Hennessy Advisors Inc. Reduces Holdings in Comstock Resources, Inc. (NYSE:CRK)

Hennessy Advisors Inc. reduced its stake in Comstock Resources, Inc. (NYSE:CRK) by 75.0% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 10,000 shares of the oil and gas producer’s stock after selling 30,000 shares during the period. Hennessy Advisors Inc.’s holdings in Comstock Resources were worth $182,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently bought and sold shares of CRK. Harbor Capital Advisors Inc. bought a new position in shares of Comstock Resources in the third quarter worth approximately $25,000. Sunbelt Securities Inc. increased its position in shares of Comstock Resources by 140.0% in the third quarter. Sunbelt Securities Inc. now owns 2,400 shares of the oil and gas producer’s stock valued at $27,000 after acquiring an additional 1,400 shares during the period. EverSource Wealth Advisors LLC raised its stake in shares of Comstock Resources by 2,533.8% during the second quarter. EverSource Wealth Advisors LLC now owns 3,582 shares of the oil and gas producer’s stock valued at $34,000 after acquiring an additional 3,446 shares during the last quarter. Blue Trust Inc. boosted its holdings in shares of Comstock Resources by 116.3% during the third quarter. Blue Trust Inc. now owns 6,715 shares of the oil and gas producer’s stock worth $70,000 after purchasing an additional 3,611 shares during the period. Finally, Choreo LLC bought a new stake in shares of Comstock Resources in the second quarter worth about $105,000. Institutional investors own 36.13% of the company’s stock.

Analysts Set New Price Targets

A number of research firms have commented on CRK. Morgan Stanley assumed coverage on Comstock Resources in a research report on Friday, January 10th. They set an “equal weight” rating and a $18.00 price target for the company. Truist Financial raised their price target on Comstock Resources from $11.00 to $19.00 and gave the stock a “hold” rating in a research note on Monday, January 13th. Bank of America started coverage on shares of Comstock Resources in a research report on Monday, October 28th. They set a “buy” rating and a $14.00 price objective on the stock. Siebert Williams Shank cut shares of Comstock Resources from a “hold” rating to a “sell” rating and set a $9.00 target price for the company. in a research report on Tuesday, October 15th. Finally, Citigroup boosted their price target on shares of Comstock Resources from $12.50 to $15.50 and gave the company a “neutral” rating in a research report on Friday, December 6th. Four analysts have rated the stock with a sell rating, eight have issued a hold rating and two have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and an average price target of $13.30.

Insider Activity at Comstock Resources

In other news, Director Elizabeth B. Davis sold 8,000 shares of the company’s stock in a transaction that occurred on Monday, December 30th. The shares were sold at an average price of $18.17, for a total value of $145,360.00. Following the transaction, the director now owns 99,632 shares in the company, valued at approximately $1,810,313.44. This represents a 7.43 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. In the last ninety days, insiders have sold 38,000 shares of company stock valued at $634,660. 2.00% of the stock is owned by insiders.

Comstock Resources Price Performance

CRK stock opened at $21.36 on Friday. The company has a debt-to-equity ratio of 1.25, a quick ratio of 0.60 and a current ratio of 0.60. The firm has a 50 day moving average price of $16.62 and a 200-day moving average price of $12.81. Comstock Resources, Inc. has a 52-week low of $7.07 and a 52-week high of $21.75. The firm has a market capitalization of $6.24 billion, a price-to-earnings ratio of -118.68 and a beta of 0.51.

Comstock Resources (NYSE:CRK) last released its earnings results on Wednesday, October 30th. The oil and gas producer reported ($0.17) EPS for the quarter, missing the consensus estimate of ($0.16) by ($0.01). Comstock Resources had a negative return on equity of 3.88% and a negative net margin of 4.93%. The company had revenue of $304.50 million during the quarter, compared to the consensus estimate of $308.75 million. During the same period last year, the firm posted $0.04 earnings per share. The company’s revenue was down 19.2% compared to the same quarter last year. Equities research analysts forecast that Comstock Resources, Inc. will post -0.43 EPS for the current fiscal year.

Comstock Resources 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.