Cross Staff Investments Inc Reduces Stock Position in Comstock Resources, Inc. $CRK

Cross Staff Investments Inc cut its stake in Comstock Resources, Inc. (NYSE:CRK) by 81.1% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 77,993 shares of the oil and gas producer’s stock after selling 334,820 shares during the period. Comstock Resources makes up about 1.5% of Cross Staff Investments Inc’s holdings, making the stock its 15th largest holding. Cross Staff Investments Inc’s holdings in Comstock Resources were worth $2,158,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors have also made changes to their positions in the company. Nisa Investment Advisors LLC grew its position in Comstock Resources by 129.3% in the first quarter. Nisa Investment Advisors LLC now owns 2,075 shares of the oil and gas producer’s stock worth $42,000 after acquiring an additional 1,170 shares during the period. Emerald Mutual Fund Advisers Trust purchased a new position in Comstock Resources in the first quarter worth approximately $52,000. State of Wyoming purchased a new position in Comstock Resources in the first quarter worth approximately $126,000. GAMMA Investing LLC grew its position in Comstock Resources by 17.6% in the first quarter. GAMMA Investing LLC now owns 6,803 shares of the oil and gas producer’s stock worth $138,000 after acquiring an additional 1,017 shares during the period. Finally, Emerald Advisers LLC purchased a new position in Comstock Resources in the first quarter worth approximately $158,000. 36.13% of the stock is currently owned by hedge funds and other institutional investors.

Comstock Resources Stock Down 7.0%

NYSE:CRK opened at $18.40 on Friday. The company has a quick ratio of 0.36, a current ratio of 0.36 and a debt-to-equity ratio of 1.24. The stock’s fifty day moving average is $17.19 and its two-hundred day moving average is $20.64. Comstock Resources, Inc. has a 52 week low of $11.05 and a 52 week high of $31.17. The stock has a market capitalization of $5.39 billion, a price-to-earnings ratio of -76.66 and a beta of 0.19.

Comstock Resources (NYSE:CRK) last released its quarterly earnings results on Wednesday, July 30th. The oil and gas producer reported $0.13 EPS for the quarter, topping analysts’ consensus estimates of $0.09 by $0.04. Comstock Resources had a positive return on equity of 3.65% and a negative net margin of 5.05%.The company had revenue of $470.26 million for the quarter, compared to analysts’ expectations of $431.82 million. During the same period in the prior year, the firm earned ($0.20) earnings per share. The firm’s revenue was up 90.5% compared to the same quarter last year. Research analysts anticipate that Comstock Resources, Inc. will post 0.54 EPS for the current year.

Wall Street Analysts Forecast Growth

Several research analysts recently weighed in on the company. UBS Group lowered their price objective on Comstock Resources from $18.00 to $14.00 and set a “sell” rating for the company in a research report on Wednesday, August 20th. Citigroup reiterated a “neutral” rating and issued a $27.00 price objective (up from $22.00) on shares of Comstock Resources in a research report on Friday, June 13th. Piper Sandler lowered their price objective on Comstock Resources from $12.00 to $10.00 and set an “underweight” rating for the company in a research report on Monday, August 4th. Wolfe Research upgraded Comstock Resources from a “peer perform” rating to an “outperform” rating and set a $34.00 price objective for the company in a research report on Tuesday, June 17th. Finally, Mizuho lowered their price objective on Comstock Resources from $27.00 to $22.00 and set a “neutral” rating for the company in a research report on Monday, September 15th. Two research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and five have assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, Comstock Resources presently has a consensus rating of “Reduce” and an average target price of $18.73.

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.