Geode Capital Management LLC Lowers Stock Holdings in Comstock Resources, Inc. (NYSE:CRK)

Geode Capital Management LLC reduced its holdings in Comstock Resources, Inc. (NYSE:CRK) by 2.3% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 2,115,407 shares of the oil and gas producer’s stock after selling 49,369 shares during the quarter. Geode Capital Management LLC owned approximately 0.72% of Comstock Resources worth $23,549,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also recently added to or reduced their stakes in the business. Royce & Associates LP grew its holdings in Comstock Resources by 79.2% in 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 buying an additional 304,780 shares during the period. Charles Schwab Investment Management Inc. boosted its position in shares of Comstock Resources by 4.2% in the third quarter. Charles Schwab Investment Management Inc. now owns 1,413,820 shares of the oil and gas producer’s stock worth $15,736,000 after acquiring an additional 57,376 shares during the last quarter. Intech Investment Management LLC purchased a new stake in Comstock Resources in the third quarter valued at approximately $419,000. Goehring & Rozencwajg Associates LLC increased its position in Comstock Resources by 27.8% during the second quarter. Goehring & Rozencwajg Associates LLC now owns 683,570 shares of the oil and gas producer’s stock worth $7,095,000 after purchasing an additional 148,700 shares during the last quarter. Finally, HITE Hedge Asset Management LLC purchased a new position in Comstock Resources during the second quarter worth approximately $6,544,000. 36.13% of the stock is currently owned by hedge funds and other institutional investors.

Comstock Resources Price Performance

CRK opened at $17.09 on Friday. The company has a debt-to-equity ratio of 1.25, a quick ratio of 0.60 and a current ratio of 0.60. Comstock Resources, Inc. has a 1-year low of $7.07 and a 1-year high of $17.79. The company has a 50-day moving average of $14.24 and a 200-day moving average of $11.88. The company has a market capitalization of $4.99 billion, a P/E ratio of -94.94 and a beta of 0.57.

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

Wall Street Analysts Forecast Growth

CRK has been the subject of several research reports. Bank of America assumed coverage on shares of Comstock Resources in a research note on Monday, October 28th. They set a “buy” rating and a $14.00 price objective for the company. BMO Capital Markets lifted their target price on Comstock Resources from $10.00 to $11.00 and gave the company a “market perform” rating in a report on Friday, October 4th. Truist Financial upped their price target on Comstock Resources from $9.00 to $10.00 and gave the stock a “hold” rating in a research note on Monday, September 30th. Siebert Williams Shank lowered Comstock Resources from a “hold” rating to a “sell” rating and set a $9.00 price objective on the stock. in a research note on Tuesday, October 15th. Finally, Mizuho raised shares of Comstock Resources from an “underperform” rating to a “neutral” rating and increased their target price for the stock from $10.00 to $18.00 in a research report on Monday, December 16th. Four investment analysts have rated the stock with a sell rating, eight have given a hold rating and two have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $11.78.

Insider Activity

In other news, Director Elizabeth B. Davis sold 10,000 shares of the company’s stock in a transaction dated Friday, December 27th. The shares were sold at an average price of $16.98, for a total transaction of $169,800.00. Following the completion of the transaction, the director now owns 107,632 shares in the company, valued at approximately $1,827,591.36. This represents a 8.50 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Over the last ninety days, insiders sold 30,000 shares of company stock valued at $489,300. 2.00% of the stock is currently owned by insiders.

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.