Wesbanco Bank Inc. Cuts Stake 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. lessened its holdings in shares of Comstock Resources, Inc. (NYSE:CRK - Free Report) by 62.2% in the second quarter, according to its most recent filing with the SEC. The firm 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 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds also recently made changes to their positions in CRK. Invesco Ltd. lifted its position 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 buying an additional 513,190 shares in the last quarter. Goldman Sachs Group Inc. increased its stake in 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 valued at $22,107,000 after purchasing an additional 437,476 shares in the last quarter. Woodline Partners LP acquired a new position in shares of Comstock Resources during the first quarter valued at about $8,719,000. Nuveen LLC bought a new stake in Comstock Resources in the first quarter worth about $5,127,000. Finally, Connor Clark & Lunn Investment Management Ltd. bought a new stake in shares of Comstock Resources in the first quarter valued at approximately $4,043,000. Institutional investors and hedge funds own 36.13% of the company's stock.

Comstock Resources Stock Down 0.8%

NYSE CRK traded down $0.14 during trading hours on Friday, hitting $16.92. 697,267 shares of the company traded hands, compared to its average volume of 2,399,070. The stock has a market capitalization of $4.96 billion, a price-to-earnings ratio of -70.05 and a beta of 0.27. The company has a debt-to-equity ratio of 1.24, a quick ratio of 0.36 and a current ratio of 0.36. Comstock Resources, Inc. has a twelve month low of $9.97 and a twelve month high of $31.17. The business's 50-day moving average is $17.66 and its 200-day moving average is $20.53.

Comstock Resources (NYSE:CRK - Get Free Report) last released 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 firm had revenue of $470.26 million during 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 revenue for the quarter was up 90.5% on a year-over-year basis. During the same quarter last year, the firm earned ($0.20) earnings per share. Sell-side analysts anticipate that Comstock Resources, Inc. will post 0.54 earnings per share for the current year.

Wall Street Analysts Forecast Growth

CRK has been the subject of several analyst reports. Bank of America increased their price target 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. Piper Sandler lowered their price objective on shares of Comstock Resources from $12.00 to $10.00 and set an "underweight" rating for the company in a research note on Monday, August 4th. Morgan Stanley lowered their price objective on 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 cut their price target on shares of Comstock Resources from $27.00 to $22.00 and set a "neutral" rating on the stock in a research note on Monday. Finally, Citigroup restated a "neutral" rating and set a $27.00 price target (up previously from $22.00) on shares of Comstock Resources in a research note on Friday, June 13th. Two research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and four have assigned a Sell rating to the company's stock. According to data from MarketBeat.com, the company has an average rating of "Reduce" and an average price target of $18.08.

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.