Glenorchy Capital Ltd Raises Stake in Comstock Resources, Inc. (NYSE:CRK)

Glenorchy Capital Ltd grew its stake in Comstock Resources, Inc. (NYSE:CRK) by 91.1% in the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 197,713 shares of the oil and gas producer’s stock after acquiring an additional 94,230 shares during the quarter. Comstock Resources comprises approximately 0.7% of Glenorchy Capital Ltd’s investment portfolio, making the stock its 29th biggest position. Glenorchy Capital Ltd owned about 0.07% of Comstock Resources worth $2,201,000 at the end of the most recent reporting period.

Several other institutional investors have also modified their holdings of CRK. Vanguard Group Inc. increased its position in Comstock Resources by 0.3% during the fourth quarter. Vanguard Group Inc. now owns 10,829,100 shares of the oil and gas producer’s stock worth $95,838,000 after purchasing an additional 34,231 shares during the last quarter. GAMMA Investing LLC increased its holdings in shares of Comstock Resources by 428.9% during the 1st quarter. GAMMA Investing LLC now owns 4,771 shares of the oil and gas producer’s stock worth $44,000 after buying an additional 3,869 shares during the last quarter. Ballentine Partners LLC purchased a new stake in shares of Comstock Resources during the 1st quarter valued at approximately $138,000. Doliver Advisors LP lifted its holdings in Comstock Resources by 14.2% in the first quarter. Doliver Advisors LP now owns 26,416 shares of the oil and gas producer’s stock valued at $245,000 after acquiring an additional 3,290 shares during the last quarter. Finally, Hexagon Capital Partners LLC grew its position in Comstock Resources by 2,161.0% in the first quarter. Hexagon Capital Partners LLC now owns 4,929 shares of the oil and gas producer’s stock worth $46,000 after acquiring an additional 4,711 shares during the period. Hedge funds and other institutional investors own 36.13% of the company’s stock.

Comstock Resources Trading Down 1.4 %

NYSE:CRK opened at $11.45 on Friday. The stock has a fifty day moving average price of $10.82 and a 200 day moving average price of $10.53. The company has a current ratio of 0.59, a quick ratio of 0.59 and a debt-to-equity ratio of 1.21. Comstock Resources, Inc. has a 12-month low of $7.07 and a 12-month high of $13.39. The firm has a market cap of $3.35 billion, a PE ratio of 52.05 and a beta of 0.47.

Comstock Resources (NYSE:CRK) last announced its quarterly earnings data on Tuesday, July 30th. The oil and gas producer reported ($0.20) EPS for the quarter, missing analysts’ consensus estimates of ($0.16) by ($0.04). The company had revenue of $246.80 million for the quarter, compared to analyst estimates of $296.02 million. Comstock Resources had a negative return on equity of 1.38% and a negative net margin of 1.48%. Comstock Resources’s revenue was down 14.4% compared to the same quarter last year. Sell-side analysts anticipate that Comstock Resources, Inc. will post -0.37 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several equities analysts have recently commented on the company. Siebert Williams Shank lowered Comstock Resources from a “hold” rating to a “sell” rating and set a $9.00 price target on the stock. in a research note on Tuesday, October 15th. KeyCorp began coverage on shares of Comstock Resources in a research report on Thursday, June 27th. They set a “sector weight” rating for the company. Piper Sandler lowered Comstock Resources from a “neutral” rating to an “underweight” rating and cut their target price for the company from $8.00 to $5.00 in a research report on Thursday, August 15th. BMO Capital Markets raised their price target on Comstock Resources from $10.00 to $11.00 and gave the stock a “market perform” rating in a research report on Friday, October 4th. Finally, Mizuho dropped their price objective on Comstock Resources from $11.00 to $10.00 and set an “underperform” rating for the company in a research note on Monday, September 16th. Five research analysts have rated the stock with a sell rating, seven have assigned a hold rating and one has assigned a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $9.79.

Insiders Place Their Bets

In other news, major shareholder Drilling L.P. Arkoma acquired 592,246 shares of the firm’s stock in a transaction dated Monday, August 26th. The stock was acquired at an average cost of $11.54 per share, with a total value of $6,834,518.84. Following the transaction, the insider now owns 208,219,992 shares in the company, valued at approximately $2,402,858,707.68. This trade represents a 0.00 % increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In other Comstock Resources news, major shareholder Drilling L.P. Arkoma bought 592,246 shares of the company’s stock in a transaction that occurred on Monday, August 26th. The shares were purchased at an average price of $11.54 per share, with a total value of $6,834,518.84. Following the completion of the acquisition, the insider now directly owns 208,219,992 shares of the company’s stock, valued at $2,402,858,707.68. This represents a 0.00 % increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, major shareholder Star Exploration Corp Blue purchased 825,000 shares of the business’s stock in a transaction on Monday, August 5th. The stock was acquired at an average price of $8.16 per share, for a total transaction of $6,732,000.00. Following the completion of the purchase, the insider now owns 195,646,429 shares of the company’s stock, valued at $1,596,474,860.64. This represents a 0.00 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders bought 6,712,733 shares of company stock worth $67,816,851 in the last 90 days. Corporate insiders own 1.50% of the company’s stock.

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.