State of Alaska Department of Revenue Has $575,000 Position in Comstock Resources, Inc. (NYSE:CRK)

State of Alaska Department of Revenue cut its stake in shares of Comstock Resources, Inc. (NYSE:CRK) by 8.7% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 51,702 shares of the oil and gas producer’s stock after selling 4,911 shares during the quarter. State of Alaska Department of Revenue’s holdings in Comstock Resources were worth $575,000 at the end of the most recent quarter.

Other large investors have also bought and sold shares of the company. Blue Trust Inc. bought a new position in shares of Comstock Resources during the 2nd quarter worth about $32,000. EverSource Wealth Advisors LLC boosted its holdings in Comstock Resources by 2,533.8% in the second quarter. EverSource Wealth Advisors LLC now owns 3,582 shares of the oil and gas producer’s stock worth $34,000 after acquiring an additional 3,446 shares in the last quarter. GAMMA Investing LLC boosted its holdings in Comstock Resources by 27.5% in the second quarter. GAMMA Investing LLC now owns 6,083 shares of the oil and gas producer’s stock worth $63,000 after acquiring an additional 1,312 shares in the last quarter. Headlands Technologies LLC acquired a new stake in Comstock Resources in the first quarter valued at approximately $91,000. Finally, Payden & Rygel Investment Group bought a new stake in shares of Comstock Resources during the first quarter valued at approximately $99,000. 36.13% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on CRK. Truist Financial increased their target price on Comstock Resources from $9.00 to $10.00 and gave the stock a “hold” rating in a report on Monday, September 30th. Mizuho reduced their price objective on shares of Comstock Resources from $11.00 to $10.00 and set an “underperform” rating for the company in a report on Monday, September 16th. Siebert Williams Shank lowered shares of Comstock Resources from a “hold” rating to a “sell” rating and set a $9.00 target price on the stock. in a report on Tuesday, October 15th. BMO Capital Markets raised their price target on shares of Comstock Resources from $10.00 to $11.00 and gave the company a “market perform” rating in a research report on Friday, October 4th. Finally, Piper Sandler lowered Comstock Resources from a “neutral” rating to an “underweight” rating and decreased their price objective for the stock from $8.00 to $5.00 in a report on Thursday, August 15th. Five equities research analysts have rated the stock with a sell rating, seven have issued a hold rating and two have given a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and an average target price of $10.31.

Comstock Resources Price Performance

Shares of NYSE CRK opened at $13.08 on Friday. The company has a quick ratio of 0.60, a current ratio of 0.60 and a debt-to-equity ratio of 1.25. The company has a market capitalization of $3.82 billion, a PE ratio of -72.66 and a beta of 0.47. The stock’s 50 day moving average price is $11.14 and its 200-day moving average price is $10.77. Comstock Resources, Inc. has a twelve month low of $7.07 and a twelve month high of $13.12.

Comstock Resources (NYSE:CRK) last announced its quarterly earnings data on Wednesday, October 30th. The oil and gas producer reported ($0.17) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.16) by ($0.01). Comstock Resources had a negative net margin of 4.93% and a negative return on equity of 3.88%. The business had revenue of $304.50 million during the quarter, compared to the consensus estimate of $308.75 million. During the same quarter last year, the company earned $0.04 EPS. The firm’s revenue for the quarter was down 19.2% compared to the same quarter last year. On average, equities analysts anticipate that Comstock Resources, Inc. will post -0.44 EPS for the current year.

Insider Activity at Comstock Resources

In related news, major shareholder Drilling L.P. Arkoma acquired 592,246 shares of the stock in a transaction on Monday, August 26th. The shares were acquired at an average price of $11.54 per share, with a total value of $6,834,518.84. Following the completion of the transaction, the insider now owns 208,219,992 shares in the company, valued at approximately $2,402,858,707.68. The trade was a 0.00 % increase in their position. The purchase was disclosed in a legal filing with the SEC, which is accessible through this link. Over the last 90 days, insiders purchased 4,235,997 shares of company stock worth $45,740,224. 2.00% of the stock is owned by company insiders.

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.