Comstock Resources, Inc. (NYSE:CRK) Position Boosted by Readystate Asset Management LP

Readystate Asset Management LP lifted its stake in shares of Comstock Resources, Inc. (NYSE:CRK) by 718.7% during the 4th quarter, according to its most recent Form 13F filing with the SEC. The fund owned 603,846 shares of the oil and gas producer’s stock after purchasing an additional 530,090 shares during the period. Readystate Asset Management LP owned about 0.22% of Comstock Resources worth $5,344,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also recently bought and sold shares of CRK. Raymond James Financial Services Advisors Inc. acquired a new stake in shares of Comstock Resources in the first quarter valued at approximately $310,000. Citigroup Inc. boosted its stake in Comstock Resources by 21.2% in the 1st quarter. Citigroup Inc. now owns 240,161 shares of the oil and gas producer’s stock worth $3,134,000 after purchasing an additional 42,001 shares during the period. Bank of Montreal Can lifted its position in Comstock Resources by 14.8% in the 1st quarter. Bank of Montreal Can now owns 15,258 shares of the oil and gas producer’s stock worth $201,000 after buying an additional 1,965 shares in the last quarter. MetLife Investment Management LLC lifted its position in Comstock Resources by 58.5% in the 1st quarter. MetLife Investment Management LLC now owns 54,147 shares of the oil and gas producer’s stock worth $707,000 after buying an additional 19,984 shares in the last quarter. Finally, BlackRock Inc. lifted its position in Comstock Resources by 12.5% in the 1st quarter. BlackRock Inc. now owns 7,076,353 shares of the oil and gas producer’s stock worth $92,347,000 after buying an additional 786,726 shares in the last quarter. Institutional investors and hedge funds own 36.13% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts recently commented on CRK shares. Pickering Energy Partners upgraded shares of Comstock Resources from an “underperform” rating to a “neutral” rating in a report on Tuesday, January 9th. Stifel Nicolaus reduced their price target on shares of Comstock Resources from $15.00 to $13.00 and set a “buy” rating on the stock in a research report on Tuesday, January 23rd. Siebert Williams Shank started coverage on shares of Comstock Resources in a research report on Tuesday, December 19th. They issued a “hold” rating and a $10.00 price target on the stock. Truist Financial dropped their target price on shares of Comstock Resources from $10.00 to $9.00 and set a “hold” rating for the company in a research note on Tuesday, February 13th. Finally, Mizuho dropped their price target on shares of Comstock Resources from $10.00 to $9.00 and set an “underperform” rating for the company in a research note on Monday. Three investment analysts have rated the stock with a sell rating, five have assigned a hold rating and two have issued a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $10.00.

Insider Buying and Selling at Comstock Resources

In other Comstock Resources news, major shareholder Star Exploration Corp Blue purchased 12,500,000 shares of the firm’s stock in a transaction on Monday, March 25th. The stock was acquired at an average price of $8.04 per share, for a total transaction of $100,500,000.00. Following the purchase, the insider now owns 194,821,429 shares of the company’s stock, valued at approximately $1,566,364,289.16. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. 1.50% of the stock is currently owned by company insiders.

Comstock Resources Price Performance

Shares of Comstock Resources stock traded up $0.07 during midday trading on Wednesday, hitting $9.19. 2,555,413 shares of the company traded hands, compared to its average volume of 4,665,730. The stock has a market cap of $2.56 billion, a price-to-earnings ratio of 12.09 and a beta of 0.70. The company has a debt-to-equity ratio of 1.11, a quick ratio of 0.68 and a current ratio of 0.68. The firm’s fifty day moving average price is $8.50 and its 200-day moving average price is $9.50. Comstock Resources, Inc. has a 12 month low of $7.07 and a 12 month high of $13.39.

Comstock Resources (NYSE:CRK) last issued its quarterly earnings results on Tuesday, February 13th. The oil and gas producer reported $0.10 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.16 by ($0.06). Comstock Resources had a return on equity of 5.65% and a net margin of 13.49%. The firm had revenue of $410.58 million during the quarter, compared to analyst estimates of $401.97 million. During the same quarter last year, the firm posted $1.05 EPS. The firm’s revenue for the quarter was down 55.5% on a year-over-year basis. As a group, sell-side analysts forecast that Comstock Resources, Inc. will post 0.06 earnings per share for the current 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.