Keynote Financial Services LLC Decreases Position in Comstock Resources, Inc. $CRK

Keynote Financial Services LLC decreased its holdings in Comstock Resources, Inc. (NYSE:CRK) by 16.9% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 72,148 shares of the oil and gas producer’s stock after selling 14,648 shares during the period. Comstock Resources comprises approximately 1.3% of Keynote Financial Services LLC’s portfolio, making the stock its 15th largest position. Keynote Financial Services LLC’s holdings in Comstock Resources were worth $1,996,000 as of its most recent SEC filing.

Several other hedge funds have also modified their holdings of the stock. Legacy Investment Solutions LLC purchased a new position in Comstock Resources in the second quarter valued at $29,000. Atlantic Union Bankshares Corp acquired a new stake in Comstock Resources in the 2nd quarter valued at about $34,000. Nisa Investment Advisors LLC boosted its stake in shares of Comstock Resources by 129.3% in the 1st quarter. Nisa Investment Advisors LLC now owns 2,075 shares of the oil and gas producer’s stock valued at $42,000 after buying an additional 1,170 shares during the period. Caitong International Asset Management Co. Ltd acquired a new position in shares of Comstock Resources during the second quarter worth about $69,000. Finally, State of Wyoming purchased a new stake in shares of Comstock Resources during the first quarter worth approximately $126,000. 36.13% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

CRK has been the subject of several analyst reports. Morgan Stanley lowered their price target on shares of Comstock Resources from $21.00 to $19.00 and set an “equal weight” rating for the company in a report on Monday, August 4th. Mizuho set a $21.00 price objective on shares of Comstock Resources and gave the stock a “neutral” rating in a research report on Thursday, October 16th. Zacks Research lowered Comstock Resources from a “hold” rating to a “strong sell” rating in a report on Tuesday, October 14th. Weiss Ratings upgraded Comstock Resources from a “sell (d+)” rating to a “hold (c-)” rating in a research note on Friday. Finally, UBS Group lifted their price target on Comstock Resources from $14.00 to $16.00 and gave the stock a “sell” rating in a report on Thursday, November 6th. Two investment analysts have rated the stock with a Buy rating, five have assigned a Hold rating and four have assigned a Sell rating to the stock. According to MarketBeat, the stock has an average rating of “Reduce” and a consensus target price of $19.70.

Comstock Resources Price Performance

Shares of NYSE:CRK opened at $23.64 on Tuesday. The company’s fifty day moving average price is $18.58 and its 200 day moving average price is $20.66. Comstock Resources, Inc. has a 12 month low of $13.20 and a 12 month high of $31.17. The company has a debt-to-equity ratio of 1.24, a current ratio of 0.36 and a quick ratio of 0.36. The firm has a market capitalization of $6.93 billion, a P/E ratio of -98.50 and a beta of 0.24.

Comstock Resources (NYSE:CRK) last released its quarterly earnings data on Monday, November 3rd. The oil and gas producer reported $0.09 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.04 by $0.05. The company had revenue of $449.85 million during the quarter, compared to the consensus estimate of $433.54 million. Comstock Resources had a negative net margin of 5.05% and a positive return on equity of 3.65%. Comstock Resources’s revenue for the quarter was up 47.8% on a year-over-year basis. During the same quarter in the prior year, the firm posted ($0.17) earnings per share. As a group, sell-side analysts predict that Comstock Resources, Inc. will post 0.54 earnings per share for the current fiscal 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.