Old West Investment Management LLC Acquires Shares of 275,083 Comstock Resources, Inc. $CRK

Old West Investment Management LLC acquired a new stake in Comstock Resources, Inc. (NYSE:CRK) in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm acquired 275,083 shares of the oil and gas producer’s stock, valued at approximately $4,104,000.

A number of other institutional investors and hedge funds have also recently modified their holdings of CRK. Liontrust Investment Partners LLP boosted its stake in Comstock Resources by 877.8% during the first quarter. Liontrust Investment Partners LLP now owns 128,938 shares of the oil and gas producer’s stock worth $2,718,000 after buying an additional 115,752 shares during the period. Renaissance Technologies LLC bought a new position in Comstock Resources during the first quarter valued at $2,780,000. Goehring & Rozencwajg Associates LLC raised its stake in shares of Comstock Resources by 34.8% in the first quarter. Goehring & Rozencwajg Associates LLC now owns 861,858 shares of the oil and gas producer’s stock valued at $18,168,000 after acquiring an additional 222,569 shares during the period. GSA Capital Partners LLP purchased a new stake in shares of Comstock Resources in the second quarter valued at $2,028,000. Finally, Fiduciary Alliance LLC lifted its holdings in shares of Comstock Resources by 254.2% in the 1st quarter. Fiduciary Alliance LLC now owns 160,675 shares of the oil and gas producer’s stock worth $3,387,000 after acquiring an additional 115,313 shares during the last quarter. Hedge funds and other institutional investors own 36.13% of the company’s stock.

Wall Street Analyst Weigh In

CRK has been the subject of a number of recent analyst reports. Zacks Research cut shares of Comstock Resources from a “hold” rating to a “strong sell” rating in a research note on Thursday, July 16th. The Goldman Sachs Group reduced their price objective on shares of Comstock Resources from $13.00 to $10.00 and set a “sell” rating on the stock in a research report on Tuesday, June 30th. Morgan Stanley set a $16.00 price objective on shares of Comstock Resources and gave the stock an “equal weight” rating in a research note on Monday, June 29th. Weiss Ratings restated a “hold (c)” rating on shares of Comstock Resources in a research report on Wednesday, May 20th. Finally, Citigroup cut their target price on Comstock Resources from $19.00 to $16.00 and set a “neutral” rating on the stock in a research note on Monday, July 20th. Six research analysts have rated the stock with a Hold rating and four have issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Reduce” and a consensus target price of $15.00.

Comstock Resources Stock Down 0.0%

Shares of CRK opened at $14.05 on Monday. The firm has a market capitalization of $4.13 billion, a P/E ratio of 7.90 and a beta of 0.13. Comstock Resources, Inc. has a 12-month low of $12.12 and a 12-month high of $28.10. The company has a current ratio of 0.48, a quick ratio of 0.48 and a debt-to-equity ratio of 0.98. The firm has a fifty day moving average price of $13.52 and a 200-day moving average price of $16.63.

Comstock Resources (NYSE:CRK) last posted its quarterly earnings results on Wednesday, July 29th. The oil and gas producer reported $0.03 EPS for the quarter, topping analysts’ consensus estimates of $0.02 by $0.01. The firm had revenue of $353.28 million for the quarter, compared to analysts’ expectations of $419.22 million. Comstock Resources had a net margin of 23.31% and a return on equity of 4.12%. The business’s revenue for the quarter was down 24.9% on a year-over-year basis. During the same period in the prior year, the business posted $0.13 earnings per share. Equities research analysts expect that Comstock Resources, Inc. will post 0.48 earnings per share for the current year.

About Comstock Resources

Comstock Resources, Inc is an independent energy company engaged in the acquisition, exploration, development and production of oil and natural gas properties in the United States. The company focuses on generating long-term value through the efficient development of unconventional resource plays and conventional prospects. Its activities encompass drilling, completion and production operations, as well as the marketing of natural gas, natural gas liquids and crude oil.

Comstock holds a core position in the Haynesville Shale of Northwest Louisiana, one of the most active natural gas plays in North America, and has built a complementary portfolio in the Delaware Basin of West Texas.