DRW Securities LLC Buys New Shares in Comstock Resources, Inc. (NYSE:CRK)

DRW Securities LLC purchased a new position in Comstock Resources, Inc. (NYSE:CRK) during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm purchased 61,020 shares of the oil and gas producer’s stock, valued at approximately $633,000.

A number of other hedge funds have also recently added to or reduced their stakes in the business. Blue Trust Inc. purchased a new position in shares of Comstock Resources during the 2nd quarter worth about $32,000. EverSource Wealth Advisors LLC boosted its holdings in shares of Comstock Resources by 2,533.8% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 3,582 shares of the oil and gas producer’s stock valued at $34,000 after purchasing an additional 3,446 shares during the last quarter. GAMMA Investing LLC boosted its holdings in shares of Comstock Resources by 428.9% in the 1st quarter. GAMMA Investing LLC now owns 4,771 shares of the oil and gas producer’s stock valued at $44,000 after purchasing an additional 3,869 shares during the last quarter. Hexagon Capital Partners LLC grew its stake in shares of Comstock Resources by 2,161.0% during the 1st quarter. Hexagon Capital Partners LLC now owns 4,929 shares of the oil and gas producer’s stock valued at $46,000 after buying an additional 4,711 shares during the period. Finally, Headlands Technologies LLC acquired a new stake in shares of Comstock Resources during the 1st quarter worth $91,000. 36.13% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on CRK shares. Wolfe Research assumed coverage on Comstock Resources in a report on Thursday, July 18th. They issued a “peer perform” rating on the stock. Mizuho dropped their price objective on shares of Comstock Resources from $11.00 to $10.00 and set an “underperform” rating for the company in a research report on Monday, September 16th. KeyCorp started coverage on shares of Comstock Resources in a report on Thursday, June 27th. They set a “sector weight” rating on the stock. Truist Financial increased their price target on Comstock Resources from $8.00 to $9.00 and gave the company a “hold” rating in a report on Monday, July 22nd. Finally, The Goldman Sachs Group boosted their price objective on Comstock Resources from $9.00 to $10.00 and gave the stock a “sell” rating in a research note on Tuesday, May 28th. Four analysts have rated the stock with a sell rating, seven have assigned a hold rating and one has issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Comstock Resources has a consensus rating of “Hold” and an average target price of $9.58.

Comstock Resources Stock Performance

NYSE:CRK opened at $10.82 on Monday. The firm has a 50-day moving average of $10.11 and a two-hundred day moving average of $10.12. The company has a debt-to-equity ratio of 1.21, a current ratio of 0.59 and a quick ratio of 0.59. The stock has a market cap of $3.16 billion, a P/E ratio of 49.18 and a beta of 0.48. Comstock Resources, Inc. has a 1-year low of $7.07 and a 1-year high of $13.39.

Comstock Resources (NYSE:CRK) last issued its quarterly earnings results on Tuesday, July 30th. The oil and gas producer reported ($0.20) EPS for the quarter, missing analysts’ consensus estimates of ($0.16) by ($0.04). Comstock Resources had a negative net margin of 1.48% and a negative return on equity of 1.38%. The business had revenue of $246.80 million during the quarter, compared to analysts’ expectations of $296.02 million. Comstock Resources’s quarterly revenue was down 14.4% compared to the same quarter last year. On average, research analysts expect that Comstock Resources, Inc. will post -0.33 earnings per share for the current fiscal year.

Insider Activity

In related news, major shareholder Drilling L.P. Arkoma purchased 592,246 shares of the company’s stock in a transaction that occurred on Monday, August 26th. The stock was acquired at an average price of $11.54 per share, for a total transaction of $6,834,518.84. Following the completion of the purchase, the insider now owns 208,219,992 shares in the company, valued at $2,402,858,707.68. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. In related news, major shareholder Star Exploration Corp Blue purchased 825,000 shares of Comstock Resources stock in a transaction dated Monday, August 5th. The shares were acquired at an average price of $8.16 per share, with a total value of $6,732,000.00. Following the completion of the transaction, the insider now owns 195,646,429 shares of the company’s stock, valued at approximately $1,596,474,860.64. The purchase was disclosed in a filing with the SEC, which is available through this hyperlink. Also, major shareholder Drilling L.P. Arkoma purchased 592,246 shares of the firm’s stock in a transaction that occurred on Monday, August 26th. The stock was purchased at an average price of $11.54 per share, with a total value of $6,834,518.84. Following the completion of the purchase, the insider now directly owns 208,219,992 shares of the company’s stock, valued at approximately $2,402,858,707.68. The disclosure for this purchase can be found here. In the last three months, insiders acquired 6,712,733 shares of company stock worth $67,816,851. 1.50% of the stock is currently owned by insiders.

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.