Comstock Resources, Inc. (NYSE:CRK) Stake Lowered by Illinois Municipal Retirement Fund

Illinois Municipal Retirement Fund reduced its stake in shares of Comstock Resources, Inc. (NYSE:CRK) by 16.6% during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 44,525 shares of the oil and gas producer’s stock after selling 8,864 shares during the period. Illinois Municipal Retirement Fund’s holdings in Comstock Resources were worth $811,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also modified their holdings of the company. Royce & Associates LP grew its holdings in shares of Comstock Resources by 79.2% during the 3rd quarter. Royce & Associates LP now owns 689,780 shares of the oil and gas producer’s stock valued at $7,677,000 after acquiring an additional 304,780 shares in the last quarter. Barclays PLC lifted its stake in shares of Comstock Resources by 256.3% in the 3rd quarter. Barclays PLC now owns 155,614 shares of the oil and gas producer’s stock valued at $1,731,000 after purchasing an additional 111,934 shares during the last quarter. JPMorgan Chase & Co. lifted its stake in shares of Comstock Resources by 9.0% in the 3rd quarter. JPMorgan Chase & Co. now owns 170,338 shares of the oil and gas producer’s stock valued at $1,896,000 after purchasing an additional 13,998 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its stake in shares of Comstock Resources by 4.2% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,413,820 shares of the oil and gas producer’s stock valued at $15,736,000 after purchasing an additional 57,376 shares during the last quarter. Finally, Intech Investment Management LLC acquired a new stake in shares of Comstock Resources in the 3rd quarter valued at $419,000. 36.13% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several research firms recently issued reports on CRK. Morgan Stanley began coverage on shares of Comstock Resources in a research note on Friday, January 10th. They issued an “equal weight” rating and a $18.00 price objective for the company. Piper Sandler lifted their price objective on shares of Comstock Resources from $5.00 to $6.00 and gave the company an “underweight” rating in a research note on Wednesday, January 29th. StockNews.com raised shares of Comstock Resources to a “sell” rating in a research note on Thursday, February 20th. Truist Financial boosted their target price on shares of Comstock Resources from $11.00 to $19.00 and gave the stock a “hold” rating in a research report on Monday, January 13th. Finally, Mizuho raised shares of Comstock Resources from an “underperform” rating to a “neutral” rating and boosted their target price for the stock from $10.00 to $18.00 in a research report on Monday, December 16th. Four research analysts have rated the stock with a sell rating, eight have given a hold rating and two have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $13.40.

Comstock Resources Stock Performance

NYSE CRK opened at $17.99 on Tuesday. The stock has a market cap of $5.27 billion, a P/E ratio of -23.67, a PEG ratio of 1.65 and a beta of 0.48. The company’s 50-day simple moving average is $18.96 and its 200 day simple moving average is $14.73. Comstock Resources, Inc. has a twelve month low of $7.74 and a twelve month high of $22.06. The company has a quick ratio of 0.60, a current ratio of 0.46 and a debt-to-equity ratio of 1.27.

Comstock Resources (NYSE:CRK) last posted its earnings results on Tuesday, February 18th. The oil and gas producer reported $0.16 earnings per share for the quarter, beating analysts’ consensus estimates of $0.02 by $0.14. The business had revenue of $366.51 million for the quarter, compared to analysts’ expectations of $370.62 million. Comstock Resources had a negative net margin of 18.32% and a negative return on equity of 3.10%. As a group, research analysts forecast that Comstock Resources, Inc. will post 0.54 earnings per share for the current fiscal year.

Insider Transactions at Comstock Resources

In other news, Director Elizabeth B. Davis sold 10,000 shares of the firm’s stock in a transaction that occurred on Monday, December 23rd. The shares were sold at an average price of $16.33, for a total transaction of $163,300.00. Following the completion of the sale, the director now owns 123,781 shares of the company’s stock, valued at approximately $2,021,343.73. This trade represents a 7.47 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Over the last 90 days, insiders sold 38,000 shares of company stock valued at $634,660. Corporate insiders own 2.00% of the company’s stock.

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.