Uniting Wealth Partners LLC Makes New Investment in Comstock Resources, Inc. (NYSE:CRK)

Uniting Wealth Partners LLC acquired a new stake in Comstock Resources, Inc. (NYSE:CRK) in the fourth quarter, HoldingsChannel.com reports. The fund acquired 19,500 shares of the oil and gas producer’s stock, valued at approximately $355,000.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Vanguard Group Inc. raised its stake in Comstock Resources by 1.4% in the 4th quarter. Vanguard Group Inc. now owns 9,222,982 shares of the oil and gas producer’s stock valued at $168,043,000 after acquiring an additional 126,380 shares during the period. Charles Schwab Investment Management Inc. increased its holdings in shares of Comstock Resources by 6.5% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,505,808 shares of the oil and gas producer’s stock valued at $27,436,000 after purchasing an additional 91,988 shares during the last quarter. Royce & Associates LP raised its position in shares of Comstock Resources by 13.0% in the fourth quarter. Royce & Associates LP now owns 779,410 shares of the oil and gas producer’s stock valued at $14,201,000 after purchasing an additional 89,630 shares during the period. Raymond James Financial Inc. acquired a new stake in shares of Comstock Resources during the 4th quarter worth about $11,891,000. Finally, Principal Financial Group Inc. boosted its holdings in shares of Comstock Resources by 2.9% during the 4th quarter. Principal Financial Group Inc. now owns 439,470 shares of the oil and gas producer’s stock worth $8,007,000 after buying an additional 12,257 shares during the period. 36.13% of the stock is currently owned by institutional investors.

Comstock Resources Trading Up 5.6 %

Shares of Comstock Resources stock opened at $21.49 on Thursday. The company has a quick ratio of 0.60, a current ratio of 0.46 and a debt-to-equity ratio of 1.27. Comstock Resources, Inc. has a 12-month low of $7.74 and a 12-month high of $22.06. The company has a market capitalization of $6.29 billion, a price-to-earnings ratio of -28.28, a PEG ratio of 1.65 and a beta of 0.55. The firm’s 50-day moving average price is $18.98 and its two-hundred day moving average price is $16.12.

Comstock Resources (NYSE:CRK) last announced its quarterly earnings data on Tuesday, February 18th. The oil and gas producer reported $0.16 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.02 by $0.14. Comstock Resources had a negative net margin of 18.32% and a negative return on equity of 3.10%. The business had revenue of $366.51 million for the quarter, compared to analysts’ expectations of $370.62 million. On average, analysts forecast that Comstock Resources, Inc. will post 0.54 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several research firms have weighed in on CRK. Morgan Stanley reissued a “cautious” rating and issued a $22.00 price target (up from $21.00) on shares of Comstock Resources in a report on Wednesday, March 26th. Piper Sandler increased their target price on Comstock Resources from $5.00 to $6.00 and gave the stock an “underweight” rating in a research note on Wednesday, January 29th. StockNews.com upgraded Comstock Resources to a “sell” rating in a research note on Thursday, March 20th. Mizuho upgraded Comstock Resources from an “underperform” rating to a “neutral” rating and increased their price objective for the stock from $10.00 to $18.00 in a research report on Monday, December 16th. Finally, Citigroup boosted their target price on shares of Comstock Resources from $12.50 to $15.50 and gave the company a “neutral” rating in a research report on Friday, December 6th. Five analysts have rated the stock with a sell rating, seven have issued a hold rating and two have assigned a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Hold” and an average price target of $13.73.

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.