Earthstone Energy (NYSE:ESTE) Stock Rating Upgraded by Zacks Investment Research

Zacks Investment Research upgraded shares of Earthstone Energy (NYSE:ESTEGet Rating) from a hold rating to a buy rating in a research report report published on Tuesday morning, Zacks.com reports. They currently have $16.00 price objective on the oil and gas producer’s stock.

According to Zacks, “Earthstone Energy, Inc. is a growth-oriented independent energy company engaged in developing and operating oil and gas properties. The Company’s primary assets are located in the Midland Basin of west Texas and the Eagle Ford trend of south Texas. “

A number of other equities research analysts have also issued reports on the stock. TheStreet upgraded shares of Earthstone Energy from a c rating to a b rating in a report on Tuesday, April 5th. Truist Financial boosted their price target on shares of Earthstone Energy from $21.00 to $23.00 and gave the company a buy rating in a report on Friday, January 14th. StockNews.com lowered shares of Earthstone Energy from a buy rating to a hold rating in a report on Thursday, April 14th. Wells Fargo & Company boosted their price target on shares of Earthstone Energy from $13.00 to $17.00 and gave the company an underweight rating in a report on Monday, March 14th. Finally, Stephens assumed coverage on shares of Earthstone Energy in a research note on Wednesday, April 13th. They issued an equal weight rating and a $15.00 price objective on the stock. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and five have given a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of Buy and a consensus target price of $20.36.

NYSE ESTE opened at $14.36 on Tuesday. Earthstone Energy has a 12 month low of $6.56 and a 12 month high of $17.19. The company’s 50 day simple moving average is $13.26 and its 200 day simple moving average is $12.14. The company has a debt-to-equity ratio of 0.31, a current ratio of 0.41 and a quick ratio of 0.41. The company has a market capitalization of $1.26 billion, a P/E ratio of 24.76 and a beta of 2.38.

Earthstone Energy (NYSE:ESTEGet Rating) last released its quarterly earnings results on Wednesday, March 9th. The oil and gas producer reported $0.46 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.39 by $0.07. Earthstone Energy had a net margin of 8.46% and a return on equity of 11.26%. The business had revenue of $144.02 million for the quarter, compared to analyst estimates of $108.45 million. During the same quarter in the previous year, the business earned $0.09 earnings per share. On average, analysts anticipate that Earthstone Energy will post 2.8 earnings per share for the current year.

In other Earthstone Energy news, EVP Tony Oviedo sold 50,000 shares of the business’s stock in a transaction that occurred on Tuesday, April 12th. The shares were sold at an average price of $13.71, for a total value of $685,500.00. Following the completion of the sale, the executive vice president now directly owns 180,555 shares of the company’s stock, valued at $2,475,409.05. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Mark Lumpkin, Jr. sold 30,000 shares of the business’s stock in a transaction that occurred on Thursday, April 21st. The stock was sold at an average price of $16.47, for a total transaction of $494,100.00. Following the completion of the sale, the chief financial officer now directly owns 208,253 shares of the company’s stock, valued at $3,429,926.91. The disclosure for this sale can be found here. In the last quarter, insiders sold 147,500 shares of company stock worth $2,031,175. Company insiders own 49.56% of the company’s stock.

Several hedge funds and other institutional investors have recently bought and sold shares of ESTE. Ellevest Inc. boosted its holdings in shares of Earthstone Energy by 130.1% during the 4th quarter. Ellevest Inc. now owns 4,056 shares of the oil and gas producer’s stock worth $44,000 after buying an additional 2,293 shares during the period. Citigroup Inc. boosted its holdings in shares of Earthstone Energy by 329.9% during the 3rd quarter. Citigroup Inc. now owns 4,896 shares of the oil and gas producer’s stock worth $45,000 after buying an additional 3,757 shares during the period. BNP Paribas Arbitrage SA boosted its holdings in shares of Earthstone Energy by 58.6% during the 3rd quarter. BNP Paribas Arbitrage SA now owns 5,746 shares of the oil and gas producer’s stock worth $53,000 after buying an additional 2,124 shares during the period. Metropolitan Life Insurance Co NY bought a new stake in shares of Earthstone Energy during the 4th quarter worth $71,000. Finally, Barclays PLC boosted its holdings in shares of Earthstone Energy by 218.1% during the 3rd quarter. Barclays PLC now owns 9,795 shares of the oil and gas producer’s stock worth $90,000 after buying an additional 6,716 shares during the period. 82.05% of the stock is owned by institutional investors and hedge funds.

Earthstone Energy Company Profile (Get Rating)

Earthstone Energy, Inc, an independent oil and gas company, engages in the acquisition, exploration, development, and production of oil and natural gas properties in the United States. The company's asset portfolio includes the Midland Basin of West Texas, Delaware Basin in New Mexico, and the Eagle Ford trend of south Texas.

Further Reading

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