MetLife Investment Management LLC Acquires 1,531 Shares of Comstock Resources, Inc. (NYSE:CRK)

Posted by Defense World Staff on Mar 2nd, 2023

MetLife Investment Management LLC raised its holdings in shares of Comstock Resources, Inc. (NYSE:CRK – Get Rating) by 3.3% in the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 47,805 shares of the oil and gas producer’s stock after acquiring an additional 1,531 shares during the quarter. MetLife Investment Management LLC’s holdings in Comstock Resources were worth $827,000 at the end of the most recent reporting period.

Several other hedge funds also recently made changes to their positions in the business. State Street Corp grew its stake in shares of Comstock Resources by 10.8% during the 1st quarter. State Street Corp now owns 8,728,560 shares of the oil and gas producer’s stock worth $113,908,000 after acquiring an additional 849,275 shares in the last quarter. Vanguard Group Inc. grew its stake in shares of Comstock Resources by 19.0% during the 1st quarter. Vanguard Group Inc. now owns 7,227,385 shares of the oil and gas producer’s stock worth $94,318,000 after acquiring an additional 1,152,570 shares in the last quarter. BlackRock Inc. grew its stake in shares of Comstock Resources by 12.5% during the 1st quarter. BlackRock Inc. now owns 7,076,353 shares of the oil and gas producer’s stock worth $92,347,000 after acquiring an additional 786,726 shares in the last quarter. Dimensional Fund Advisors LP grew its stake in shares of Comstock Resources by 3.2% during the 3rd quarter. Dimensional Fund Advisors LP now owns 5,796,717 shares of the oil and gas producer’s stock worth $100,217,000 after acquiring an additional 182,342 shares in the last quarter. Finally, Northern Trust Corp grew its stake in shares of Comstock Resources by 1.5% during the 2nd quarter. Northern Trust Corp now owns 1,236,583 shares of the oil and gas producer’s stock worth $14,938,000 after acquiring an additional 17,782 shares in the last quarter. 35.22% of the stock is owned by institutional investors.

Insider Activity

In related news, Director Jim L. Turner acquired 15,000 shares of the business’s stock in a transaction that occurred on Thursday, December 22nd. The shares were bought at an average cost of $13.91 per share, with a total value of $208,650.00. Following the completion of the purchase, the director now directly owns 280,805 shares in the company, valued at $3,905,997.55. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, Director Jim L. Turner acquired 15,000 shares of the business’s stock in a transaction that occurred on Thursday, December 22nd. The shares were bought at an average cost of $13.91 per share, with a total value of $208,650.00. Following the completion of the purchase, the director now directly owns 280,805 shares in the company, valued at $3,905,997.55. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Morris E. Foster acquired 14,025 shares of the business’s stock in a transaction that occurred on Friday, December 9th. The stock was bought at an average cost of $14.33 per share, for a total transaction of $200,978.25. Following the completion of the purchase, the director now owns 176,109 shares of the company’s stock, valued at $2,523,641.97. The disclosure for this purchase can be found here. Insiders own 1.20% of the company’s stock.

Comstock Resources Stock Performance

Comstock Resources stock opened at $12.46 on Thursday. Comstock Resources, Inc. has a 12-month low of $8.20 and a 12-month high of $22.11. The company has a quick ratio of 0.85, a current ratio of 0.85 and a debt-to-equity ratio of 0.94. The business’s 50-day moving average price is $12.68 and its two-hundred day moving average price is $16.07. The stock has a market cap of $3.46 billion, a PE ratio of 3.11 and a beta of 1.28.

Comstock Resources (NYSE:CRK – Get Rating) last announced its quarterly earnings results on Wednesday, February 15th. The oil and gas producer reported $1.05 EPS for the quarter, beating analysts’ consensus estimates of $0.84 by $0.21. Comstock Resources had a return on equity of 68.19% and a net margin of 31.84%. The firm had revenue of $922.40 million for the quarter, compared to analyst estimates of $665.87 million. During the same period last year, the firm posted $0.37 earnings per share. The business’s revenue for the quarter was up 40.7% on a year-over-year basis. As a group, analysts expect that Comstock Resources, Inc. will post 2.67 earnings per share for the current fiscal year.

Comstock Resources Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, March 15th. Stockholders of record on Wednesday, March 1st will be paid a dividend of $0.125 per share. This represents a $0.50 dividend on an annualized basis and a dividend yield of 4.01%. The ex-dividend date of this dividend is Tuesday, February 28th. Comstock Resources’s payout ratio is 12.47%.

Analyst Ratings Changes

CRK has been the subject of several recent analyst reports. Citigroup downgraded Comstock Resources from a “buy” rating to a “sell” rating and cut their price objective for the company from $24.00 to $14.00 in a report on Wednesday, December 7th. Stifel Nicolaus cut their price objective on Comstock Resources from $25.00 to $21.00 and set a “buy” rating for the company in a report on Monday, January 30th. The Goldman Sachs Group cut their price objective on Comstock Resources from $14.00 to $12.00 and set a “sell” rating for the company in a report on Wednesday, January 25th. Truist Financial cut their price objective on Comstock Resources from $16.00 to $11.00 and set a “hold” rating for the company in a report on Thursday, February 2nd. Finally, Tudor Pickering started coverage on Comstock Resources in a report on Wednesday, November 16th. They set a “hold” rating for the company. Two investment analysts have rated the stock with a sell rating, nine have given a hold rating and two have assigned a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $15.17.

Comstock Resources Company Profile

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Comstock Resources, Inc engages in the acquisition, development, and exploration of oil and natural gas. The firm operations concentrated in the Haynesville shale, a premier natural gas basin located in East Texas. The company was founded in 1919 and is headquartered in Frisco, TX.