Comstock Resources, Inc. (NYSE:CRK) Shares Sold by Encompass Capital Advisors LLC

Encompass Capital Advisors LLC lessened its stake in Comstock Resources, Inc. (NYSE:CRK) by 8.1% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 3,490,000 shares of the oil and gas producer’s stock after selling 309,408 shares during the period. Comstock Resources accounts for approximately 1.9% of Encompass Capital Advisors LLC’s portfolio, making the stock its 19th largest position. Encompass Capital Advisors LLC’s holdings in Comstock Resources were worth $36,226,000 at the end of the most recent reporting period.

Several other hedge funds also recently made changes to their positions in CRK. Squarepoint Ops LLC boosted its position in shares of Comstock Resources by 285.9% in the 2nd quarter. Squarepoint Ops LLC now owns 216,806 shares of the oil and gas producer’s stock valued at $2,250,000 after purchasing an additional 160,619 shares during the period. HITE Hedge Asset Management LLC acquired a new position in Comstock Resources during the second quarter worth approximately $6,544,000. Marshall Wace LLP lifted its stake in Comstock Resources by 20.7% in the second quarter. Marshall Wace LLP now owns 873,918 shares of the oil and gas producer’s stock valued at $9,071,000 after buying an additional 149,760 shares during the last quarter. Bank of Montreal Can boosted its holdings in shares of Comstock Resources by 45.3% in the second quarter. Bank of Montreal Can now owns 57,346 shares of the oil and gas producer’s stock valued at $641,000 after acquiring an additional 17,885 shares during the period. Finally, Public Sector Pension Investment Board grew its position in shares of Comstock Resources by 10.8% during the second quarter. Public Sector Pension Investment Board now owns 211,262 shares of the oil and gas producer’s stock worth $2,193,000 after acquiring an additional 20,591 shares during the last quarter. Hedge funds and other institutional investors own 36.13% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts recently commented on CRK shares. Mizuho reduced their price target 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. Piper Sandler downgraded shares of Comstock Resources from a “neutral” rating to an “underweight” rating and decreased their target price for the stock from $8.00 to $5.00 in a research note on Thursday, August 15th. Truist Financial raised their price target on Comstock Resources from $8.00 to $9.00 and gave the stock a “hold” rating in a report on Monday, July 22nd. KeyCorp initiated coverage on Comstock Resources in a research note on Thursday, June 27th. They set a “sector weight” rating for the company. Finally, Wolfe Research began coverage on Comstock Resources in a research note on Thursday, July 18th. They issued a “peer perform” rating on the stock. 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. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $9.58.

Insider Transactions at Comstock Resources

In related news, major shareholder Drilling L.P. Arkoma acquired 592,246 shares of Comstock Resources stock in a transaction that occurred on Monday, August 26th. The stock was purchased 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 directly owns 208,219,992 shares of the company’s stock, valued at $2,402,858,707.68. The purchase was disclosed in a document filed with the SEC, which is available through the SEC website. In other news, major shareholder Star Exploration Corp Blue bought 825,868 shares of the firm’s stock in a transaction on Wednesday, August 7th. The shares were bought at an average cost of $8.82 per share, for a total transaction of $7,284,155.76. Following the completion of the transaction, the insider now owns 197,298,165 shares in the company, valued at $1,740,169,815.30. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, major shareholder Drilling L.P. Arkoma purchased 592,246 shares of the company’s stock in a transaction dated 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 transaction, the insider now owns 208,219,992 shares of the company’s stock, valued at $2,402,858,707.68. The disclosure for this purchase can be found here. Insiders have purchased a total of 6,712,733 shares of company stock valued at $67,816,851 in the last ninety days. 1.50% of the stock is currently owned by company insiders.

Comstock Resources Stock Performance

NYSE CRK opened at $10.92 on Thursday. The stock has a market capitalization of $3.19 billion, a price-to-earnings ratio of 49.61 and a beta of 0.48. The business’s 50 day moving average is $10.16 and its two-hundred day moving average is $10.17. Comstock Resources, Inc. has a 12-month low of $7.07 and a 12-month high of $13.39. The company has a current ratio of 0.59, a quick ratio of 0.59 and a debt-to-equity ratio of 1.21.

Comstock Resources (NYSE:CRK) last announced its quarterly earnings data on Tuesday, July 30th. The oil and gas producer reported ($0.20) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.16) by ($0.04). The business had revenue of $246.80 million for the quarter, compared to analyst estimates of $296.02 million. Comstock Resources had a negative return on equity of 1.38% and a negative net margin of 1.48%. The firm’s revenue was down 14.4% compared to the same quarter last year. Research analysts expect that Comstock Resources, Inc. will post -0.37 EPS for the current year.

About Comstock Resources

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.