Choreo LLC Takes $105,000 Position in Comstock Resources, Inc. (NYSE:CRK)

Choreo LLC bought a new stake in shares of Comstock Resources, Inc. (NYSE:CRK) during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm bought 10,247 shares of the oil and gas producer’s stock, valued at approximately $105,000.

Other institutional investors have also recently modified their holdings of the company. Arizona State Retirement System lifted its stake in Comstock Resources by 6.9% in the 2nd quarter. Arizona State Retirement System now owns 28,630 shares of the oil and gas producer’s stock valued at $297,000 after buying an additional 1,848 shares in the last quarter. CIBC Asset Management Inc purchased a new position in Comstock Resources in the 2nd quarter valued at about $116,000. Natixis Advisors LLC lifted its stake in Comstock Resources by 37.2% in the 2nd quarter. Natixis Advisors LLC now owns 35,106 shares of the oil and gas producer’s stock valued at $364,000 after buying an additional 9,520 shares in the last quarter. Pullen Investment Management LLC lifted its stake in Comstock Resources by 3.9% in the 2nd quarter. Pullen Investment Management LLC now owns 51,733 shares of the oil and gas producer’s stock valued at $537,000 after buying an additional 1,942 shares in the last quarter. Finally, Keynote Financial Services LLC lifted its stake in Comstock Resources by 2.0% in the 2nd quarter. Keynote Financial Services LLC now owns 102,193 shares of the oil and gas producer’s stock valued at $1,061,000 after buying an additional 1,975 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 Comstock Resources news, major shareholder Drilling L.P. Arkoma purchased 592,246 shares of the company’s stock in a transaction on Monday, August 26th. The stock was acquired at an average price of $11.54 per share, for a total transaction of $6,834,518.84. Following the completion of the purchase, the insider now directly owns 208,219,992 shares in the company, valued at approximately $2,402,858,707.68. The purchase was disclosed in a filing with the SEC, which is available through this link. In other news, major shareholder Drilling L.P. Arkoma acquired 592,246 shares of the firm’s stock in a transaction dated Monday, August 26th. The stock was acquired at an average cost of $11.54 per share, with a total value of $6,834,518.84. Following the transaction, the insider now owns 208,219,992 shares in the company, valued at $2,402,858,707.68. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, major shareholder Star Exploration Corp Blue acquired 825,000 shares of the firm’s stock in a transaction dated Monday, August 5th. The shares were purchased at an average cost of $8.16 per share, with a total value of $6,732,000.00. Following the completion of the transaction, the insider now owns 195,646,429 shares in the company, valued at approximately $1,596,474,860.64. The disclosure for this purchase can be found here. Insiders acquired a total of 6,712,733 shares of company stock worth $67,816,851 over the last 90 days. Corporate insiders own 1.50% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages recently weighed in on CRK. Truist Financial raised their price target on shares of Comstock Resources from $8.00 to $9.00 and gave the company a “hold” rating in a research note on Monday, July 22nd. KeyCorp began coverage on shares of Comstock Resources in a research note on Thursday, June 27th. They issued a “sector weight” rating on the stock. The Goldman Sachs Group raised their target price on shares of Comstock Resources from $9.00 to $10.00 and gave the stock a “sell” rating in a research note on Tuesday, May 28th. Wolfe Research began coverage on shares of Comstock Resources in a research note on Thursday, July 18th. They issued a “peer perform” rating on the stock. Finally, Mizuho decreased their target price on shares of Comstock Resources from $11.00 to $10.00 and set an “underperform” rating on the stock in a research note on Monday, September 16th. Four investment analysts have rated the stock with a sell rating, seven have given a hold rating and one has issued a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $9.58.

Comstock Resources Stock Up 6.9 %

Comstock Resources stock opened at $10.83 on Friday. Comstock Resources, Inc. has a fifty-two week low of $7.07 and a fifty-two week high of $13.39. The company has a debt-to-equity ratio of 1.21, a quick ratio of 0.59 and a current ratio of 0.59. The firm has a 50 day moving average price of $10.11 and a 200 day moving average price of $10.10. The company has a market capitalization of $3.16 billion, a PE ratio of 49.23 and a beta of 0.48.

Comstock Resources (NYSE:CRK) last posted its earnings results on Tuesday, July 30th. The oil and gas producer reported ($0.20) earnings per share for the quarter, missing the consensus estimate of ($0.16) by ($0.04). Comstock Resources had a negative net margin of 1.48% and a negative return on equity of 1.38%. The company had revenue of $246.80 million during the quarter, compared to analyst estimates of $296.02 million. The company’s revenue was down 14.4% on a year-over-year basis. Research analysts expect that Comstock Resources, Inc. will post -0.33 earnings per share for the current year.

About Comstock Resources

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.