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

Cross Staff Investments Inc grew its holdings in shares of Comstock Resources, Inc. (NYSE:CRK) by 1.5% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 512,788 shares of the oil and gas producer’s stock after purchasing an additional 7,479 shares during the quarter. Comstock Resources comprises about 4.0% of Cross Staff Investments Inc’s investment portfolio, making the stock its 5th biggest position. Cross Staff Investments Inc’s holdings in Comstock Resources were worth $4,538,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also modified their holdings of the company. Federated Hermes Inc. raised its holdings in shares of 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 valued at $61,000 after purchasing an additional 2,445 shares in the last quarter. PNC Financial Services Group Inc. raised its holdings in Comstock Resources by 144.7% in 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 acquiring an additional 3,929 shares during the period. Steward Financial Group LLC raised its holdings in Comstock Resources by 86.9% in the 3rd quarter. Steward Financial Group LLC now owns 6,776 shares of the oil and gas producer’s stock worth $74,000 after acquiring an additional 3,151 shares during the period. Neo Ivy Capital Management bought a new position in Comstock Resources in the 3rd quarter worth $80,000. Finally, Woodstock Corp bought a new position in Comstock Resources in the 4th quarter worth $88,000. Institutional investors own 36.13% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts recently commented on CRK shares. Mizuho dropped their target price on shares of Comstock Resources from $10.00 to $9.00 and set an “underperform” rating on the stock in a report on Monday, April 15th. Pickering Energy Partners upgraded shares of Comstock Resources from an “underperform” rating to a “neutral” rating in a report on Tuesday, January 9th. The Goldman Sachs Group boosted their price objective on shares of Comstock Resources from $8.00 to $9.00 and gave the stock a “sell” rating in a report on Tuesday, April 2nd. Piper Sandler dropped their price objective on shares of Comstock Resources from $9.00 to $8.00 and set an “overweight” rating on the stock in a report on Thursday, March 7th. Finally, Truist Financial dropped their price objective on shares of Comstock Resources from $10.00 to $9.00 and set a “hold” rating on the stock in a report on Tuesday, February 13th. Three analysts have rated the stock with a sell rating, four have given a hold rating and two have given a buy rating to the stock. Based on data from MarketBeat.com, Comstock Resources has a consensus rating of “Hold” and a consensus target price of $9.75.

Insider Activity

In other Comstock Resources news, major shareholder Star Exploration Corp Blue bought 12,500,000 shares of the firm’s stock in a transaction dated Monday, March 25th. The shares were acquired at an average cost of $8.04 per share, for a total transaction of $100,500,000.00. Following the transaction, the insider now owns 194,821,429 shares in the company, valued at $1,566,364,289.16. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 1.50% of the stock is owned by company insiders.

Comstock Resources Price Performance

Shares of Comstock Resources stock traded down $0.01 during trading on Friday, hitting $10.29. 1,527,977 shares of the company’s stock traded hands, compared to its average volume of 4,554,311. 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 firm’s fifty day moving average price is $8.78 and its 200 day moving average price is $9.47. Comstock Resources, Inc. has a twelve month low of $7.07 and a twelve month high of $13.39. The company has a market cap of $2.87 billion, a PE ratio of 13.55 and a beta of 0.70.

Comstock Resources (NYSE:CRK) last issued its earnings results 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). Comstock Resources had a net margin of 13.49% and a return on equity of 5.65%. The business had revenue of $410.58 million for the quarter, compared to analyst estimates of $401.97 million. During the same quarter last year, the firm posted $1.05 earnings per share. Comstock Resources’s revenue was down 55.5% on a year-over-year basis. Analysts forecast that Comstock Resources, Inc. will post -0.06 earnings per share for the current 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.