470.26 million for the quarter, compared to the consensus estimate of $431.82 million. Comstock Resources had a negative net margin of 5.05% and a positive return on equity of 3.65%. The company's quarterly revenue was up 90.5% compared to the same quarter last year. During the same quarter in the previous year, the firm earned ($0.20) EPS. As a group, analysts expect 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.

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