Imperial Capital Boosts Earthstone Energy (NYSE:ESTE) Price Target to $6.00

Earthstone Energy (NYSE:ESTE) had its price target boosted by analysts at Imperial Capital from $5.00 to $6.00 in a research report issued to clients and investors on Friday, Stock Target Advisor reports. The firm currently has an “outperform” rating on the oil and gas producer’s stock. Imperial Capital’s price objective would indicate a potential upside of 6.19% from the company’s current price. Imperial Capital also issued estimates for Earthstone Energy’s Q4 2019 earnings at $0.16 EPS, Q1 2020 earnings at $0.19 EPS, Q2 2020 earnings at $0.20 EPS, Q3 2020 earnings at $0.21 EPS and Q4 2020 earnings at $0.23 EPS.

Other analysts have also issued research reports about the stock. Seaport Global Securities lowered shares of Earthstone Energy from a “buy” rating to a “neutral” rating in a research report on Thursday, October 10th. Northland Securities restated a “buy” rating and set a $6.00 price target on shares of Earthstone Energy in a research report on Thursday. ValuEngine lowered shares of Earthstone Energy from a “sell” rating to a “strong sell” rating in a research report on Friday. Wells Fargo & Co restated a “hold” rating on shares of Earthstone Energy in a research report on Tuesday, August 13th. Finally, SunTrust Banks dropped their price target on shares of Earthstone Energy from $8.00 to $7.00 and set a “buy” rating on the stock in a research report on Wednesday, October 16th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and six have assigned a buy rating to the company. Earthstone Energy has a consensus rating of “Buy” and a consensus price target of $8.03.

ESTE stock traded up $0.20 during midday trading on Friday, hitting $5.65. 227,918 shares of the stock traded hands, compared to its average volume of 170,264. The firm has a market cap of $309.99 million, a P/E ratio of 3.92 and a beta of 1.92. The company has a debt-to-equity ratio of 0.14, a current ratio of 0.55 and a quick ratio of 0.55. The stock’s fifty day simple moving average is $3.81 and its 200-day simple moving average is $4.92. Earthstone Energy has a 1-year low of $3.00 and a 1-year high of $8.12.

Earthstone Energy (NYSE:ESTE) last released its quarterly earnings results on Wednesday, November 6th. The oil and gas producer reported $0.18 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.13 by $0.05. The company had revenue of $39.20 million for the quarter, compared to analyst estimates of $39.38 million. Earthstone Energy had a net margin of 16.18% and a return on equity of 5.47%. On average, research analysts predict that Earthstone Energy will post 0.95 earnings per share for the current year.

In related news, President Robert John Anderson bought 10,000 shares of the company’s stock in a transaction dated Tuesday, August 27th. The shares were acquired at an average price of $3.20 per share, for a total transaction of $32,000.00. Following the completion of the transaction, the president now directly owns 305,700 shares in the company, valued at $978,240. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 63.04% of the stock is owned by company insiders.

Several hedge funds and other institutional investors have recently made changes to their positions in ESTE. BlackRock Inc. grew its position in shares of Earthstone Energy by 18.4% in the second quarter. BlackRock Inc. now owns 1,180,331 shares of the oil and gas producer’s stock valued at $7,224,000 after purchasing an additional 183,419 shares during the period. Strs Ohio grew its position in shares of Earthstone Energy by 296.5% in the second quarter. Strs Ohio now owns 78,900 shares of the oil and gas producer’s stock valued at $482,000 after purchasing an additional 59,000 shares during the period. Municipal Employees Retirement System of Michigan acquired a new stake in shares of Earthstone Energy in the second quarter valued at about $348,000. Victory Capital Management Inc. grew its position in shares of Earthstone Energy by 14.0% in the second quarter. Victory Capital Management Inc. now owns 250,098 shares of the oil and gas producer’s stock valued at $1,531,000 after purchasing an additional 30,683 shares during the period. Finally, D. E. Shaw & Co. Inc. grew its position in shares of Earthstone Energy by 105.8% in the second quarter. D. E. Shaw & Co. Inc. now owns 48,274 shares of the oil and gas producer’s stock valued at $295,000 after purchasing an additional 24,813 shares during the period. Institutional investors and hedge funds own 21.32% 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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