Gemsstock Ltd. Takes $19.19 Million Position in Comstock Resources, Inc. $CRK

Gemsstock Ltd. purchased a new stake in Comstock Resources, Inc. (NYSE:CRK) during the fourth quarter, HoldingsChannel reports. The institutional investor purchased 827,694 shares of the oil and gas producer’s stock, valued at approximately $19,186,000. Comstock Resources accounts for approximately 2.8% of Gemsstock Ltd.’s holdings, making the stock its 14th biggest position.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Bank of America Corp DE increased its holdings in Comstock Resources by 344.5% in the 2nd quarter. Bank of America Corp DE now owns 1,853,846 shares of the oil and gas producer’s stock worth $51,296,000 after purchasing an additional 1,436,746 shares in the last quarter. Aventail Capital Group LP increased its holdings in Comstock Resources by 149.9% in the 3rd quarter. Aventail Capital Group LP now owns 1,143,721 shares of the oil and gas producer’s stock worth $22,680,000 after purchasing an additional 686,002 shares in the last quarter. Man Group plc increased its holdings in Comstock Resources by 1,752.8% in the 3rd quarter. Man Group plc now owns 600,205 shares of the oil and gas producer’s stock worth $11,902,000 after purchasing an additional 567,810 shares in the last quarter. Marshall Wace LLP acquired a new position in Comstock Resources in the 3rd quarter worth about $8,961,000. Finally, Goldman Sachs Group Inc. boosted its position in Comstock Resources by 67.4% during the 1st quarter. Goldman Sachs Group Inc. now owns 1,086,868 shares of the oil and gas producer’s stock worth $22,107,000 after buying an additional 437,476 shares during the period. Institutional investors own 36.13% of the company’s stock.

Comstock Resources Price Performance

Shares of NYSE CRK opened at $13.50 on Friday. Comstock Resources, Inc. has a twelve month low of $12.44 and a twelve month high of $31.17. The firm has a fifty day simple moving average of $15.53 and a 200 day simple moving average of $19.78. The company has a market capitalization of $3.96 billion, a PE ratio of 6.16 and a beta of 0.13. The company has a quick ratio of 0.41, a current ratio of 0.41 and a debt-to-equity ratio of 0.96.

Comstock Resources (NYSE:CRK) last announced its earnings results on Tuesday, May 5th. The oil and gas producer reported $0.15 earnings per share for the quarter, missing analysts’ consensus estimates of $0.23 by ($0.08). Comstock Resources had a return on equity of 5.54% and a net margin of 27.18%.The firm had revenue of $587.35 million for the quarter, compared to the consensus estimate of $554.02 million. During the same period in the prior year, the business earned $0.18 EPS. Comstock Resources’s quarterly revenue was up 14.5% on a year-over-year basis. On average, sell-side analysts forecast that Comstock Resources, Inc. will post 0.56 EPS for the current year.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on the stock. Wall Street Zen downgraded shares of Comstock Resources from a “sell” rating to a “strong sell” rating in a research report on Saturday, May 9th. Citigroup reiterated a “neutral” rating on shares of Comstock Resources in a research report on Wednesday, April 15th. Williams Trading set a $16.00 target price on shares of Comstock Resources in a research report on Thursday, May 14th. UBS Group reiterated a “sell” rating and set a $13.00 target price (down from $17.00) on shares of Comstock Resources in a research report on Monday, May 11th. Finally, Morgan Stanley cut their target price on shares of Comstock Resources from $19.00 to $18.00 and set an “equal weight” rating on the stock in a research report on Friday, May 22nd. One investment analyst has rated the stock with a Buy rating, six have issued a Hold rating and three have assigned a Sell rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Reduce” and a consensus target price of $18.89.

Comstock Resources Profile

Comstock Resources, Inc is an independent energy company engaged in the acquisition, exploration, development and production of oil and natural gas properties in the United States. The company focuses on generating long-term value through the efficient development of unconventional resource plays and conventional prospects. Its activities encompass drilling, completion and production operations, as well as the marketing of natural gas, natural gas liquids and crude oil.

Comstock holds a core position in the Haynesville Shale of Northwest Louisiana, one of the most active natural gas plays in North America, and has built a complementary portfolio in the Delaware Basin of West Texas.