Rafferty Asset Management LLC Decreases Holdings in Comstock Resources, Inc. (NYSE:CRK)

Rafferty Asset Management LLC trimmed its holdings in Comstock Resources, Inc. (NYSE:CRK) by 9.5% in the fourth quarter, Holdings Channel.com reports. The institutional investor owned 145,861 shares of the oil and gas producer’s stock after selling 15,300 shares during the quarter. Rafferty Asset Management LLC’s holdings in Comstock Resources were worth $2,658,000 at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. Raymond James Financial Inc. acquired a new stake in Comstock Resources during the fourth quarter worth about $11,891,000. Corigliano Investment Advisers LLC acquired a new position in shares of Comstock Resources in the fourth quarter valued at approximately $11,450,000. Susquehanna Fundamental Investments LLC acquired a new position in shares of Comstock Resources in the fourth quarter valued at approximately $6,349,000. Marshall Wace LLP acquired a new position in shares of Comstock Resources in the fourth quarter valued at approximately $6,329,000. Finally, Edgestream Partners L.P. acquired a new position in shares of Comstock Resources in the fourth quarter valued at approximately $4,430,000. 36.13% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on CRK shares. UBS Group initiated coverage on shares of Comstock Resources in a research note on Tuesday, April 22nd. They issued a “neutral” rating and a $19.00 price target for the company. StockNews.com upgraded shares of Comstock Resources to a “sell” rating in a research report on Thursday, May 8th. Williams Trading set a $13.00 price target on shares of Comstock Resources in a research report on Wednesday, March 5th. Mizuho boosted their price objective on shares of Comstock Resources from $22.00 to $24.00 and gave the company a “neutral” rating in a research note on Tuesday, May 13th. Finally, Morgan Stanley reaffirmed a “cautious” rating and set a $22.00 price target (up from $21.00) on shares of Comstock Resources in a research note on Wednesday, March 26th. Five equities 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 stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $15.32.

Comstock Resources Price Performance

Comstock Resources stock opened at $23.69 on Tuesday. Comstock Resources, Inc. has a 52 week low of $7.74 and a 52 week high of $24.48. The company has a quick ratio of 0.60, a current ratio of 0.46 and a debt-to-equity ratio of 1.27. The firm’s 50-day simple moving average is $20.02 and its 200 day simple moving average is $18.25. The firm has a market capitalization of $6.94 billion, a PE ratio of -31.17, a P/E/G ratio of 1.65 and a beta of 0.14.

Comstock Resources (NYSE:CRK) last released its earnings results on Wednesday, April 30th. The oil and gas producer reported $0.18 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.16 by $0.02. The company had revenue of $512.85 million for the quarter, compared to analyst estimates of $408.99 million. Comstock Resources had a negative net margin of 18.32% and a negative return on equity of 3.10%. The firm’s quarterly revenue was up 52.7% on a year-over-year basis. During the same period in the prior year, the firm earned ($0.03) EPS. On average, equities research analysts predict that Comstock Resources, Inc. will post 0.54 EPS for the current fiscal year.

About Comstock Resources

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.