Cross Staff Investments Inc Reduces Stake in Comstock Resources, Inc. (NYSE:CRK)

Cross Staff Investments Inc cut its stake in shares of Comstock Resources, Inc. (NYSE:CRK) by 2.5% in the 2nd quarter, according to its most recent Form 13F filing with the SEC. The fund owned 500,721 shares of the oil and gas producer’s stock after selling 12,680 shares during the period. Comstock Resources accounts for about 4.3% of Cross Staff Investments Inc’s investment portfolio, making the stock its 4th biggest holding. Cross Staff Investments Inc’s holdings in Comstock Resources were worth $5,197,000 as of its most recent filing with the SEC.

A number of other hedge funds have also recently bought and sold shares of CRK. Vanguard Group Inc. boosted its holdings in shares of Comstock Resources by 0.3% in the 4th quarter. Vanguard Group Inc. now owns 10,829,100 shares of the oil and gas producer’s stock valued at $95,838,000 after buying an additional 34,231 shares during the last quarter. Dimensional Fund Advisors LP lifted its stake in Comstock Resources by 29.1% in the fourth quarter. Dimensional Fund Advisors LP now owns 8,139,351 shares of the oil and gas producer’s stock valued at $72,035,000 after acquiring an additional 1,833,302 shares during the last quarter. Charles Schwab Investment Management Inc. grew its position in shares of Comstock Resources by 10.1% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,015,403 shares of the oil and gas producer’s stock valued at $8,986,000 after acquiring an additional 93,140 shares during the period. Stifel Financial Corp increased its stake in shares of Comstock Resources by 2.2% during the 4th quarter. Stifel Financial Corp now owns 667,956 shares of the oil and gas producer’s stock worth $5,911,000 after purchasing an additional 14,683 shares during the last quarter. Finally, Rafferty Asset Management LLC raised its holdings in shares of Comstock Resources by 57.4% in the 4th quarter. Rafferty Asset Management LLC now owns 619,684 shares of the oil and gas producer’s stock valued at $5,484,000 after purchasing an additional 226,021 shares during the period. 36.13% of the stock is currently owned by institutional investors.

Insider Activity

In related news, 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 shares were bought at an average price of $11.54 per share, for a total transaction of $6,834,518.84. Following the completion of the transaction, the insider now owns 208,219,992 shares of the company’s stock, valued at $2,402,858,707.68. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other Comstock Resources news, major shareholder Star Exploration Corp Blue purchased 825,868 shares of the stock in a transaction dated Wednesday, August 7th. The stock was bought at an average price of $8.82 per share, with a total value of $7,284,155.76. Following the acquisition, the insider now owns 197,298,165 shares of the company’s stock, valued at $1,740,169,815.30. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, major shareholder Drilling L.P. Arkoma acquired 592,246 shares of the company’s stock in a transaction that occurred on Monday, August 26th. The shares were acquired at an average price of $11.54 per share, with a total value of $6,834,518.84. Following the completion of the transaction, the insider now owns 208,219,992 shares in the company, valued at $2,402,858,707.68. The disclosure for this purchase can be found here. In the last three months, insiders purchased 6,712,733 shares of company stock worth $67,816,851. 1.50% of the stock is currently owned by company insiders.

Comstock Resources Stock Performance

NYSE CRK opened at $9.52 on Friday. The firm has a 50-day moving average price of $10.24 and a two-hundred day moving average price of $10.00. Comstock Resources, Inc. has a 12-month low of $7.07 and a 12-month high of $13.39. The company has a market capitalization of $2.78 billion, a P/E ratio of 43.27 and a beta of 0.48. The company has a quick ratio of 0.59, a current ratio of 0.59 and a debt-to-equity ratio of 1.21.

Comstock Resources (NYSE:CRK) last issued its quarterly earnings results on Tuesday, July 30th. The oil and gas producer reported ($0.20) earnings per share (EPS) for the quarter, missing the consensus estimate 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 company had revenue of $246.80 million during the quarter, compared to the consensus estimate of $296.02 million. The company’s quarterly revenue was down 14.4% compared to the same quarter last year. Analysts anticipate that Comstock Resources, Inc. will post -0.33 earnings per share for the current year.

Wall Street Analyst Weigh In

CRK has been the subject of a number of research analyst reports. Wolfe Research assumed coverage on Comstock Resources in a report on Thursday, July 18th. They set a “peer perform” rating for the company. The Goldman Sachs Group boosted their target price on Comstock Resources from $9.00 to $10.00 and gave the stock a “sell” rating in a report on Tuesday, May 28th. KeyCorp started coverage on Comstock Resources in a report on Thursday, June 27th. They set a “sector weight” rating for the company. Mizuho upped their price objective on shares of Comstock Resources from $10.00 to $11.00 and gave the company an “underperform” rating in a report on Monday, May 13th. Finally, Capital One Financial lowered shares of Comstock Resources from an “overweight” rating to an “equal weight” rating in a research report on Wednesday, May 15th. Four equities research analysts have rated the stock with a sell rating, seven have issued a hold rating and one has given a buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $9.75.

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.