Comstock Resources, Inc. $CRK Shares Purchased by JPMorgan Chase & Co.

JPMorgan Chase & Co. grew its stake in shares of Comstock Resources, Inc. (NYSE:CRK) by 31.4% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 177,326 shares of the oil and gas producer’s stock after acquiring an additional 42,416 shares during the quarter. JPMorgan Chase & Co. owned about 0.06% of Comstock Resources worth $3,516,000 at the end of the most recent quarter.

Other large investors have also modified their holdings of the company. Capital Square LLC grew its holdings in Comstock Resources by 34.1% in the third quarter. Capital Square LLC now owns 20,580 shares of the oil and gas producer’s stock valued at $408,000 after purchasing an additional 5,229 shares during the period. CIBC Bancorp USA Inc. purchased a new position in Comstock Resources during the third quarter worth approximately $205,000. Advisory Services Network LLC acquired a new position in shares of Comstock Resources in the 3rd quarter valued at $27,000. Caxton Associates LLP acquired a new position in shares of Comstock Resources in the 3rd quarter valued at $5,051,000. Finally, Woodline Partners LP grew its stake in shares of Comstock Resources by 50.5% during the 3rd quarter. Woodline Partners LP now owns 1,231,916 shares of the oil and gas producer’s stock valued at $24,429,000 after buying an additional 413,611 shares during the period. 36.13% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

CRK has been the topic of several research reports. UBS Group set a $17.00 target price on Comstock Resources in a research report on Friday, February 13th. Mizuho boosted their price target on Comstock Resources from $21.00 to $29.00 and gave the company a “neutral” rating in a research report on Friday, December 12th. Citigroup upped their price target on Comstock Resources from $23.00 to $24.00 and gave the stock a “neutral” rating in a research note on Tuesday, March 31st. Bank of America lowered Comstock Resources from a “buy” rating to a “neutral” rating and reduced their price objective for the company from $27.00 to $24.00 in a research note on Friday, January 16th. Finally, Weiss Ratings reiterated a “hold (c-)” rating on shares of Comstock Resources in a report on Monday, December 29th. One analyst has rated the stock with a Buy rating, six have given a Hold rating and three have issued a Sell rating to the company. According to MarketBeat.com, the company presently has an average rating of “Reduce” and an average target price of $20.88.

Comstock Resources Stock Performance

NYSE:CRK opened at $19.50 on Friday. The firm’s fifty day simple moving average is $20.76 and its 200 day simple moving average is $21.44. The company has a current ratio of 0.49, a quick ratio of 0.49 and a debt-to-equity ratio of 0.95. Comstock Resources, Inc. has a twelve month low of $14.65 and a twelve month high of $31.17. The firm has a market capitalization of $5.73 billion, a price-to-earnings ratio of 13.83 and a beta of 0.39.

Comstock Resources (NYSE:CRK) last released its quarterly earnings data on Wednesday, February 11th. The oil and gas producer reported $0.16 EPS for the quarter, beating the consensus estimate of $0.11 by $0.05. The company had revenue of $787.32 million for the quarter, compared to analyst estimates of $504.66 million. Comstock Resources had a return on equity of 6.30% and a net margin of 17.80%.The firm’s revenue was up 115.5% compared to the same quarter last year. During the same period last year, the company posted $0.16 earnings per share. As a group, equities research analysts expect that Comstock Resources, Inc. will post 0.54 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Comstock Resources news, VP Patrick Mcgough sold 48,915 shares of the stock in a transaction that occurred on Thursday, March 5th. The shares were sold at an average price of $21.20, for a total value of $1,036,998.00. Following the completion of the sale, the vice president owned 187,516 shares of the company’s stock, valued at $3,975,339.20. This trade represents a 20.69% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 2.20% of the stock is currently owned by corporate insiders.

Comstock Resources Profile

Comstock Resources, Inc is an independent energy company engaged in the acquisition, exploration, development and production of oil and natural gas properties in the United States. The company focuses on generating long-term value through the efficient development of unconventional resource plays and conventional prospects. Its activities encompass drilling, completion and production operations, as well as the marketing of natural gas, natural gas liquids and crude oil.

Comstock holds a core position in the Haynesville Shale of Northwest Louisiana, one of the most active natural gas plays in North America, and has built a complementary portfolio in the Delaware Basin of West Texas.