Comstock Resources, Inc. (NYSE:CRK) Shares Sold by Callahan Advisors LLC

Callahan Advisors LLC lessened its holdings in shares of Comstock Resources, Inc. (NYSE:CRK) by 11.1% during the 3rd quarter, Holdings Channel.com reports. The fund owned 16,000 shares of the oil and gas producer’s stock after selling 2,000 shares during the period. Callahan Advisors LLC’s holdings in Comstock Resources were worth $178,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in CRK. Foundry Partners LLC increased its position in Comstock Resources by 11.8% during the first quarter. Foundry Partners LLC now owns 469,512 shares of the oil and gas producer’s stock worth $4,357,000 after buying an additional 49,626 shares during the period. Seven Eight Capital LP acquired a new position in Comstock Resources during the first quarter worth approximately $813,000. Keynote Financial Services LLC acquired a new position in Comstock Resources during the first quarter worth approximately $930,000. Susquehanna Fundamental Investments LLC acquired a new position in Comstock Resources during the first quarter worth approximately $1,904,000. Finally, Goehring & Rozencwajg Associates LLC increased its position in Comstock Resources by 27.8% during the second quarter. Goehring & Rozencwajg Associates LLC now owns 683,570 shares of the oil and gas producer’s stock worth $7,095,000 after buying an additional 148,700 shares during the period. Institutional investors and hedge funds own 36.13% of the company’s stock.

Insiders Place Their Bets

In other news, major shareholder Drilling L.P. Arkoma bought 592,246 shares of the firm’s stock in a transaction on Monday, August 26th. The shares were bought at an average cost of $11.54 per share, for a total transaction of $6,834,518.84. Following the completion of the transaction, the insider now owns 208,219,992 shares in the company, valued at $2,402,858,707.68. This trade represents a 0.00 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Over the last ninety days, insiders have bought 5,061,865 shares of company stock worth $53,800,695. 2.00% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

Several brokerages have weighed in on CRK. Bank of America began coverage on Comstock Resources in a research note on Monday, October 28th. They issued a “buy” rating and a $14.00 target price on the stock. Piper Sandler downgraded Comstock Resources from a “neutral” rating to an “underweight” rating and lowered their target price for the company from $8.00 to $5.00 in a research note on Thursday, August 15th. Wolfe Research began coverage on Comstock Resources in a research note on Thursday, July 18th. They issued a “peer perform” rating on the stock. Siebert Williams Shank downgraded Comstock Resources from a “hold” rating to a “sell” rating and set a $9.00 target price on the stock. in a research note on Tuesday, October 15th. Finally, BMO Capital Markets lifted their target price on Comstock Resources from $10.00 to $11.00 and gave the company a “market perform” rating in a research note on Friday, October 4th. Five equities research analysts have rated the stock with a sell rating, seven have given a hold rating and two have given a buy rating to the stock. According to MarketBeat, the stock has an average rating of “Hold” and an average target price of $10.31.

Comstock Resources Stock Up 0.6 %

Comstock Resources stock opened at $11.66 on Wednesday. The company has a debt-to-equity ratio of 1.25, a current ratio of 0.60 and a quick ratio of 0.60. Comstock Resources, Inc. has a 1-year low of $7.07 and a 1-year high of $13.24. The company has a market cap of $3.41 billion, a PE ratio of -64.75 and a beta of 0.47. The stock’s 50 day moving average price is $11.04 and its 200 day moving average price is $10.74.

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

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.