Quantbot Technologies LP Lowers Holdings in Comstock Resources, Inc. $CRK

Quantbot Technologies LP reduced its stake in shares of Comstock Resources, Inc. (NYSE:CRK) by 18.2% during the 3rd quarter, according to its most recent filing with the SEC. The firm owned 195,957 shares of the oil and gas producer’s stock after selling 43,588 shares during the period. Quantbot Technologies LP’s holdings in Comstock Resources were worth $3,886,000 at the end of the most recent quarter.

A number of other institutional investors have also modified their holdings of the stock. Legacy Investment Solutions LLC acquired a new position in shares of Comstock Resources in the 2nd quarter valued at about $29,000. Jones Financial Companies Lllp raised its position in Comstock Resources by 671.2% during the third quarter. Jones Financial Companies Lllp now owns 1,581 shares of the oil and gas producer’s stock valued at $31,000 after acquiring an additional 1,376 shares in the last quarter. Atlantic Union Bankshares Corp acquired a new position in Comstock Resources in the second quarter valued at approximately $34,000. HHM Wealth Advisors LLC acquired a new position in Comstock Resources in the third quarter valued at approximately $44,000. Finally, Smartleaf Asset Management LLC boosted its position in Comstock Resources by 39.2% in the 3rd quarter. Smartleaf Asset Management LLC now owns 3,085 shares of the oil and gas producer’s stock worth $62,000 after purchasing an additional 868 shares in the last quarter. Hedge funds and other institutional investors own 36.13% of the company’s stock.

Wall Street Analyst Weigh In

CRK has been the subject of several recent research reports. Citigroup reaffirmed a “neutral” rating and set a $25.00 target price (up from $24.00) on shares of Comstock Resources in a report on Wednesday, January 14th. Piper Sandler cut their price objective on shares of Comstock Resources from $9.00 to $8.00 and set an “underweight” rating for the company in a report on Tuesday, November 18th. Zacks Research upgraded shares of Comstock Resources from a “strong sell” rating to a “hold” rating in a research report on Wednesday, November 12th. Weiss Ratings reissued a “hold (c-)” rating on shares of Comstock Resources in a research note on Monday, December 29th. Finally, UBS Group set a $17.00 target price on Comstock Resources in a research report on Friday, February 13th. One research analyst has rated the stock with a Buy rating, six have given a Hold rating and three have assigned a Sell rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Reduce” and a consensus target price of $20.11.

Comstock Resources Stock Performance

NYSE CRK opened at $19.62 on Monday. The company has a debt-to-equity ratio of 0.95, a current ratio of 0.49 and a quick ratio of 0.49. The stock’s 50 day simple moving average is $21.68 and its 200-day simple moving average is $20.59. The company has a market cap of $5.77 billion, a PE ratio of 13.91 and a beta of 0.40. Comstock Resources, Inc. has a 1-year low of $14.65 and a 1-year high of $31.17.

Comstock Resources (NYSE:CRK) last issued its quarterly earnings results on Wednesday, February 11th. The oil and gas producer reported $0.16 EPS for the quarter, topping the consensus estimate of $0.11 by $0.05. The firm had revenue of $787.32 million during the quarter, compared to analysts’ expectations 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 for the quarter was up 115.5% on a year-over-year basis. During the same period in the previous year, the business earned $0.16 earnings per share. As a group, equities research analysts anticipate that Comstock Resources, Inc. will post 0.54 EPS for the current fiscal year.

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.