State of Alaska Department of Revenue Reduces Stock Holdings in Comstock Resources, Inc. (NYSE:CRK)

State of Alaska Department of Revenue reduced its stake in shares of Comstock Resources, Inc. (NYSE:CRK) by 2.3% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 50,201 shares of the oil and gas producer’s stock after selling 1,194 shares during the quarter. State of Alaska Department of Revenue’s holdings in Comstock Resources were worth $1,021,000 at the end of the most recent reporting period.

A number of other hedge funds have also added to or reduced their stakes in CRK. Townsquare Capital LLC purchased a new position in Comstock Resources during the fourth quarter valued at $202,000. Sterling Capital Management LLC increased its stake in shares of Comstock Resources by 804.6% in the 4th quarter. Sterling Capital Management LLC now owns 2,958 shares of the oil and gas producer’s stock worth $54,000 after acquiring an additional 2,631 shares in the last quarter. Smartleaf Asset Management LLC lifted its position in Comstock Resources by 225.2% during the 4th quarter. Smartleaf Asset Management LLC now owns 3,359 shares of the oil and gas producer’s stock valued at $64,000 after acquiring an additional 2,326 shares during the period. GAMMA Investing LLC lifted its position in Comstock Resources by 2,291.5% during the 1st quarter. GAMMA Investing LLC now owns 138,373 shares of the oil and gas producer’s stock valued at $2,815,000 after acquiring an additional 132,587 shares during the period. Finally, Charles Schwab Investment Management Inc. boosted its stake in Comstock Resources by 6.5% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,505,808 shares of the oil and gas producer’s stock worth $27,436,000 after acquiring an additional 91,988 shares in the last quarter. 36.13% of the stock is owned by hedge funds and other institutional investors.

Comstock Resources Stock Performance

Shares of CRK opened at $28.38 on Friday. The company has a market cap of $8.31 billion, a price-to-earnings ratio of -25.56 and a beta of 0.32. The business’s fifty day simple moving average is $23.59 and its two-hundred day simple moving average is $20.40. Comstock Resources, Inc. has a 12 month low of $7.74 and a 12 month high of $31.17. The company has a current ratio of 0.40, a quick ratio of 0.40 and a debt-to-equity ratio of 1.34.

Comstock Resources (NYSE:CRK) last released its quarterly earnings data on Wednesday, April 30th. The oil and gas producer reported $0.18 EPS for the quarter, beating the consensus estimate of $0.16 by $0.02. Comstock Resources had a negative return on equity of 0.67% and a negative net margin of 23.39%. The company had revenue of $512.85 million for the quarter, compared to analysts’ expectations of $408.99 million. During the same period last year, the firm posted ($0.03) earnings per share. Comstock Resources’s revenue was up 52.7% compared to the same quarter last year. Research analysts anticipate that Comstock Resources, Inc. will post 0.54 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on CRK. Morgan Stanley reaffirmed a “cautious” rating and set a $22.00 target price (up previously from $21.00) on shares of Comstock Resources in a research note on Wednesday, March 26th. Wolfe Research upgraded Comstock Resources from a “peer perform” rating to an “outperform” rating and set a $34.00 price target on the stock in a research note on Tuesday, June 17th. Wall Street Zen upgraded Comstock Resources to a “sell” rating in a research note on Thursday, May 8th. Williams Trading set a $13.00 target price on Comstock Resources in a report on Wednesday, March 5th. Finally, Citigroup reissued a “neutral” rating and issued a $27.00 target price (up from $22.00) on shares of Comstock Resources in a research note on Friday, June 13th. Four investment analysts have rated the stock with a sell rating, six have assigned a hold rating and two have assigned 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 $19.73.

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.