Comstock Resources, Inc. (NYSE:CRK) Holdings Trimmed by CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT

CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT lowered its position in Comstock Resources, Inc. (NYSE:CRK) by 46.2% during the third quarter, according to its most recent Form 13F filing with the SEC. The fund owned 25,000 shares of the oil and gas producer’s stock after selling 21,500 shares during the period. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT’s holdings in Comstock Resources were worth $278,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Foundry Partners LLC increased its stake in shares of Comstock Resources by 11.8% during the 1st quarter. Foundry Partners LLC now owns 469,512 shares of the oil and gas producer’s stock worth $4,357,000 after purchasing an additional 49,626 shares during the last quarter. Kovack Advisors Inc. acquired a new stake in shares of Comstock Resources in the first quarter worth about $1,058,000. Seven Eight Capital LP bought a new stake in shares of Comstock Resources during the 1st quarter worth about $813,000. Keynote Financial Services LLC acquired a new position in shares of Comstock Resources during the 1st quarter valued at about $930,000. Finally, Susquehanna Fundamental Investments LLC bought a new position in shares of Comstock Resources in the 1st quarter valued at approximately $1,904,000. Institutional investors own 36.13% of the company’s stock.

Insider Activity

In other Comstock Resources news, major shareholder Star Exploration Corp Blue acquired 825,868 shares of the firm’s stock in a transaction that occurred on Wednesday, August 7th. The stock was acquired at an average cost of $8.82 per share, for a total transaction of $7,284,155.76. Following the transaction, the insider now owns 197,298,165 shares of the company’s stock, valued at $1,740,169,815.30. This trade represents a 0.00 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other news, major shareholder Drilling L.P. Arkoma acquired 981,898 shares of the firm’s stock in a transaction that occurred on Monday, August 12th. The stock was acquired at an average cost of $10.13 per share, for a total transaction of $9,946,626.74. Following the completion of the acquisition, the insider now owns 199,931,799 shares in the company, valued at $2,025,309,123.87. This represents a 0.00 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, major shareholder Star Exploration Corp Blue acquired 825,868 shares of the firm’s stock in a transaction on Wednesday, August 7th. The stock was bought at an average price of $8.82 per share, for a total transaction of $7,284,155.76. Following the completion of the acquisition, the insider now owns 197,298,165 shares of the company’s stock, valued at approximately $1,740,169,815.30. The trade was a 0.00 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have purchased 6,712,733 shares of company stock valued at $67,816,851 over the last three months. 1.50% of the stock is owned by insiders.

Wall Street Analyst Weigh In

CRK has been the topic of a number of research analyst reports. Truist Financial raised their target price on shares of Comstock Resources from $9.00 to $10.00 and gave the company a “hold” rating in a research note on Monday, September 30th. KeyCorp assumed coverage on Comstock Resources in a research report on Thursday, June 27th. They set a “sector weight” rating on the stock. Piper Sandler cut Comstock Resources from a “neutral” rating to an “underweight” rating and cut their price target for the company from $8.00 to $5.00 in a report on Thursday, August 15th. Wolfe Research began coverage on Comstock Resources in a research report on Thursday, July 18th. They issued a “peer perform” rating for the company. Finally, Mizuho lowered their price objective on Comstock Resources from $11.00 to $10.00 and set an “underperform” rating on the stock in a research report on Monday, September 16th. Five investment analysts have rated the stock with a sell rating, seven have assigned a hold rating and one has given a buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $9.79.

Comstock Resources Price Performance

Shares of NYSE:CRK traded down $0.01 during trading on Tuesday, reaching $11.32. The stock had a trading volume of 1,012,483 shares, compared to its average volume of 3,619,091. The stock has a market capitalization of $3.31 billion, a PE ratio of 51.55 and a beta of 0.47. Comstock Resources, Inc. has a 52 week low of $7.07 and a 52 week high of $13.39. The business’s 50-day moving average price is $10.85 and its 200 day moving average price is $10.56. The company has a debt-to-equity ratio of 1.21, a current ratio of 0.59 and a quick ratio of 0.59.

Comstock Resources (NYSE:CRK) last announced its earnings results on Tuesday, July 30th. The oil and gas producer reported ($0.20) EPS for the quarter, missing the consensus estimate of ($0.16) by ($0.04). Comstock Resources had a negative return on equity of 1.38% and a negative net margin of 1.48%. The business had revenue of $246.80 million for the quarter, compared to the consensus estimate of $296.02 million. The business’s revenue was down 14.4% compared to the same quarter last year. As a group, equities analysts predict that Comstock Resources, Inc. will post -0.37 earnings per share for the current year.

About Comstock Resources

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.