Intech Investment Management LLC Takes Position in Comstock Resources, Inc. (NYSE:CRK)

Intech Investment Management LLC bought a new stake in shares of Comstock Resources, Inc. (NYSE:CRK) during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund bought 37,659 shares of the oil and gas producer’s stock, valued at approximately $419,000.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Royce & Associates LP boosted its position in shares of Comstock Resources by 79.2% during the 3rd quarter. Royce & Associates LP now owns 689,780 shares of the oil and gas producer’s stock valued at $7,677,000 after acquiring an additional 304,780 shares during the last quarter. Goehring & Rozencwajg Associates LLC raised its stake in shares of Comstock Resources by 27.8% during the 2nd quarter. Goehring & Rozencwajg Associates LLC now owns 683,570 shares of the oil and gas producer’s stock valued at $7,095,000 after buying an additional 148,700 shares during the last quarter. HITE Hedge Asset Management LLC purchased a new stake in shares of Comstock Resources in the second quarter worth about $6,544,000. Parametrica Management Ltd purchased a new position in Comstock Resources during the third quarter valued at approximately $661,000. Finally, Squarepoint Ops LLC grew its position in Comstock Resources by 285.9% during the second quarter. Squarepoint Ops LLC now owns 216,806 shares of the oil and gas producer’s stock valued at $2,250,000 after buying an additional 160,619 shares during the period. 36.13% of the stock is currently owned by institutional investors.

Comstock Resources Stock Down 2.9 %

CRK opened at $15.12 on Tuesday. The stock has a market capitalization of $4.42 billion, a price-to-earnings ratio of -83.97 and a beta of 0.47. Comstock Resources, Inc. has a 12 month low of $7.07 and a 12 month high of $15.84. The company has a debt-to-equity ratio of 1.25, a current ratio of 0.60 and a quick ratio of 0.60. The business has a 50-day moving average of $12.68 and a two-hundred day moving average of $11.30.

Comstock Resources (NYSE:CRK) last posted its quarterly earnings results on Wednesday, October 30th. The oil and gas producer reported ($0.17) EPS for the quarter, missing the consensus estimate of ($0.16) by ($0.01). Comstock Resources had a negative net margin of 4.93% and a negative return on equity of 3.88%. The business had revenue of $304.50 million during the quarter, compared to analysts’ expectations of $308.75 million. During the same quarter in the previous year, the business posted $0.04 EPS. The company’s quarterly revenue was down 19.2% on a year-over-year basis. On average, research analysts expect that Comstock Resources, Inc. will post -0.44 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of analysts have recently commented on CRK shares. Truist Financial boosted their price objective on Comstock Resources from $9.00 to $10.00 and gave the company a “hold” rating in a research report on Monday, September 30th. Bank of America initiated coverage on Comstock Resources in a research report on Monday, October 28th. They set a “buy” rating and a $14.00 price target for the company. BMO Capital Markets raised their price target on shares of Comstock Resources from $10.00 to $11.00 and gave the stock a “market perform” rating in a research note on Friday, October 4th. Mizuho decreased their price target on Comstock Resources from $11.00 to $10.00 and set an “underperform” rating on the stock in a research note on Monday, September 16th. Finally, Piper Sandler lowered shares of 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. Five investment analysts have rated the stock with a sell rating, seven have given a hold rating and two have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $10.31.

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.