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

Louisiana State Employees Retirement System trimmed its position in Comstock Resources, Inc. (NYSE:CRK) by 9.7% during the third quarter, HoldingsChannel.com reports. The institutional investor owned 43,800 shares of the oil and gas producer’s stock after selling 4,700 shares during the period. Louisiana State Employees Retirement System’s holdings in Comstock Resources were worth $487,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also recently bought and sold shares of CRK. Glenorchy Capital Ltd boosted its position in shares of Comstock Resources by 91.1% during the 3rd quarter. Glenorchy Capital Ltd now owns 197,713 shares of the oil and gas producer’s stock worth $2,201,000 after purchasing an additional 94,230 shares in the last quarter. Blue Trust Inc. boosted its position in shares of Comstock Resources by 116.3% during the 3rd quarter. Blue Trust Inc. now owns 6,715 shares of the oil and gas producer’s stock worth $70,000 after purchasing an additional 3,611 shares in the last quarter. nVerses Capital LLC purchased a new stake in shares of Comstock Resources during the 3rd quarter worth $215,000. SG Americas Securities LLC boosted its position in shares of Comstock Resources by 269.4% during the 3rd quarter. SG Americas Securities LLC now owns 55,044 shares of the oil and gas producer’s stock worth $613,000 after purchasing an additional 40,142 shares in the last quarter. Finally, Doliver Advisors LP boosted its position in shares of Comstock Resources by 3.9% during the 3rd quarter. Doliver Advisors LP now owns 26,455 shares of the oil and gas producer’s stock worth $294,000 after purchasing an additional 988 shares in the last quarter. 36.13% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In related news, major shareholder Drilling L.P. Arkoma acquired 981,898 shares of the company’s stock in a transaction dated Monday, August 12th. The stock was bought at an average price of $10.13 per share, with a total value of $9,946,626.74. Following the purchase, the insider now directly owns 199,931,799 shares in the company, valued at $2,025,309,123.87. The trade was a 0.00 % increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Insiders purchased a total of 5,061,865 shares of company stock valued at $53,800,695 in the last 90 days. 2.00% of the stock is currently owned by insiders.

Comstock Resources Trading Up 0.6 %

Shares of CRK stock opened at $11.66 on Wednesday. The firm has a 50-day moving average price of $11.04 and a 200 day moving average price of $10.74. Comstock Resources, Inc. has a twelve month low of $7.07 and a twelve month high of $13.24. The company has a market capitalization of $3.41 billion, a price-to-earnings ratio of -64.75 and a beta of 0.47. The company has a current ratio of 0.60, a quick ratio of 0.60 and a debt-to-equity ratio of 1.25.

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

Wall Street Analyst Weigh In

Several equities research analysts have commented on the stock. Wolfe Research began coverage on shares of Comstock Resources in a research report on Thursday, July 18th. They set a “peer perform” rating on the stock. Siebert Williams Shank lowered shares of Comstock Resources from a “hold” rating to a “sell” rating and set a $9.00 price objective on the stock. in a research report on Tuesday, October 15th. Piper Sandler lowered shares of Comstock Resources from a “neutral” rating to an “underweight” rating and decreased their price objective for the stock from $8.00 to $5.00 in a research report on Thursday, August 15th. Bank of America began coverage on shares of Comstock Resources in a research report on Monday, October 28th. They issued a “buy” rating and a $14.00 price objective on the stock. Finally, BMO Capital Markets boosted their price objective on shares of Comstock Resources from $10.00 to $11.00 and gave the stock a “market perform” rating in a research report 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 company’s stock. According to MarketBeat, the company has a consensus rating of “Hold” and an average price target of $10.31.

Comstock Resources 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.