Comstock Resources, Inc. (NYSE:CRK) Shares Sold by South Dakota Investment Council

South Dakota Investment Council lessened its stake in shares of Comstock Resources, Inc. (NYSE:CRK) by 47.3% in the fourth quarter, HoldingsChannel reports. The firm owned 178,940 shares of the oil and gas producer’s stock after selling 160,600 shares during the quarter. South Dakota Investment Council’s holdings in Comstock Resources were worth $1,584,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Federated Hermes Inc. increased its position in Comstock Resources by 80.0% during the 3rd quarter. Federated Hermes Inc. now owns 5,500 shares of the oil and gas producer’s stock worth $61,000 after purchasing an additional 2,445 shares in the last quarter. PNC Financial Services Group Inc. increased its position in Comstock Resources by 144.7% during the 3rd quarter. PNC Financial Services Group Inc. now owns 6,645 shares of the oil and gas producer’s stock worth $73,000 after purchasing an additional 3,929 shares in the last quarter. Steward Financial Group LLC increased its position in Comstock Resources by 86.9% during the 3rd quarter. Steward Financial Group LLC now owns 6,776 shares of the oil and gas producer’s stock worth $74,000 after purchasing an additional 3,151 shares in the last quarter. Neo Ivy Capital Management purchased a new stake in Comstock Resources during the 3rd quarter worth about $80,000. Finally, Pittenger & Anderson Inc. increased its position in Comstock Resources by 42.9% during the 3rd quarter. Pittenger & Anderson Inc. now owns 10,000 shares of the oil and gas producer’s stock worth $110,000 after purchasing an additional 3,000 shares in the last quarter. Hedge funds and other institutional investors own 36.13% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts recently commented on CRK shares. StockNews.com upgraded Comstock Resources to a “sell” rating in a research report on Thursday, April 4th. Truist Financial lowered their price target on Comstock Resources from $10.00 to $9.00 and set a “hold” rating for the company in a report on Tuesday, February 13th. Piper Sandler lowered their price target on Comstock Resources from $9.00 to $8.00 and set an “overweight” rating for the company in a report on Thursday, March 7th. Pickering Energy Partners upgraded Comstock Resources from an “underperform” rating to a “neutral” rating in a report on Tuesday, January 9th. Finally, Stifel Nicolaus lowered 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. Three analysts have rated the stock with a sell rating, four have issued a hold rating and two have issued a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $9.75.

Comstock Resources Stock Performance

NYSE CRK opened at $10.15 on Thursday. The firm has a market capitalization of $2.83 billion, a P/E ratio of 13.36 and a beta of 0.70. Comstock Resources, Inc. has a 1-year low of $7.07 and a 1-year high of $13.39. The company has a debt-to-equity ratio of 1.11, a current ratio of 0.68 and a quick ratio of 0.68. The business’s 50-day simple moving average is $8.72 and its 200-day simple moving average is $9.46.

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

Insider Buying and Selling

In related news, major shareholder Star Exploration Corp Blue purchased 12,500,000 shares of Comstock Resources stock in a transaction that occurred on Monday, March 25th. The shares were purchased at an average cost of $8.04 per share, with a total value of $100,500,000.00. Following the transaction, 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 document filed with the Securities & Exchange Commission, which is available at this link. 1.50% of the stock is currently owned by corporate insiders.

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.