Bank of New York Mellon Corp Sells 134,452 Shares of Comstock Resources, Inc. (NYSE:CRK)

Bank of New York Mellon Corp reduced its position in Comstock Resources, Inc. (NYSE:CRK - Free Report) by 5.1% in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 2,507,275 shares of the oil and gas producer's stock after selling 134,452 shares during the quarter. Bank of New York Mellon Corp owned about 0.86% of Comstock Resources worth $26,026,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in CRK. Dimensional Fund Advisors LP raised 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 valued at $72,035,000 after buying an additional 1,833,302 shares during the period. CastleKnight Management LP acquired a new position in shares of Comstock Resources in the 4th quarter worth approximately $3,167,000. GSA Capital Partners LLP purchased a new position in shares of Comstock Resources during the 1st quarter worth approximately $2,672,000. Rafferty Asset Management LLC increased 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 valued at $5,484,000 after purchasing an additional 226,021 shares during the last quarter. Finally, Susquehanna Fundamental Investments LLC purchased a new stake in Comstock Resources in the first quarter valued at approximately $1,904,000. Institutional investors and hedge funds own 36.13% of the company's stock.

Analyst Ratings Changes

Several brokerages recently weighed in on CRK. The Goldman Sachs Group raised their target price on shares of Comstock Resources from $9.00 to $10.00 and gave the company a "sell" rating in a report on Tuesday, May 28th. Truist Financial increased their price objective on Comstock Resources from $8.00 to $9.00 and gave the company a "hold" rating in a report on Monday, July 22nd. Mizuho upped their target price on shares of Comstock Resources from $10.00 to $11.00 and gave the company an "underperform" rating in a report on Monday, May 13th. Piper Sandler downgraded shares of Comstock Resources from a "neutral" rating to an "underweight" rating and dropped their target price for the company from $8.00 to $5.00 in a research report on Thursday, August 15th. Finally, KeyCorp assumed coverage on Comstock Resources in a research report on Thursday, June 27th. They set a "sector weight" rating on the stock. Four research analysts have rated the stock with a sell rating, seven have issued a hold rating and one has assigned a buy rating to the company's stock. Based on data from MarketBeat, Comstock Resources presently has a consensus rating of "Hold" and an average price target of $9.75.

Comstock Resources Price Performance

CRK stock traded up $0.07 during trading on Thursday, hitting $9.71. The company had a trading volume of 2,499,002 shares, compared to its average volume of 3,903,821. 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 fifty-two week low of $7.07 and a fifty-two week high of $13.39. The firm has a market capitalization of $2.84 billion, a price-to-earnings ratio of 44.14 and a beta of 0.51. The business has a 50 day moving average of $10.26 and a 200 day moving average of $9.97.

Comstock Resources (NYSE:CRK - Get Free Report) last posted its quarterly earnings results on Tuesday, July 30th. The oil and gas producer reported ($0.20) earnings per share for the quarter, missing analysts' consensus estimates of ($0.16) by ($0.04). The firm had revenue of $246.80 million for the quarter, compared to analysts' expectations of $296.02 million. Comstock Resources had a negative return on equity of 1.38% and a negative net margin of 1.48%. The firm's revenue was down 14.4% on a year-over-year basis. As a group, research analysts predict that Comstock Resources, Inc. will post -0.33 earnings per share for the current year.

Insider Activity

In other news, major shareholder Star Exploration Corp Blue acquired 825,868 shares of the firm's stock in a transaction on Wednesday, August 7th. The shares were purchased at an average cost of $8.82 per share, with a total value of $7,284,155.76. Following the completion of the purchase, the insider now owns 197,298,165 shares of the company's stock, valued at $1,740,169,815.30. The acquisition was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In other news, major shareholder Star Exploration Corp Blue acquired 825,868 shares of the company's stock in a transaction on Wednesday, August 7th. The stock was purchased at an average cost of $8.82 per share, with a total value of $7,284,155.76. Following the acquisition, the insider now owns 197,298,165 shares of the company's stock, valued at approximately $1,740,169,815.30. The acquisition was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, major shareholder Drilling L.P. Arkoma purchased 573,453 shares of the stock in a transaction dated Friday, August 16th. The shares were acquired at an average price of $10.64 per share, with a total value of $6,101,539.92. Following the transaction, the insider now owns 203,450,946 shares in the company, valued at $2,164,718,065.44. The disclosure for this purchase can be found here. In the last 90 days, insiders acquired 6,712,733 shares of company stock worth $67,816,851. 1.50% of the stock is currently owned by corporate insiders.

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.