Wealth Enhancement Advisory Services LLC Cuts Stock Position in Comstock Resources, Inc. $CRK

Wealth Enhancement Advisory Services LLC decreased its stake in shares of Comstock Resources, Inc. (NYSE:CRK) by 7.0% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 10,792 shares of the oil and gas producer’s stock after selling 807 shares during the quarter. Wealth Enhancement Advisory Services LLC’s holdings in Comstock Resources were worth $299,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also made changes to their positions in CRK. Illinois Municipal Retirement Fund lifted its position in Comstock Resources by 1.2% during the 1st quarter. Illinois Municipal Retirement Fund now owns 45,075 shares of the oil and gas producer’s stock worth $917,000 after acquiring an additional 550 shares during the period. GAMMA Investing LLC increased its position in Comstock Resources by 17.6% during the first quarter. GAMMA Investing LLC now owns 6,803 shares of the oil and gas producer’s stock worth $138,000 after buying an additional 1,017 shares in the last quarter. Nisa Investment Advisors LLC increased its position in Comstock Resources by 129.3% during the first quarter. Nisa Investment Advisors LLC now owns 2,075 shares of the oil and gas producer’s stock worth $42,000 after buying an additional 1,170 shares in the last quarter. Bleakley Financial Group LLC increased its position in Comstock Resources by 6.1% during the first quarter. Bleakley Financial Group LLC now owns 33,893 shares of the oil and gas producer’s stock worth $689,000 after buying an additional 1,938 shares in the last quarter. Finally, Emerald Mutual Fund Advisers Trust purchased a new stake in shares of Comstock Resources in the first quarter valued at $52,000. 36.13% of the stock is owned by institutional investors and hedge funds.

Comstock Resources Price Performance

CRK opened at $20.58 on Thursday. The company has a fifty day moving average price of $17.12 and a two-hundred day moving average price of $20.65. The company has a debt-to-equity ratio of 1.24, a quick ratio of 0.36 and a current ratio of 0.36. Comstock Resources, Inc. has a 52 week low of $11.05 and a 52 week high of $31.17. The firm has a market capitalization of $6.03 billion, a PE ratio of -85.75 and a beta of 0.19.

Comstock Resources (NYSE:CRK) last announced its quarterly earnings results on Wednesday, July 30th. The oil and gas producer reported $0.13 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.09 by $0.04. The company had revenue of $470.26 million during the quarter, compared to analyst estimates of $431.82 million. Comstock Resources had a negative net margin of 5.05% and a positive return on equity of 3.65%. The firm’s revenue was up 90.5% on a year-over-year basis. During the same quarter in the previous year, the business earned ($0.20) EPS. As a group, analysts anticipate that Comstock Resources, Inc. will post 0.54 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on the company. Roth Capital cut Comstock Resources from a “neutral” rating to a “sell” rating and reduced their target price for the company from $18.00 to $12.00 in a report on Monday, August 18th. Citigroup reaffirmed a “neutral” rating and set a $27.00 target price (up from $22.00) on shares of Comstock Resources in a report on Friday, June 13th. Weiss Ratings reaffirmed a “sell (d+)” rating on shares of Comstock Resources in a research note on Wednesday. Morgan Stanley cut their price objective on Comstock Resources from $21.00 to $19.00 and set an “equal weight” rating for the company in a research report on Monday, August 4th. Finally, Wolfe Research upgraded Comstock Resources from a “peer perform” rating to an “outperform” rating and set a $34.00 price objective for the company in a report on Tuesday, June 17th. Two analysts have rated the stock with a Buy rating, four have issued a Hold rating and five have given a Sell rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Reduce” and an average price target of $18.73.

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.