Graham Capital Management L.P. Increases Stake in Comstock Resources, Inc. $CRK

Graham Capital Management L.P. increased its position in shares of Comstock Resources, Inc. (NYSE:CRK) by 122.0% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 155,391 shares of the oil and gas producer’s stock after buying an additional 85,389 shares during the period. Graham Capital Management L.P. owned about 0.05% of Comstock Resources worth $3,602,000 at the end of the most recent quarter.

Several other institutional investors have also recently made changes to their positions in CRK. Bank of America Corp DE increased its stake in shares of Comstock Resources by 344.5% during the second quarter. Bank of America Corp DE now owns 1,853,846 shares of the oil and gas producer’s stock valued at $51,296,000 after buying an additional 1,436,746 shares during the period. Gemsstock Ltd. purchased a new position in shares of Comstock Resources during the fourth quarter valued at $19,186,000. Aventail Capital Group LP increased its stake in shares of Comstock Resources by 149.9% during the third quarter. Aventail Capital Group LP now owns 1,143,721 shares of the oil and gas producer’s stock valued at $22,680,000 after buying an additional 686,002 shares during the period. Man Group plc increased its stake in shares of Comstock Resources by 1,752.8% during the third quarter. Man Group plc now owns 600,205 shares of the oil and gas producer’s stock valued at $11,902,000 after buying an additional 567,810 shares during the period. Finally, Marshall Wace LLP purchased a new position in shares of Comstock Resources during the third quarter valued at $8,961,000. Hedge funds and other institutional investors own 36.13% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts have issued reports on CRK shares. Citigroup reiterated a “neutral” rating on shares of Comstock Resources in a research note on Wednesday, April 15th. Williams Trading set a $16.00 target price on Comstock Resources in a research note on Thursday, May 14th. Morgan Stanley cut their target price on Comstock Resources from $19.00 to $18.00 and set an “equal weight” rating on the stock in a research note on Friday, May 22nd. Wall Street Zen lowered Comstock Resources from a “sell” rating to a “strong sell” rating in a research note on Saturday, May 9th. Finally, Mizuho cut their target price on Comstock Resources from $25.00 to $21.00 and set a “neutral” rating on the stock in a research note on Wednesday, May 27th. Six investment analysts have rated the stock with a Hold rating and three have assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Reduce” and a consensus price target of $17.00.

Comstock Resources Price Performance

CRK opened at $13.35 on Wednesday. The business’s 50-day moving average is $15.28 and its two-hundred day moving average is $19.57. Comstock Resources, Inc. has a 1 year low of $12.44 and a 1 year high of $31.17. The company has a debt-to-equity ratio of 0.96, a current ratio of 0.41 and a quick ratio of 0.41. The firm has a market capitalization of $3.92 billion, a PE ratio of 6.10 and a beta of 0.13.

Comstock Resources (NYSE:CRK) last posted its earnings results on Tuesday, May 5th. The oil and gas producer reported $0.15 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.23 by ($0.08). Comstock Resources had a net margin of 27.18% and a return on equity of 5.54%. The company had revenue of $587.35 million during the quarter, compared to analysts’ expectations of $554.02 million. During the same quarter last year, the firm earned $0.18 EPS. Comstock Resources’s revenue for the quarter was up 14.5% on a year-over-year basis. Research analysts anticipate that Comstock Resources, Inc. will post 0.56 earnings per share for the current fiscal year.

Comstock Resources 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.