Seven Eight Capital LP Invests $813,000 in Comstock Resources, Inc. (NYSE:CRK)

Seven Eight Capital LP purchased a new position in Comstock Resources, Inc. (NYSE:CRK) in the first quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor purchased 87,616 shares of the oil and gas producer’s stock, valued at approximately $813,000.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the stock. Vanguard Group Inc. boosted its holdings in 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 worth $95,838,000 after acquiring an additional 34,231 shares during the period. Dimensional Fund Advisors LP boosted its holdings in Comstock Resources by 29.1% in the 4th quarter. Dimensional Fund Advisors LP now owns 8,139,351 shares of the oil and gas producer’s stock worth $72,035,000 after acquiring an additional 1,833,302 shares during the period. Charles Schwab Investment Management Inc. boosted its holdings in 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 worth $8,986,000 after acquiring an additional 93,140 shares during the period. Stifel Financial Corp boosted its holdings in Comstock Resources by 2.2% in the 4th quarter. Stifel Financial Corp now owns 667,956 shares of the oil and gas producer’s stock worth $5,911,000 after acquiring an additional 14,683 shares during the period. Finally, Rafferty Asset Management LLC boosted its holdings in 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 worth $5,484,000 after acquiring an additional 226,021 shares during the period. Hedge funds and other institutional investors own 36.13% of the company’s stock.

Comstock Resources Stock Performance

Shares of CRK stock traded down $0.05 on Tuesday, hitting $10.61. 2,227,170 shares of the stock traded hands, compared to its average volume of 3,908,433. The company has a debt-to-equity ratio of 1.09, a current ratio of 0.64 and a quick ratio of 0.64. The company has a market capitalization of $3.10 billion, a PE ratio of 48.23 and a beta of 0.51. Comstock Resources, Inc. has a 1-year low of $7.07 and a 1-year high of $13.39. The company’s fifty day moving average is $10.96 and its 200 day moving average is $9.51.

Comstock Resources (NYSE:CRK) last posted its quarterly earnings results on Wednesday, May 1st. The oil and gas producer reported ($0.03) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.08) by $0.05. The business had revenue of $335.77 million for the quarter, compared to analyst estimates of $343.97 million. Comstock Resources had a return on equity of 1.25% and a net margin of 4.27%. The business’s revenue was down 31.4% compared to the same quarter last year. During the same period in the prior year, the company posted $0.33 EPS. On average, equities research analysts predict that Comstock Resources, Inc. will post -0.13 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of equities analysts have weighed in on the company. StockNews.com upgraded Comstock Resources to a “sell” rating in a report on Monday, April 29th. Capital One Financial cut Comstock Resources from an “overweight” rating to an “equal weight” rating in a research note on Wednesday, May 15th. Wolfe Research assumed coverage on Comstock Resources in a research note on Thursday, July 18th. They set a “peer perform” rating for the company. KeyCorp assumed coverage on Comstock Resources in a research note on Thursday, June 27th. They set a “sector weight” rating for the company. Finally, Truist Financial increased their target price on Comstock Resources from $8.00 to $9.00 and gave the company a “hold” rating in a research note on Monday. Three investment analysts have rated the stock with a sell rating, seven have given a hold rating and two have assigned a buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $10.25.

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.