Kovack Advisors Inc. Buys New Position in Comstock Resources, Inc. (NYSE:CRK)

Kovack Advisors Inc. purchased a new position in shares of Comstock Resources, Inc. (NYSE:CRK) during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm purchased 114,050 shares of the oil and gas producer’s stock, valued at approximately $1,058,000.

Other institutional investors also recently added to or reduced their stakes in the company. Outfitter Financial LLC grew its holdings in shares of Comstock Resources by 5.0% during the fourth quarter. Outfitter Financial LLC now owns 34,300 shares of the oil and gas producer’s stock worth $304,000 after buying an additional 1,630 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. lifted its position in Comstock Resources by 5.9% during the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 41,381 shares of the oil and gas producer’s stock worth $366,000 after acquiring an additional 2,310 shares during the period. SG Americas Securities LLC lifted its position in Comstock Resources by 4.6% during the 4th quarter. SG Americas Securities LLC now owns 53,942 shares of the oil and gas producer’s stock worth $477,000 after acquiring an additional 2,389 shares during the period. Federated Hermes Inc. grew its stake in shares of Comstock Resources by 80.0% in the 3rd quarter. Federated Hermes Inc. now owns 5,500 shares of the oil and gas producer’s stock valued at $61,000 after purchasing an additional 2,445 shares during the last quarter. Finally, Pittenger & Anderson Inc. increased its holdings in shares of Comstock Resources by 25.0% in the fourth quarter. Pittenger & Anderson Inc. now owns 12,500 shares of the oil and gas producer’s stock valued at $111,000 after purchasing an additional 2,500 shares during the period. Institutional investors and hedge funds own 36.13% of the company’s stock.

Analysts Set New Price Targets

CRK has been the subject of several recent research reports. Stifel Nicolaus decreased their price target on Comstock Resources from $14.00 to $13.50 and set a “buy” rating for the company in a report on Tuesday, April 23rd. KeyCorp started coverage on shares of Comstock Resources in a report on Thursday, June 27th. They issued a “sector weight” rating on the stock. Mizuho increased their price target on shares of Comstock Resources from $10.00 to $11.00 and gave the stock an “underperform” rating in a report on Monday, May 13th. The Goldman Sachs Group raised their price objective on shares of Comstock Resources from $9.00 to $10.00 and gave the company a “sell” rating in a research report on Tuesday, May 28th. Finally, StockNews.com raised Comstock Resources to a “sell” rating in a research note on Monday, April 29th. Three investment analysts have rated the stock with a sell rating, six have issued a hold rating and two have assigned a buy rating to the company. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $10.25.

Comstock Resources Price Performance

CRK stock opened at $10.92 on Friday. The company has a market cap of $3.19 billion, a price-to-earnings ratio of 49.64 and a beta of 0.51. The company has a current ratio of 0.64, a quick ratio of 0.64 and a debt-to-equity ratio of 1.09. The firm has a 50 day moving average of $10.89 and a 200-day moving average of $9.38. 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 data on Wednesday, May 1st. The oil and gas producer reported ($0.03) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.08) by $0.05. The firm had revenue of $335.77 million during the quarter, compared to analysts’ expectations of $343.97 million. Comstock Resources had a return on equity of 1.25% and a net margin of 4.27%. Comstock Resources’s revenue was down 31.4% on a year-over-year basis. During the same period in the previous year, the firm posted $0.33 earnings per share. As a group, equities analysts expect that Comstock Resources, Inc. will post -0.09 EPS for the current fiscal year.

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.