KLP Kapitalforvaltning AS Makes New Investment in Comstock Resources, Inc. (NYSE:CRK)

KLP Kapitalforvaltning AS purchased a new stake in shares of Comstock Resources, Inc. (NYSE:CRK) in the 4th quarter, Holdings Channel reports. The fund purchased 19,500 shares of the oil and gas producer’s stock, valued at approximately $355,000.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Sunbelt Securities Inc. grew its stake in 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 worth $27,000 after purchasing an additional 1,400 shares in the last quarter. VSM Wealth Advisory LLC purchased a new stake in shares of Comstock Resources in the 4th quarter worth $27,000. Natixis Advisors LLC grew its position in shares of Comstock Resources by 6.6% during the 4th quarter. Natixis Advisors LLC now owns 25,778 shares of the oil and gas producer’s stock worth $470,000 after buying an additional 1,585 shares in the last quarter. KBC Group NV increased its stake in shares of Comstock Resources by 46.8% during the fourth quarter. KBC Group NV now owns 6,480 shares of the oil and gas producer’s stock valued at $118,000 after buying an additional 2,066 shares during the period. Finally, Smartleaf Asset Management LLC increased its stake in shares of Comstock Resources by 225.2% during the fourth quarter. Smartleaf Asset Management LLC now owns 3,359 shares of the oil and gas producer’s stock valued at $64,000 after buying an additional 2,326 shares during the period. Institutional investors own 36.13% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages have issued reports on CRK. Mizuho upgraded shares of Comstock Resources from an “underperform” rating to a “neutral” rating and increased their target price for the stock from $10.00 to $18.00 in a report on Monday, December 16th. Williams Trading set a $13.00 price objective on shares of Comstock Resources in a research note on Wednesday, March 5th. Morgan Stanley reissued a “cautious” rating and issued a $22.00 price objective (up previously from $21.00) on shares of Comstock Resources in a research note on Wednesday, March 26th. Truist Financial upped their target price on Comstock Resources from $11.00 to $19.00 and gave the stock a “hold” rating in a report on Monday, January 13th. Finally, Piper Sandler lifted their price target on Comstock Resources from $5.00 to $6.00 and gave the company an “underweight” rating in a report on Wednesday, January 29th. Five equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating and two have given a buy rating to the stock. According to MarketBeat.com, Comstock Resources has a consensus rating of “Hold” and an average price target of $13.73.

Comstock Resources Stock Performance

Shares of CRK opened at $17.14 on Friday. The company has a current ratio of 0.46, a quick ratio of 0.60 and a debt-to-equity ratio of 1.27. The firm has a market cap of $5.02 billion, a PE ratio of -22.55, a P/E/G ratio of 1.65 and a beta of 0.55. Comstock Resources, Inc. has a 12 month low of $7.74 and a 12 month high of $22.06. The stock has a fifty day moving average price of $18.90 and a 200-day moving average price of $16.20.

Comstock Resources (NYSE:CRK) last released its quarterly earnings results on Tuesday, February 18th. The oil and gas producer reported $0.16 EPS for the quarter, beating analysts’ consensus estimates of $0.02 by $0.14. The company had revenue of $366.51 million during the quarter, compared to analysts’ expectations of $370.62 million. Comstock Resources had a negative return on equity of 3.10% and a negative net margin of 18.32%. Equities research analysts predict that Comstock Resources, Inc. will post 0.54 earnings per share 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.