Comstock Resources (CRK) Declares $0.12 Dividend

Comstock Resources said on May 1, 2023 that its board of directors declared a regular quarterly dividend of $0.12 per share ($0.50 annualized). Previously, the company paid $0.12 per share.

Shares must be purchased before the ex-div date of May 31, 2023 to qualify for the dividend. Shareholders of record as of June 1, 2023 will receive the payment on June 15, 2023.

At the current share price of $9.79 / share, the stock's dividend yield is 5.11%.

Looking back five years and taking a sample every week, the average dividend yield has been 6.88%, the lowest has been 2.38%, and the highest has been 12.02%. The standard deviation of yields is 2.48 (n=236).

The current dividend yield is 0.71 standard deviations below the historical average.

Additionally, the company's dividend payout ratio is 0.10. The payout ratio tells us how much of a company's income is paid out in dividends. A payout ratio of one (1.0) means 100% of the company's income is paid in a dividend. A payout ratio greater than one means the company is dipping into savings in order to maintain its dividend - not a healthy situation. Companies with few growth prospects are expected to pay out most of their income in dividends, which typically means a payout ratio between 0.5 and 1.0. Companies with good growth prospects are expected to retain some earnings in order to invest in those growth prospects, which translates to a payout ratio of zero to 0.5.

The company has not increased its dividend in the last three years.

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What is the Fund Sentiment?

There are 532 funds or institutions reporting positions in Comstock Resources. This is an increase of 40 owner(s) or 8.13% in the last quarter. Average portfolio weight of all funds dedicated to CRK is 0.15%, a decrease of 16.45%. Total shares owned by institutions increased in the last three months by 8.85% to 100,326K shares. The put/call ratio of CRK is 0.54, indicating a bullish outlook.

Analyst Price Forecast Suggests 51.55% Upside

As of April 24, 2023, the average one-year price target for Comstock Resources is 14.84. The forecasts range from a low of 9.09 to a high of $23.10. The average price target represents an increase of 51.55% from its latest reported closing price of 9.79.

See our leaderboard of companies with the largest price target upside.

The projected annual revenue for Comstock Resources is 3,102MM, a decrease of 13.66%. The projected annual non-GAAP EPS is 4.83.

What are Other Shareholders Doing?

XOP - SPDR(R) S&P(R) Oil & Gas Exploration & Production ETF holds 6,962K shares representing 2.51% ownership of the company. In it's prior filing, the firm reported owning 4,784K shares, representing an increase of 31.29%. The firm decreased its portfolio allocation in CRK by 5.58% over the last quarter.

D. E. Shaw holds 4,848K shares representing 1.75% ownership of the company. In it's prior filing, the firm reported owning 4,796K shares, representing an increase of 1.07%. The firm decreased its portfolio allocation in CRK by 43.46% over the last quarter.

Key Group Holdings holds 4,620K shares representing 1.66% ownership of the company. In it's prior filing, the firm reported owning 3,747K shares, representing an increase of 18.89%. The firm decreased its portfolio allocation in CRK by 4.77% over the last quarter.

Pacer Advisors holds 3,640K shares representing 1.31% ownership of the company.

Bank of New York Mellon holds 3,293K shares representing 1.19% ownership of the company. In it's prior filing, the firm reported owning 2,438K shares, representing an increase of 25.96%. The firm increased its portfolio allocation in CRK by 0.75% over the last quarter.

Comstock Resources Background Information
(This description is provided by the company.)

Comstock Resources is a leading independent natural gas producer with operations focused on the development of the Haynesville Shale in North Louisiana and East Texas.

This story originally appeared on Fintel.