Arizona State Retirement System Increases Stake in Comstock Resources, Inc. (NYSE:CRK)

Arizona State Retirement System increased its holdings in shares of Comstock Resources, Inc. (NYSE:CRK) by 43.9% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 38,974 shares of the oil and gas producer’s stock after buying an additional 11,881 shares during the period. Arizona State Retirement System’s holdings in Comstock Resources were worth $452,000 at the end of the most recent quarter.

Several other large investors have also recently added to or reduced their stakes in CRK. BlackRock Inc. increased its stake in Comstock Resources by 115.3% during the 1st quarter. BlackRock Inc. now owns 14,112,832 shares of the oil and gas producer’s stock worth $152,277,000 after buying an additional 7,556,426 shares during the period. Pacer Advisors Inc. purchased a new stake in Comstock Resources during the 1st quarter worth approximately $39,279,000. Millennium Management LLC increased its stake in Comstock Resources by 1,460.0% during the 4th quarter. Millennium Management LLC now owns 2,864,944 shares of the oil and gas producer’s stock worth $39,278,000 after buying an additional 2,681,292 shares during the period. Vanguard Group Inc. increased its stake in Comstock Resources by 36.4% during the 3rd quarter. Vanguard Group Inc. now owns 9,783,037 shares of the oil and gas producer’s stock worth $169,148,000 after buying an additional 2,608,309 shares during the period. Finally, State Street Corp increased its stake in Comstock Resources by 19.3% during the 1st quarter. State Street Corp now owns 10,279,079 shares of the oil and gas producer’s stock worth $110,911,000 after buying an additional 1,660,068 shares during the period. 32.58% of the stock is owned by hedge funds and other institutional investors.

Comstock Resources Stock Up 1.1 %

Shares of Comstock Resources stock opened at $13.31 on Monday. The company has a market cap of $3.71 billion, a P/E ratio of 5.94 and a beta of 1.19. The company has a debt-to-equity ratio of 1.10, a quick ratio of 0.37 and a current ratio of 0.50. Comstock Resources, Inc. has a one year low of $9.07 and a one year high of $21.17. The firm has a fifty day moving average of $11.87 and a two-hundred day moving average of $11.30.

Comstock Resources (NYSE:CRK) last announced its quarterly earnings results on Monday, October 30th. The oil and gas producer reported $0.04 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.06 by ($0.02). The company had revenue of $376.74 million during the quarter, compared to analysts’ expectations of $345.10 million. Comstock Resources had a net margin of 30.01% and a return on equity of 17.11%. The business’s revenue for the quarter was down 68.3% compared to the same quarter last year. During the same quarter in the prior year, the business earned $1.18 EPS. On average, analysts forecast that Comstock Resources, Inc. will post 0.64 earnings per share for the current year.

Comstock Resources Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, December 15th. Stockholders of record on Friday, December 1st will be issued a $0.125 dividend. The ex-dividend date is Thursday, November 30th. This represents a $0.50 dividend on an annualized basis and a dividend yield of 3.76%. Comstock Resources’s dividend payout ratio is presently 22.32%.

Wall Street Analysts Forecast Growth

Several research analysts have commented on the stock. StockNews.com assumed coverage on shares of Comstock Resources in a report on Thursday, October 5th. They set a “sell” rating for the company. Piper Sandler lowered their price target on shares of Comstock Resources from $13.00 to $12.00 and set a “neutral” rating for the company in a report on Monday, August 14th. Stifel Nicolaus boosted their price target on shares of Comstock Resources from $14.00 to $15.00 and gave the stock a “buy” rating in a report on Friday, August 18th. Mizuho lowered their price target on shares of Comstock Resources from $15.00 to $14.00 and set a “neutral” rating for the company in a report on Monday, September 18th. Finally, Truist Financial boosted their price target on shares of Comstock Resources from $10.00 to $12.00 and gave the stock a “hold” rating in a report on Monday, September 11th. Two research analysts have rated the stock with a sell rating, eight have assigned a hold rating and two have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $13.75.

Comstock Resources Profile

Comstock Resources, Inc, an independent energy company, engages in the acquisition, exploration, development, and production of oil and natural gas primarily in North Louisiana and East Texas, the United States. The company was incorporated in 1919 and is based in Frisco, Texas.