Louisiana State Employees Retirement System Lowers Holdings in Comstock Resources, Inc. (NYSE:CRK)

Louisiana State Employees Retirement System decreased its holdings in Comstock Resources, Inc. (NYSE:CRK) by 9.7% in the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 43,800 shares of the oil and gas producer’s stock after selling 4,700 shares during the quarter. Louisiana State Employees Retirement System’s holdings in Comstock Resources were worth $487,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also made changes to their positions in the business. Doliver Advisors LP boosted its stake in shares of Comstock Resources by 3.9% in the third quarter. Doliver Advisors LP now owns 26,455 shares of the oil and gas producer’s stock valued at $294,000 after purchasing an additional 988 shares during the period. ProShare Advisors LLC raised its holdings in Comstock Resources by 7.4% in the first quarter. ProShare Advisors LLC now owns 18,536 shares of the oil and gas producer’s stock valued at $172,000 after acquiring an additional 1,276 shares in the last quarter. GAMMA Investing LLC raised its holdings in Comstock Resources by 27.5% in the second quarter. GAMMA Investing LLC now owns 6,083 shares of the oil and gas producer’s stock valued at $63,000 after acquiring an additional 1,312 shares in the last quarter. XTX Topco Ltd raised its holdings in Comstock Resources by 4.8% in the second quarter. XTX Topco Ltd now owns 28,791 shares of the oil and gas producer’s stock valued at $299,000 after acquiring an additional 1,330 shares in the last quarter. Finally, Simplicity Wealth LLC raised its holdings in Comstock Resources by 5.7% in the second quarter. Simplicity Wealth LLC now owns 28,544 shares of the oil and gas producer’s stock valued at $296,000 after acquiring an additional 1,552 shares in the last quarter. Hedge funds and other institutional investors own 36.13% of the company’s stock.

Insider Activity

In other Comstock Resources news, major shareholder Drilling L.P. Arkoma bought 825,868 shares of the business’s stock in a transaction dated Friday, August 9th. The shares were acquired at an average cost of $9.76 per share, with a total value of $8,060,471.68. Following the acquisition, the insider now directly owns 198,949,901 shares of the company’s stock, valued at $1,941,751,033.76. The trade was a 0.00 % increase in their position. The purchase was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders have acquired 5,061,865 shares of company stock valued at $53,800,695 in the last ninety days. 2.00% of the stock is currently owned by company insiders.

Comstock Resources Stock Performance

Shares of Comstock Resources stock opened at $11.66 on Wednesday. The firm’s fifty day simple moving average is $11.04 and its 200-day simple moving average is $10.74. The stock has a market capitalization of $3.41 billion, a price-to-earnings ratio of -64.75 and a beta of 0.47. Comstock Resources, Inc. has a 12 month low of $7.07 and a 12 month high of $13.24. 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 (NYSE:CRK) last announced its earnings results on Wednesday, October 30th. The oil and gas producer reported ($0.17) EPS 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 analyst estimates of $308.75 million. Comstock Resources had a negative net margin of 4.93% and a negative return on equity of 3.88%. The business’s revenue was down 19.2% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.04 earnings per share. As a group, equities analysts forecast that Comstock Resources, Inc. will post -0.44 earnings per share for the current year.

Analysts Set New Price Targets

Several analysts recently weighed in on the stock. Siebert Williams Shank cut shares of Comstock Resources from a “hold” rating to a “sell” rating and set a $9.00 target price on the stock. in a report on Tuesday, October 15th. Mizuho reduced their target price on shares of Comstock Resources from $11.00 to $10.00 and set an “underperform” rating on the stock in a report on Monday, September 16th. Bank of America assumed coverage on shares of Comstock Resources in a report on Monday, October 28th. They issued a “buy” rating and a $14.00 target price on the stock. BMO Capital Markets raised their target price on shares of Comstock Resources from $10.00 to $11.00 and gave the company a “market perform” rating in a report on Friday, October 4th. Finally, Truist Financial raised their target price on shares of Comstock Resources from $9.00 to $10.00 and gave the company a “hold” rating in a report on Monday, September 30th. Five research analysts have rated the stock with a sell rating, seven have assigned a hold rating and two have issued a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $10.31.

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.