Victory Capital Management Inc. Has $18.24 Million Position in Comstock Resources, Inc. $CRK

Victory Capital Management Inc. cut its holdings in shares of Comstock Resources, Inc. (NYSE:CRK) by 9.0% during the 3rd quarter, HoldingsChannel reports. The institutional investor owned 919,827 shares of the oil and gas producer’s stock after selling 91,204 shares during the period. Victory Capital Management Inc.’s holdings in Comstock Resources were worth $18,240,000 as of its most recent SEC filing.

Other large investors also recently modified their holdings of the company. Jones Financial Companies Lllp grew its holdings in shares of Comstock Resources by 671.2% in the 3rd quarter. Jones Financial Companies Lllp now owns 1,581 shares of the oil and gas producer’s stock valued at $31,000 after acquiring an additional 1,376 shares in the last quarter. Atlantic Union Bankshares Corp bought a new stake in Comstock Resources during the second quarter worth about $34,000. HHM Wealth Advisors LLC acquired a new position in Comstock Resources during the third quarter valued at approximately $44,000. Smartleaf Asset Management LLC grew its stake in Comstock Resources by 39.2% in the third quarter. Smartleaf Asset Management LLC now owns 3,085 shares of the oil and gas producer’s stock valued at $62,000 after purchasing an additional 868 shares in the last quarter. Finally, Bayforest Capital Ltd grew its stake in Comstock Resources by 75.0% in the third quarter. Bayforest Capital Ltd now owns 3,692 shares of the oil and gas producer’s stock valued at $73,000 after purchasing an additional 1,582 shares in the last quarter. 36.13% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, VP Patrick Mcgough sold 48,915 shares of Comstock Resources stock in a transaction on Thursday, March 5th. The stock was sold at an average price of $21.20, for a total transaction of $1,036,998.00. Following the completion of the sale, the vice president owned 187,516 shares of the company’s stock, valued at approximately $3,975,339.20. This trade represents a 20.69% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 2.20% of the stock is owned by insiders.

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on CRK shares. Piper Sandler dropped their price objective on Comstock Resources from $9.00 to $8.00 and set an “underweight” rating on the stock in a research note on Tuesday, November 18th. Mizuho boosted their target price on shares of Comstock Resources from $21.00 to $29.00 and gave the stock a “neutral” rating in a report on Friday, December 12th. Bank of America cut shares of Comstock Resources from a “buy” rating to a “neutral” rating and cut their price target for the company from $27.00 to $24.00 in a research note on Friday, January 16th. Citigroup reissued a “neutral” rating and issued a $25.00 price objective (up from $24.00) on shares of Comstock Resources in a research report on Wednesday, January 14th. Finally, Zacks Research upgraded shares of Comstock Resources from a “strong sell” rating to a “hold” rating in a research note on Wednesday, November 12th. One analyst has rated the stock with a Buy rating, six have given a Hold rating and three have assigned a Sell rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Reduce” and an average price target of $21.00.

Comstock Resources Trading Down 2.4%

Shares of NYSE:CRK opened at $19.61 on Wednesday. Comstock Resources, Inc. has a 12-month low of $14.65 and a 12-month high of $31.17. The business has a 50 day moving average of $21.30 and a 200-day moving average of $20.84. The company has a quick ratio of 0.49, a current ratio of 0.49 and a debt-to-equity ratio of 0.95. The stock has a market cap of $5.76 billion, a PE ratio of 13.90 and a beta of 0.40.

Comstock Resources (NYSE:CRK) last released its quarterly earnings results on Wednesday, February 11th. The oil and gas producer reported $0.16 earnings per share for the quarter, topping the consensus estimate of $0.11 by $0.05. The business had revenue of $787.32 million during the quarter, compared to analysts’ expectations of $504.66 million. Comstock Resources had a return on equity of 6.30% and a net margin of 17.80%.The firm’s revenue for the quarter was up 115.5% compared to the same quarter last year. During the same period last year, the firm posted $0.16 EPS. As a group, equities research analysts forecast that Comstock Resources, Inc. will post 0.54 earnings per share for the current year.

About Comstock Resources

Comstock Resources, Inc is an independent energy company engaged in the acquisition, exploration, development and production of oil and natural gas properties in the United States. The company focuses on generating long-term value through the efficient development of unconventional resource plays and conventional prospects. Its activities encompass drilling, completion and production operations, as well as the marketing of natural gas, natural gas liquids and crude oil.

Comstock holds a core position in the Haynesville Shale of Northwest Louisiana, one of the most active natural gas plays in North America, and has built a complementary portfolio in the Delaware Basin of West Texas.