Algert Global LLC Invests $107,000 in Comstock Resources, Inc. (NYSE:CRK)

Algert Global LLC acquired a new stake in Comstock Resources, Inc. (NYSE:CRK) in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 10,281 shares of the oil and gas producer’s stock, valued at approximately $107,000.

A number of other hedge funds have also recently added to or reduced their stakes in the company. Dimensional Fund Advisors LP raised its stake in shares of Comstock Resources by 26.3% during the 2nd quarter. Dimensional Fund Advisors LP now owns 11,696,540 shares of the oil and gas producer’s stock worth $121,414,000 after buying an additional 2,438,252 shares in the last quarter. Vanguard Group Inc. raised its position in Comstock Resources by 0.3% in the fourth quarter. Vanguard Group Inc. now owns 10,829,100 shares of the oil and gas producer’s stock worth $95,838,000 after acquiring an additional 34,231 shares in the last quarter. American Century Companies Inc. lifted its holdings in Comstock Resources by 19.0% in the second quarter. American Century Companies Inc. now owns 2,270,435 shares of the oil and gas producer’s stock valued at $23,567,000 after acquiring an additional 362,043 shares during the period. Millennium Management LLC boosted its position in shares of Comstock Resources by 775.4% during the 2nd quarter. Millennium Management LLC now owns 875,371 shares of the oil and gas producer’s stock worth $9,086,000 after purchasing an additional 775,371 shares in the last quarter. Finally, Marshall Wace LLP grew its stake in shares of Comstock Resources by 20.7% during the 2nd quarter. Marshall Wace LLP now owns 873,918 shares of the oil and gas producer’s stock worth $9,071,000 after purchasing an additional 149,760 shares during the period. Institutional investors and hedge funds own 36.13% of the company’s stock.

Wall Street Analysts Forecast Growth

CRK has been the subject of several recent analyst reports. Mizuho reduced their price objective on shares of Comstock Resources from $11.00 to $10.00 and set an “underperform” rating for the company in a research note on Monday, September 16th. BMO Capital Markets boosted their price target on Comstock Resources from $10.00 to $11.00 and gave the stock a “market perform” rating in a research note on Friday, October 4th. Piper Sandler downgraded Comstock Resources from a “neutral” rating to an “underweight” rating and dropped their price objective for the company from $8.00 to $5.00 in a research note on Thursday, August 15th. Wolfe Research assumed coverage on Comstock Resources in a research report on Thursday, July 18th. They set a “peer perform” rating on the stock. Finally, KeyCorp initiated coverage on Comstock Resources in a research report on Thursday, June 27th. They issued a “sector weight” rating for the company. Four investment analysts have rated the stock with a sell rating, eight have issued a hold rating and one has assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $9.93.

Comstock Resources Stock Up 2.9 %

CRK opened at $12.07 on Friday. The firm has a market cap of $3.53 billion, a P/E ratio of 54.84 and a beta of 0.47. The business’s fifty day simple moving average is $10.56 and its 200 day simple moving average is $10.44. Comstock Resources, Inc. has a 52 week low of $7.07 and a 52 week high of $13.39. The company has a quick ratio of 0.59, a current ratio of 0.59 and a debt-to-equity ratio of 1.21.

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

Insider Buying and Selling

In other Comstock Resources news, major shareholder Star Exploration Corp Blue purchased 825,000 shares of the business’s stock in a transaction on Monday, August 5th. The stock was bought at an average cost of $8.16 per share, for a total transaction of $6,732,000.00. Following the acquisition, the insider now owns 195,646,429 shares of the company’s stock, valued at approximately $1,596,474,860.64. The trade was a 0.00 % increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available at this link. In related news, major shareholder Drilling L.P. Arkoma bought 592,246 shares of the firm’s stock in a transaction that occurred on Monday, August 26th. The shares were acquired at an average cost of $11.54 per share, with a total value of $6,834,518.84. Following the completion of the transaction, the insider now owns 208,219,992 shares of the company’s stock, valued at approximately $2,402,858,707.68. The trade was a 0.00 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, major shareholder Star Exploration Corp Blue purchased 825,000 shares of the company’s stock in a transaction that occurred on Monday, August 5th. The shares were bought at an average cost of $8.16 per share, with a total value of $6,732,000.00. Following the transaction, the insider now directly owns 195,646,429 shares of the company’s stock, valued at $1,596,474,860.64. The trade was a 0.00 % increase in their position. The disclosure for this purchase can be found here. Over the last 90 days, insiders have bought 6,712,733 shares of company stock worth $67,816,851. 1.50% of the stock is owned by insiders.

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.