Victory Capital Management Inc. Sells 54,951 Shares of Comstock Resources, Inc. (NYSE:CRK)

Victory Capital Management Inc. reduced its stake in Comstock Resources, Inc. (NYSE:CRK) by 51.5% during the second quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 51,817 shares of the oil and gas producer’s stock after selling 54,951 shares during the quarter. Victory Capital Management Inc.’s holdings in Comstock Resources were worth $538,000 at the end of the most recent quarter.

A number of other institutional investors also recently bought and sold shares of the stock. CIBC Asset Management Inc bought a new position in Comstock Resources in the 2nd quarter worth $116,000. Natixis Advisors LLC raised its holdings 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 worth $364,000 after purchasing an additional 9,520 shares during the period. Pullen Investment Management LLC raised its holdings 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 worth $537,000 after purchasing an additional 1,942 shares during the period. Keynote Financial Services LLC raised its holdings in Comstock Resources by 2.0% during the second quarter. Keynote Financial Services LLC now owns 102,193 shares of the oil and gas producer’s stock valued at $1,061,000 after acquiring an additional 1,975 shares during the period. Finally, Louisiana State Employees Retirement System raised its holdings in Comstock Resources by 6.6% during the second quarter. Louisiana State Employees Retirement System now owns 48,500 shares of the oil and gas producer’s stock valued at $503,000 after acquiring an additional 3,000 shares during the period. 36.13% of the stock is owned by institutional investors.

Insider Buying and Selling

In related news, major shareholder Drilling L.P. Arkoma purchased 592,246 shares of the company’s stock in a transaction that occurred on Monday, August 26th. The stock was bought at an average price of $11.54 per share, for a total transaction of $6,834,518.84. Following the completion of the transaction, the insider now owns 208,219,992 shares in the company, valued at approximately $2,402,858,707.68. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. In other Comstock Resources news, major shareholder Star Exploration Corp Blue bought 825,000 shares of the company’s stock in a transaction on Monday, August 5th. The stock was acquired at an average price of $8.16 per share, for a total transaction of $6,732,000.00. Following the completion of the transaction, the insider now directly owns 195,646,429 shares of the company’s stock, valued at $1,596,474,860.64. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, major shareholder Drilling L.P. Arkoma bought 592,246 shares of the company’s stock in a transaction on Monday, August 26th. The shares were acquired at an average price of $11.54 per share, with a total value of $6,834,518.84. Following the transaction, the insider now directly owns 208,219,992 shares of the company’s stock, valued at $2,402,858,707.68. The disclosure for this purchase can be found here. Over the last quarter, insiders purchased 6,712,733 shares of company stock worth $67,816,851. Corporate insiders own 1.50% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on CRK shares. Truist Financial raised their price target on Comstock Resources from $8.00 to $9.00 and gave the company a “hold” rating in a report on Monday, July 22nd. KeyCorp started coverage on Comstock Resources in a report on Thursday, June 27th. They set a “sector weight” rating on the stock. Mizuho decreased their price target on Comstock Resources from $11.00 to $10.00 and set an “underperform” rating on the stock in a report on Monday, September 16th. Piper Sandler cut Comstock Resources from a “neutral” rating to an “underweight” rating and reduced their target price for the stock from $8.00 to $5.00 in a report on Thursday, August 15th. Finally, The Goldman Sachs Group lifted their target price on Comstock Resources from $9.00 to $10.00 and gave the stock a “sell” rating in a report on Tuesday, May 28th. Four investment analysts have rated the stock with a sell rating, seven have given a hold rating and one has assigned a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Hold” and an average target price of $9.58.

Comstock Resources Trading Up 6.8 %

Shares of CRK stock opened at $10.82 on Monday. The stock has a market capitalization of $3.16 billion, a price-to-earnings ratio of 49.18 and a beta of 0.48. Comstock Resources, Inc. has a 12-month low of $7.07 and a 12-month high of $13.39. The company has a current ratio of 0.59, a quick ratio of 0.59 and a debt-to-equity ratio of 1.21. The stock’s 50-day moving average price is $10.11 and its 200-day moving average price is $10.12.

Comstock Resources (NYSE:CRK) last released its quarterly earnings results on Tuesday, July 30th. The oil and gas producer reported ($0.20) EPS for the quarter, missing the consensus estimate of ($0.16) by ($0.04). The company had revenue of $246.80 million during the quarter, compared to analysts’ expectations of $296.02 million. Comstock Resources had a negative return on equity of 1.38% and a negative net margin of 1.48%. The company’s quarterly revenue was down 14.4% compared to the same quarter last year. Equities research analysts predict that Comstock Resources, Inc. will post -0.33 EPS 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.