Old West Investment Management LLC Invests $4.10 Million in Comstock Resources, Inc. $CRK

Old West Investment Management LLC bought a new position in shares of Comstock Resources, Inc. (NYSE:CRK) in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm bought 275,083 shares of the oil and gas producer’s stock, valued at approximately $4,104,000. Old West Investment Management LLC owned approximately 0.09% of Comstock Resources at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the business. Rothschild Investment LLC boosted its stake in Comstock Resources by 740.4% in the 4th quarter. Rothschild Investment LLC now owns 1,143 shares of the oil and gas producer’s stock worth $26,000 after purchasing an additional 1,007 shares during the period. Advisory Services Network LLC bought a new stake in shares of Comstock Resources during the third quarter valued at approximately $27,000. Whittier Trust Co. of Nevada Inc. bought a new stake in shares of Comstock Resources during the first quarter valued at approximately $29,000. Kemnay Advisory Services Inc. purchased a new position in shares of Comstock Resources in the fourth quarter worth $29,000. Finally, Hantz Financial Services Inc. lifted its holdings in shares of Comstock Resources by 877.6% in the fourth quarter. Hantz Financial Services Inc. now owns 1,437 shares of the oil and gas producer’s stock worth $33,000 after buying an additional 1,290 shares in the last quarter. Institutional investors own 36.13% of the company’s stock.

Comstock Resources Trading Down 0.0%

CRK stock opened at $14.05 on Monday. The firm has a fifty day moving average price of $13.52 and a 200 day moving average price of $16.63. Comstock Resources, Inc. has a fifty-two week low of $12.12 and a fifty-two week high of $28.10. The firm has a market cap of $4.13 billion, a PE ratio of 7.90 and a beta of 0.13. The company has a debt-to-equity ratio of 0.98, a quick ratio of 0.48 and a current ratio of 0.48.

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

Wall Street Analyst Weigh In

A number of brokerages have issued reports on CRK. UBS Group reiterated a “sell” rating and issued a $13.00 price target (down from $17.00) on shares of Comstock Resources in a report on Monday, May 11th. Roth Capital reissued a “neutral” rating on shares of Comstock Resources in a report on Thursday, July 30th. Mizuho set a $19.00 price objective on shares of Comstock Resources in a report on Monday, August 10th. The Goldman Sachs Group cut their price objective on Comstock Resources from $13.00 to $10.00 and set a “sell” rating for the company in a research report on Tuesday, June 30th. Finally, Citigroup reduced their target price on Comstock Resources from $19.00 to $16.00 and set a “neutral” rating on the stock in a report on Monday, July 20th. Six investment analysts have rated the stock with a Hold rating and four have given a Sell rating to the stock. According to MarketBeat.com, Comstock Resources presently has an average rating of “Reduce” and an average target price of $15.00.

Comstock Resources Company Profile

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.