Comstock Resources, Inc. (NYSE:CRK) Shares Bought by KGH Ltd

KGH Ltd raised its position in shares of Comstock Resources, Inc. (NYSE:CRK) by 8.7% during the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 12,125,000 shares of the oil and gas producer’s stock after purchasing an additional 975,000 shares during the quarter. Comstock Resources accounts for 7.3% of KGH Ltd’s portfolio, making the stock its 5th largest position. KGH Ltd owned approximately 4.15% of Comstock Resources worth $125,858,000 at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of CRK. Stifel Financial Corp increased its stake in shares of Comstock Resources by 2.2% in the fourth quarter. Stifel Financial Corp now owns 667,956 shares of the oil and gas producer’s stock worth $5,911,000 after acquiring an additional 14,683 shares during the period. Rafferty Asset Management LLC grew its position in Comstock Resources by 57.4% during the 4th quarter. Rafferty Asset Management LLC now owns 619,684 shares of the oil and gas producer’s stock worth $5,484,000 after purchasing an additional 226,021 shares during the period. CastleKnight Management LP purchased a new position in shares of Comstock Resources during the 4th quarter valued at about $3,167,000. Caas Capital Management LP acquired a new position in shares of Comstock Resources in the 4th quarter valued at about $149,000. Finally, Goehring & Rozencwajg Associates LLC lifted its holdings in shares of Comstock Resources by 3.6% in the 4th quarter. Goehring & Rozencwajg Associates LLC now owns 498,170 shares of the oil and gas producer’s stock valued at $4,409,000 after buying an additional 17,490 shares during the period. 36.13% of the stock is owned by institutional investors and hedge funds.

Comstock Resources Trading Up 0.3 %

CRK stock opened at $11.13 on Tuesday. The business’s 50-day moving average is $10.19 and its 200 day moving average is $10.22. Comstock Resources, Inc. has a 12-month low of $7.07 and a 12-month high of $13.39. The stock has a market cap of $3.25 billion, a price-to-earnings ratio of 50.59 and a beta of 0.48. The company has a current ratio of 0.59, a quick ratio of 0.59 and a debt-to-equity ratio of 1.21.

Comstock Resources (NYSE:CRK) last issued its quarterly earnings results on Tuesday, July 30th. The oil and gas producer reported ($0.20) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.16) by ($0.04). Comstock Resources had a negative return on equity of 1.38% and a negative net margin of 1.48%. The firm had revenue of $246.80 million during the quarter, compared to analyst estimates of $296.02 million. The firm’s revenue was down 14.4% compared to the same quarter last year. On average, sell-side analysts anticipate that Comstock Resources, Inc. will post -0.37 EPS for the current fiscal year.

Insider Transactions at Comstock Resources

In other Comstock Resources news, major shareholder Drilling L.P. Arkoma purchased 592,246 shares of the firm’s stock in a transaction dated Monday, August 26th. The shares were purchased at an average cost of $11.54 per share, with a total value of $6,834,518.84. Following the completion of the purchase, the insider now owns 208,219,992 shares in the company, valued at approximately $2,402,858,707.68. The acquisition was disclosed in a document filed with the SEC, which is accessible through the SEC website. In related news, major shareholder Drilling L.P. Arkoma purchased 592,246 shares of the business’s stock in a transaction that occurred on Monday, August 26th. The stock was purchased at an average price of $11.54 per share, with a total value of $6,834,518.84. Following the completion of the acquisition, the insider now owns 208,219,992 shares in the company, valued at $2,402,858,707.68. The purchase was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, major shareholder Star Exploration Corp Blue acquired 825,868 shares of Comstock Resources stock in a transaction that occurred on Wednesday, August 7th. The shares were bought at an average price of $8.82 per share, for a total transaction of $7,284,155.76. Following the transaction, the insider now owns 197,298,165 shares of the company’s stock, valued at approximately $1,740,169,815.30. The disclosure for this purchase can be found here. Insiders acquired 6,712,733 shares of company stock valued at $67,816,851 over the last 90 days. 1.50% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

CRK has been the subject of several recent research reports. Mizuho reduced their price target on Comstock Resources from $11.00 to $10.00 and set an “underperform” rating for the company in a research report on Monday, September 16th. Piper Sandler lowered shares of Comstock Resources from a “neutral” rating to an “underweight” rating and dropped their price target for the company from $8.00 to $5.00 in a research report on Thursday, August 15th. KeyCorp initiated coverage on shares of Comstock Resources in a research report on Thursday, June 27th. They issued a “sector weight” rating for the company. Wolfe Research initiated coverage on shares of Comstock Resources in a research note on Thursday, July 18th. They set a “peer perform” rating on the stock. Finally, Truist Financial lifted their price target on Comstock Resources from $9.00 to $10.00 and gave the company a “hold” rating in a research note on Monday. Four 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’s stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and an average target price of $9.75.

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.