NewEdge Advisors LLC Raises Stock Holdings in Comstock Resources, Inc. $CRK

NewEdge Advisors LLC increased its stake in shares of Comstock Resources, Inc. (NYSE:CRK) by 1,691.3% in the first quarter, HoldingsChannel reports. The firm owned 71,920 shares of the oil and gas producer’s stock after buying an additional 67,905 shares during the quarter. NewEdge Advisors LLC’s holdings in Comstock Resources were worth $1,516,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. State Street Corp grew its holdings in shares of Comstock Resources by 3.7% during the fourth quarter. State Street Corp now owns 4,483,203 shares of the oil and gas producer’s stock worth $103,921,000 after buying an additional 161,093 shares in the last quarter. Dragoneer Investment Group LLC acquired a new position in Comstock Resources in the 4th quarter valued at $99,632,000. Bank of America Corp DE boosted its holdings in shares of Comstock Resources by 5.1% during the third quarter. Bank of America Corp DE now owns 1,948,702 shares of the oil and gas producer’s stock worth $38,643,000 after purchasing an additional 94,856 shares during the last quarter. Woodline Partners LP increased its stake in Comstock Resources by 50.5% in the third quarter. Woodline Partners LP now owns 1,231,916 shares of the oil and gas producer’s stock valued at $24,429,000 after purchasing an additional 413,611 shares during the last quarter. Finally, Goldman Sachs Group Inc. lifted its position in Comstock Resources by 67.4% during 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 buying an additional 437,476 shares during the period. 36.13% of the stock is currently owned by hedge funds and other institutional investors.

Comstock Resources Price Performance

Shares of CRK stock opened at $14.05 on Monday. The firm has a fifty day simple moving average of $13.52 and a 200-day simple moving average of $16.63. The company has a market capitalization of $4.13 billion, a PE ratio of 7.90 and a beta of 0.13. Comstock Resources, Inc. has a twelve month low of $12.12 and a twelve month high of $28.10. The company has a current ratio of 0.48, a quick ratio of 0.48 and a debt-to-equity ratio of 0.98.

Comstock Resources (NYSE:CRK) last posted its quarterly earnings data on Wednesday, July 29th. The oil and gas producer reported $0.03 earnings per share for the quarter, beating analysts’ consensus estimates of $0.02 by $0.01. Comstock Resources had a net margin of 23.31% and a return on equity of 4.12%. The company had revenue of $353.28 million during the quarter, compared to analysts’ expectations of $419.22 million. During the same period in the prior year, the company posted $0.13 EPS. The firm’s revenue for the quarter was down 24.9% on a year-over-year basis. Equities research analysts anticipate that Comstock Resources, Inc. will post 0.48 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on CRK shares. Morgan Stanley set a $16.00 price objective on shares of Comstock Resources and gave the company an “equal weight” rating in a research note on Monday, June 29th. Citigroup lowered their price objective on shares of Comstock Resources from $19.00 to $16.00 and set a “neutral” rating for the company in a research note on Monday, July 20th. Roth Capital reissued a “neutral” rating on shares of Comstock Resources in a research report on Thursday, July 30th. Wall Street Zen raised Comstock Resources from a “strong sell” rating to a “sell” rating in a research note on Monday. Finally, UBS Group reaffirmed a “sell” rating and set a $13.00 price target (down from $17.00) on shares of Comstock Resources in a research report on Monday, May 11th. Six equities research analysts have rated the stock with a Hold rating and four have issued a Sell rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Reduce” and a consensus target price of $15.00.

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.