Royal Bank of Canada reaffirmed their buy rating on shares of Earthstone Energy (NYSE:ESTE) in a report published on Sunday morning, AnalystRatings.com reports. Royal Bank of Canada currently has a $10.00 price objective on the oil and gas producer’s stock.
ESTE has been the topic of several other research reports. Zacks Investment Research cut shares of Earthstone Energy from a buy rating to a hold rating in a research note on Tuesday, July 23rd. Stephens set a $9.00 target price on shares of Earthstone Energy and gave the company a buy rating in a research note on Wednesday, May 22nd. Northland Securities restated a buy rating and set a $11.00 target price on shares of Earthstone Energy in a research note on Tuesday, May 7th. Wells Fargo & Co cut shares of Earthstone Energy from an outperform rating to a market perform rating and set a $8.00 target price on the stock. in a research note on Monday, July 8th. Finally, ValuEngine cut shares of Earthstone Energy from a sell rating to a strong sell rating in a research note on Thursday, April 18th. One research analyst has rated the stock with a sell rating, two have issued a hold rating and seven have given a buy rating to the stock. The company presently has a consensus rating of Buy and an average price target of $9.91.
Shares of Earthstone Energy stock opened at $3.74 on Friday. The stock’s fifty day simple moving average is $5.12. The stock has a market cap of $259.85 million, a PE ratio of 2.60 and a beta of 1.84. Earthstone Energy has a 1-year low of $3.43 and a 1-year high of $10.19. The company has a quick ratio of 0.55, a current ratio of 0.55 and a debt-to-equity ratio of 0.14.
Earthstone Energy (NYSE:ESTE) last issued its quarterly earnings results on Tuesday, August 6th. The oil and gas producer reported $0.23 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.17 by $0.06. The business had revenue of $44.54 million for the quarter, compared to analysts’ expectations of $42.60 million. Earthstone Energy had a net margin of 16.18% and a return on equity of 5.47%. On average, equities research analysts expect that Earthstone Energy will post 0.94 EPS for the current fiscal year.
In related news, EVP Tony Oviedo sold 12,000 shares of Earthstone Energy stock in a transaction on Tuesday, July 2nd. The shares were sold at an average price of $6.38, for a total transaction of $76,560.00. Following the transaction, the executive vice president now owns 112,530 shares in the company, valued at approximately $717,941.40. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. 63.04% of the stock is currently owned by insiders.
A number of hedge funds have recently made changes to their positions in the business. BlackRock Inc. lifted its stake in Earthstone Energy by 18.4% in the 2nd quarter. BlackRock Inc. now owns 1,180,331 shares of the oil and gas producer’s stock worth $7,224,000 after purchasing an additional 183,419 shares in the last quarter. Parametric Portfolio Associates LLC lifted its stake in Earthstone Energy by 32.9% in the 2nd quarter. Parametric Portfolio Associates LLC now owns 97,636 shares of the oil and gas producer’s stock worth $598,000 after purchasing an additional 24,169 shares in the last quarter. Northern Trust Corp lifted its stake in Earthstone Energy by 2.1% in the 2nd quarter. Northern Trust Corp now owns 254,753 shares of the oil and gas producer’s stock worth $1,559,000 after purchasing an additional 5,258 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its stake in Earthstone Energy by 9.9% in the 2nd quarter. Charles Schwab Investment Management Inc. now owns 47,590 shares of the oil and gas producer’s stock worth $292,000 after purchasing an additional 4,287 shares in the last quarter. Finally, JBF Capital Inc. lifted its stake in Earthstone Energy by 0.3% in the 2nd quarter. JBF Capital Inc. now owns 860,765 shares of the oil and gas producer’s stock worth $5,268,000 after purchasing an additional 2,728 shares in the last quarter. Institutional investors and hedge funds own 21.48% of the company’s stock.
About Earthstone Energy
Earthstone Energy, Inc, an independent energy company, engages in the development and operation of oil and gas properties in the United States. Its asset portfolio includes the Midland Basin of west Texas and the Eagle Ford trend of south Texas. As of December 31, 2018, the company operated 93 gross Eagle Ford wells; and 13 gross Austin Chalk wells, as well as had 98,847 thousand barrels of oil equivalent (MBOE) of total proved reserves comprised 23,646 MBOE of proved developed reserves and 75,201 MBOE of proved undeveloped reserves.
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