Ballentine Partners LLC Makes New Investment in Comstock Resources, Inc. (NYSE:CRK)

Ballentine Partners LLC bought a new stake in shares of Comstock Resources, Inc. (NYSE:CRK) in the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor bought 14,855 shares of the oil and gas producer’s stock, valued at approximately $138,000.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. KGH Ltd lifted its position in Comstock Resources by 119.3% in the third quarter. KGH Ltd now owns 8,586,000 shares of the oil and gas producer’s stock worth $94,704,000 after buying an additional 4,670,959 shares during the last quarter. Dimensional Fund Advisors LP lifted its position in Comstock Resources by 29.1% in the fourth quarter. Dimensional Fund Advisors LP now owns 8,139,351 shares of the oil and gas producer’s stock worth $72,035,000 after buying an additional 1,833,302 shares during the last quarter. Readystate Asset Management LP lifted its position in Comstock Resources by 718.7% in the fourth quarter. Readystate Asset Management LP now owns 603,846 shares of the oil and gas producer’s stock worth $5,344,000 after buying an additional 530,090 shares during the last quarter. CastleKnight Management LP bought a new stake in Comstock Resources in the fourth quarter worth $3,167,000. Finally, Rafferty Asset Management LLC lifted its position in Comstock Resources by 57.4% in the fourth quarter. Rafferty Asset Management LLC now owns 619,684 shares of the oil and gas producer’s stock worth $5,484,000 after buying an additional 226,021 shares during the last quarter. 36.13% of the stock is currently owned by institutional investors.

Comstock Resources Price Performance

Shares of CRK stock opened at $10.56 on Friday. Comstock Resources, Inc. has a 1-year low of $7.07 and a 1-year high of $13.39. The stock’s 50-day moving average is $10.82 and its 200 day moving average is $9.32. The company has a market cap of $3.08 billion, a P/E ratio of 47.98 and a beta of 0.60. The company has a debt-to-equity ratio of 1.09, a current ratio of 0.64 and a quick ratio of 0.64.

Comstock Resources (NYSE:CRK) last issued its quarterly earnings results on Wednesday, May 1st. The oil and gas producer reported ($0.03) earnings per share for the quarter, topping the consensus estimate of ($0.08) by $0.05. The business had revenue of $335.77 million during the quarter, compared to the consensus estimate of $343.97 million. Comstock Resources had a return on equity of 1.25% and a net margin of 4.27%. The company’s quarterly revenue was down 31.4% on a year-over-year basis. During the same quarter last year, the company earned $0.33 earnings per share. Research analysts predict that Comstock Resources, Inc. will post -0.09 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of analysts have weighed in on CRK shares. Stifel Nicolaus reduced their target price on Comstock Resources from $14.00 to $13.50 and set a “buy” rating on the stock in a research note on Tuesday, April 23rd. KeyCorp started coverage on Comstock Resources in a research note on Thursday. They issued a “sector weight” rating on the stock. StockNews.com upgraded Comstock Resources to a “sell” rating in a research note on Monday, April 29th. Capital One Financial lowered Comstock Resources from an “overweight” rating to an “equal weight” rating in a research note on Wednesday, May 15th. Finally, Piper Sandler reduced their target price on Comstock Resources from $9.00 to $8.00 and set an “overweight” rating on the stock in a research note on Thursday, March 7th. Three analysts have rated the stock with a sell rating, six have given a hold rating and two have given a buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $10.25.

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.