Comstock Resources, Inc. (NYSE:CRK) Shares Sold by LPL Financial LLC

LPL Financial LLC cut its position in shares of Comstock Resources, Inc. (NYSE:CRK) by 41.8% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 172,586 shares of the oil and gas producer’s stock after selling 124,035 shares during the quarter. LPL Financial LLC’s holdings in Comstock Resources were worth $3,510,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in CRK. Nisa Investment Advisors LLC grew its stake in shares of 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 purchased a new position in Comstock Resources in the first quarter valued at about $52,000. Sterling Capital Management LLC boosted its holdings in Comstock Resources by 804.6% in the fourth quarter. Sterling Capital Management LLC now owns 2,958 shares of the oil and gas producer’s stock valued at $54,000 after purchasing an additional 2,631 shares during the last quarter. Quarry LP purchased a new position in Comstock Resources in the fourth quarter valued at about $70,000. Finally, GAMMA Investing LLC boosted its holdings in 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 valued at $138,000 after purchasing an additional 1,017 shares during the last quarter. 36.13% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of research analysts have commented on the company. Piper Sandler reduced their target price on Comstock Resources from $12.00 to $10.00 and set an “underweight” rating on the stock in a report on Monday, August 4th. Mizuho increased their target price on Comstock Resources from $22.00 to $24.00 and gave the stock a “neutral” rating in a report on Tuesday, May 13th. Citigroup reaffirmed a “neutral” rating and set a $27.00 target price (up previously from $22.00) on shares of Comstock Resources in a report on Friday, June 13th. Wolfe Research raised Comstock Resources from a “peer perform” rating to an “outperform” rating and set a $34.00 target price on the stock in a report on Tuesday, June 17th. Finally, Morgan Stanley reduced their target price on Comstock Resources from $21.00 to $19.00 and set an “equal weight” rating on the stock in a report on Monday, August 4th. Four equities research analysts have rated the stock with a sell rating, five have issued a hold rating and two have given a buy rating to the company’s stock. According to MarketBeat.com, Comstock Resources has an average rating of “Hold” and an average price target of $19.18.

Comstock Resources Stock Performance

Shares of CRK stock opened at $15.96 on Friday. Comstock Resources, Inc. has a 1-year low of $9.09 and a 1-year 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 has a market capitalization of $4.68 billion, a price-to-earnings ratio of -66.50 and a beta of 0.28. The stock’s fifty day simple moving average is $22.67 and its 200-day simple moving average is $20.96.

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