Trexquant Investment LP Buys New Shares in Comstock Resources, Inc. (NYSE:CRK)

Posted by Defense World Staff on Mar 14th, 2023

Trexquant Investment LP purchased a new position in shares of Comstock Resources, Inc. (NYSE:CRK – Get Rating) in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 74,248 shares of the oil and gas producer’s stock, valued at approximately $1,284,000.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in CRK. CoreCap Advisors LLC bought a new position in Comstock Resources during the second quarter worth about $32,000. Spire Wealth Management bought a new position in Comstock Resources during the third quarter worth about $35,000. USA Financial Portformulas Corp bought a new position in Comstock Resources during the third quarter worth about $83,000. Lido Advisors LLC bought a new position in Comstock Resources during the first quarter worth about $131,000. Finally, State Board of Administration of Florida Retirement System bought a new position in Comstock Resources during the second quarter worth about $135,000. Institutional investors own 35.22% of the company’s stock.

Comstock Resources Stock Performance

Shares of Comstock Resources stock opened at $10.80 on Tuesday. The company has a debt-to-equity ratio of 0.94, a current ratio of 0.85 and a quick ratio of 0.85. The firm has a market cap of $3.00 billion, a P/E ratio of 2.69 and a beta of 1.20. The firm has a 50 day simple moving average of $12.29 and a 200 day simple moving average of $15.64. Comstock Resources, Inc. has a fifty-two week low of $8.20 and a fifty-two week high of $22.11.

Comstock Resources (NYSE:CRK – Get Rating) last issued its quarterly earnings results on Wednesday, February 15th. The oil and gas producer reported $1.05 earnings per share for the quarter, beating analysts’ consensus estimates of $0.84 by $0.21. The business had revenue of $922.40 million during the quarter, compared to analyst estimates of $665.87 million. Comstock Resources had a net margin of 31.84% and a return on equity of 68.19%. Comstock Resources’s revenue for the quarter was up 40.7% compared to the same quarter last year. During the same quarter last year, the business posted $0.37 earnings per share. Sell-side analysts predict that Comstock Resources, Inc. will post 1.94 earnings per share for the current fiscal year.

Comstock Resources Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, March 15th. Shareholders of record on Wednesday, March 1st will be issued a dividend of $0.125 per share. This represents a $0.50 dividend on an annualized basis and a yield of 4.63%. The ex-dividend date is Tuesday, February 28th. Comstock Resources’s dividend payout ratio is presently 12.47%.

Insiders Place Their Bets

In other Comstock Resources news, Director Jim L. Turner bought 15,000 shares of the stock in a transaction on Thursday, December 22nd. The stock was purchased at an average price of $13.91 per share, with a total value of $208,650.00. Following the acquisition, the director now owns 280,805 shares of the company’s stock, valued at $3,905,997.55. The purchase was disclosed in a filing with the SEC, which is available through the SEC website. Company insiders own 1.20% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts have commented on CRK shares. KeyCorp cut their price target on shares of Comstock Resources from $26.00 to $21.00 and set an “overweight” rating for the company in a research note on Thursday, December 8th. Truist Financial dropped their price objective on shares of Comstock Resources from $16.00 to $11.00 and set a “hold” rating for the company in a report on Thursday, February 2nd. Citigroup lowered shares of Comstock Resources from a “buy” rating to a “sell” rating and dropped their price objective for the stock from $24.00 to $14.00 in a report on Wednesday, December 7th. Tudor Pickering initiated coverage on shares of Comstock Resources in a report on Wednesday, November 16th. They set a “hold” rating for the company. Finally, Tudor, Pickering, Holt & Co. initiated coverage on shares of Comstock Resources in a report on Wednesday, November 16th. They set a “hold” rating for the company. Two investment analysts have rated the stock with a sell rating, nine have assigned a hold rating and two have given a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Hold” and an average price target of $15.28.

About Comstock Resources

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Comstock Resources, Inc engages in the acquisition, development, and exploration of oil and natural gas. The firm operations concentrated in the Haynesville shale, a premier natural gas basin located in East Texas. The company was founded in 1919 and is headquartered in Frisco, TX.