Mariner Investment Group LLC Makes New Investment in Comstock Resources, Inc. (NYSE:CRK)

Mariner Investment Group LLC bought a new stake in Comstock Resources, Inc. (NYSE:CRK) during the third quarter, HoldingsChannel.com reports. The fund bought 25,000 shares of the oil and gas producer’s stock, valued at approximately $278,000. Comstock Resources comprises 0.1% of Mariner Investment Group LLC’s investment portfolio, making the stock its 20th biggest holding.

Several other hedge funds and other institutional investors have also made changes to their positions in CRK. Harbor Capital Advisors Inc. acquired a new stake in Comstock Resources in the third quarter valued at approximately $25,000. Blue Trust Inc. purchased a new position in shares of Comstock Resources in the second quarter valued at $32,000. EverSource Wealth Advisors LLC increased its stake in Comstock Resources by 2,533.8% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 3,582 shares of the oil and gas producer’s stock worth $34,000 after buying an additional 3,446 shares during the period. GAMMA Investing LLC increased its stake in Comstock Resources by 27.5% during the 2nd quarter. GAMMA Investing LLC now owns 6,083 shares of the oil and gas producer’s stock worth $63,000 after buying an additional 1,312 shares during the period. Finally, Headlands Technologies LLC acquired a new position in Comstock Resources in the 1st quarter worth $91,000. Institutional investors and hedge funds own 36.13% of the company’s stock.

Comstock Resources Stock Performance

Shares of NYSE CRK opened at $11.15 on Monday. The company has a quick ratio of 0.59, a current ratio of 0.60 and a debt-to-equity ratio of 1.25. The firm’s 50-day moving average price is $11.03 and its two-hundred day moving average price is $10.71. Comstock Resources, Inc. has a 52-week low of $7.07 and a 52-week high of $13.39. The stock has a market capitalization of $3.26 billion, a P/E ratio of -61.94 and a beta of 0.47.

Comstock Resources (NYSE:CRK) last announced its quarterly earnings results on Wednesday, October 30th. The oil and gas producer reported ($0.17) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.16) by ($0.01). The company had revenue of $304.50 million during the quarter, compared to the consensus estimate of $308.75 million. Comstock Resources had a negative return on equity of 3.88% and a negative net margin of 4.93%. The company’s revenue for the quarter was down 19.2% on a year-over-year basis. During the same period last year, the business posted $0.04 EPS. As a group, sell-side analysts forecast that Comstock Resources, Inc. will post -0.42 earnings per share for the current year.

Insider Activity

In other news, major shareholder Star Exploration Corp Blue acquired 825,868 shares of the company’s stock in a transaction that occurred on Wednesday, August 7th. The shares were acquired at an average price of $8.82 per share, with a total value of $7,284,155.76. Following the acquisition, the insider now directly owns 197,298,165 shares in the company, valued at approximately $1,740,169,815.30. The trade was a 0.00 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Comstock Resources news, major shareholder Star Exploration Corp Blue bought 825,868 shares of the business’s stock in a transaction on Wednesday, August 7th. The shares were purchased at an average price of $8.82 per share, with a total value of $7,284,155.76. Following the purchase, the insider now directly owns 197,298,165 shares of the company’s stock, valued at approximately $1,740,169,815.30. The trade was a 0.00 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through this link. Also, major shareholder Drilling L.P. Arkoma acquired 573,453 shares of the business’s stock in a transaction that occurred on Friday, August 16th. The shares were bought at an average price of $10.64 per share, for a total transaction of $6,101,539.92. Following the completion of the purchase, the insider now owns 203,450,946 shares of the company’s stock, valued at approximately $2,164,718,065.44. This represents a 0.00 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last quarter, insiders bought 5,887,733 shares of company stock valued at $61,084,851. 2.00% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

CRK has been the topic of a number of analyst reports. Piper Sandler lowered Comstock Resources from a “neutral” rating to an “underweight” rating and dropped their target price for the stock from $8.00 to $5.00 in a research report on Thursday, August 15th. BMO Capital Markets increased their target price on Comstock Resources from $10.00 to $11.00 and gave the company a “market perform” rating in a research note on Friday, October 4th. Truist Financial lifted their price target on shares of Comstock Resources from $9.00 to $10.00 and gave the stock a “hold” rating in a research note on Monday, September 30th. Mizuho reduced their price objective on shares of Comstock Resources from $11.00 to $10.00 and set an “underperform” rating on the stock in a research note on Monday, September 16th. Finally, Siebert Williams Shank downgraded 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. Five investment analysts have rated the stock with a sell rating, seven have given a hold rating and two have issued a buy rating to the company. According to data from MarketBeat, Comstock Resources currently has a consensus rating of “Hold” and a consensus target price of $10.31.

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.