Arizona State Retirement System Acquires 1,848 Shares of Comstock Resources, Inc. (NYSE:CRK)

Arizona State Retirement System lifted its holdings in Comstock Resources, Inc. (NYSE:CRK) by 6.9% in the second quarter, according to the company in its most recent filing with the SEC. The fund owned 28,630 shares of the oil and gas producer’s stock after acquiring an additional 1,848 shares during the quarter. Arizona State Retirement System’s holdings in Comstock Resources were worth $297,000 at the end of the most recent quarter.

Other hedge funds have also recently made changes to their positions in the company. Dimensional Fund Advisors LP raised its holdings in Comstock Resources by 29.1% during the 4th quarter. Dimensional Fund Advisors LP now owns 8,139,351 shares of the oil and gas producer’s stock valued at $72,035,000 after buying an additional 1,833,302 shares during the last quarter. CastleKnight Management LP bought a new stake in Comstock Resources during the 4th quarter valued at $3,167,000. GSA Capital Partners LLP bought a new stake in Comstock Resources during the 1st quarter valued at $2,672,000. Rafferty Asset Management LLC raised its holdings 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 valued at $5,484,000 after buying an additional 226,021 shares during the last quarter. Finally, Susquehanna Fundamental Investments LLC bought a new stake in Comstock Resources during the 1st quarter valued at $1,904,000. 36.13% of the stock is currently owned by institutional investors.

Insider Transactions at Comstock Resources

In other Comstock Resources news, major shareholder Star Exploration Corp Blue acquired 825,868 shares of the stock in a transaction dated Wednesday, August 7th. The shares were purchased at an average price of $8.82 per share, for a total transaction of $7,284,155.76. Following the purchase, the insider now directly owns 197,298,165 shares of the company’s stock, valued at $1,740,169,815.30. The acquisition was disclosed in a filing with the SEC, which is available at this link. In other news, major shareholder Drilling L.P. Arkoma bought 573,453 shares of the firm’s stock in a transaction on Friday, August 16th. The shares were bought at an average price of $10.64 per share, for a total transaction of $6,101,539.92. Following the purchase, the insider now owns 203,450,946 shares in the company, valued at $2,164,718,065.44. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, major shareholder Star Exploration Corp Blue bought 825,868 shares of the firm’s stock in a transaction on Wednesday, August 7th. The shares were purchased at an average price of $8.82 per share, for a total transaction of $7,284,155.76. Following the purchase, the insider now owns 197,298,165 shares in the company, valued at approximately $1,740,169,815.30. The disclosure for this purchase can be found here. Insiders have acquired 6,712,733 shares of company stock worth $67,816,851 in the last quarter. Company insiders own 1.50% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on the stock. The Goldman Sachs Group boosted their price objective on shares of Comstock Resources from $9.00 to $10.00 and gave the company a “sell” rating in a research report on Tuesday, May 28th. KeyCorp assumed coverage on shares of Comstock Resources in a research report on Thursday, June 27th. They set a “sector weight” rating on the stock. Wolfe Research assumed coverage on shares of Comstock Resources in a research report on Thursday, July 18th. They set a “peer perform” rating on the stock. Truist Financial boosted their price objective on shares of Comstock Resources from $8.00 to $9.00 and gave the company a “hold” rating in a research report on Monday, July 22nd. Finally, Piper Sandler downgraded shares of Comstock Resources from a “neutral” rating to an “underweight” rating and reduced their price objective for the company from $8.00 to $5.00 in a research report on Thursday, August 15th. Four equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating and one has issued a buy rating to the stock. Based on data from MarketBeat, Comstock Resources has a consensus rating of “Hold” and an average price target of $9.58.

Comstock Resources Price Performance

CRK opened at $9.93 on Wednesday. The company has a debt-to-equity ratio of 1.21, a quick ratio of 0.59 and a current ratio of 0.59. The stock has a market capitalization of $2.90 billion, a P/E ratio of 45.11 and a beta of 0.48. The company’s 50-day simple moving average is $10.13 and its two-hundred day simple moving average is $10.09. Comstock Resources, Inc. has a 52-week low of $7.07 and a 52-week high of $13.39.

Comstock Resources (NYSE:CRK) last posted its 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 company had revenue of $246.80 million for the quarter, compared to the consensus estimate of $296.02 million. Comstock Resources had a negative net margin of 1.48% and a negative return on equity of 1.38%. The business’s quarterly revenue was down 14.4% on a year-over-year basis. As a group, analysts predict that Comstock Resources, Inc. will post -0.33 EPS for the current year.

Comstock Resources Company 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.