Bank of New York Mellon Corp Reduces Stock Holdings in Comstock Resources, Inc. $CRK

Bank of New York Mellon Corp trimmed its position in shares of Comstock Resources, Inc. (NYSE:CRK) by 11.7% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 616,265 shares of the oil and gas producer’s stock after selling 82,049 shares during the period. Bank of New York Mellon Corp owned 0.21% of Comstock Resources worth $17,052,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also bought and sold shares of the company. Teacher Retirement System of Texas purchased a new position in shares of Comstock Resources during the 1st quarter valued at $261,000. Nisa Investment Advisors LLC raised its stake in Comstock Resources by 129.3% in the 1st quarter. Nisa Investment Advisors LLC now owns 2,075 shares of the oil and gas producer’s stock valued at $42,000 after acquiring an additional 1,170 shares during the period. New York State Common Retirement Fund purchased a new stake in Comstock Resources during the first quarter valued at about $1,815,000. Victory Capital Management Inc. boosted its position in Comstock Resources by 645.5% during the first quarter. Victory Capital Management Inc. now owns 120,928 shares of the oil and gas producer’s stock worth $2,460,000 after purchasing an additional 104,706 shares during the period. Finally, Forum Financial Management LP boosted its position in Comstock Resources by 25.1% during the first quarter. Forum Financial Management LP now owns 12,775 shares of the oil and gas producer’s stock worth $260,000 after purchasing an additional 2,561 shares during the period. 36.13% of the stock is owned by hedge funds and other institutional investors.

Comstock Resources Stock Up 1.0%

CRK opened at $25.28 on Monday. The firm has a market capitalization of $7.41 billion, a P/E ratio of -105.31 and a beta of 0.24. Comstock Resources, Inc. has a one year low of $13.20 and a one year high of $31.17. The company has a fifty day moving average price of $19.31 and a 200-day moving average price of $20.85. The company has a debt-to-equity ratio of 1.24, a current ratio of 0.36 and a quick ratio of 0.36.

Comstock Resources (NYSE:CRK) last posted its quarterly earnings data on Monday, November 3rd. The oil and gas producer reported $0.09 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.04 by $0.05. Comstock Resources had a positive return on equity of 3.65% and a negative net margin of 5.05%.The company had revenue of $449.85 million during the quarter, compared to analyst estimates of $433.54 million. During the same quarter last year, the company earned ($0.17) earnings per share. The firm’s quarterly revenue was up 47.8% on a year-over-year basis. Equities research analysts expect that Comstock Resources, Inc. will post 0.54 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several research firms have recently issued reports on CRK. Weiss Ratings reissued a “hold (c-)” rating on shares of Comstock Resources in a research report on Thursday. Morgan Stanley reduced their price objective on shares of Comstock Resources from $21.00 to $19.00 and set an “equal weight” rating for the company in a research note on Monday, August 4th. Piper Sandler set a $9.00 target price on Comstock Resources and gave the stock an “underweight” rating in a research report on Tuesday, October 21st. Roth Capital lowered Comstock Resources from a “neutral” rating to a “sell” rating and cut their price target for the stock from $18.00 to $12.00 in a report on Monday, August 18th. Finally, UBS Group boosted their price objective on Comstock Resources from $14.00 to $16.00 and gave the company a “sell” rating in a research note on Thursday, November 6th. Two equities research analysts have rated the stock with a Buy rating, six have issued a Hold rating and three have assigned a Sell rating to the stock. According to data from MarketBeat, Comstock Resources currently has a consensus rating of “Reduce” and an average target price of $19.70.

Comstock Resources Company 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.