Earthstone Energy’s (ESTE) Buy Rating Reaffirmed at Royal Bank of Canada

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Royal Bank of Canada reiterated their buy rating on shares of Earthstone Energy (NYSE:ESTE) in a research note issued to investors on Sunday, AnalystRatings.com reports. The brokerage currently has a $10.00 price target on the oil and gas producer’s stock.

A number of other equities research analysts have also recently commented on the stock. Zacks Investment Research cut shares of Earthstone Energy from a buy rating to a hold rating in a research report 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 report on Wednesday, May 22nd. ValuEngine cut shares of Earthstone Energy from a sell rating to a strong sell rating in a research report on Thursday, April 18th. Seaport Global Securities reissued a buy rating on shares of Earthstone Energy in a research report on Friday, June 21st. Finally, Northland Securities reissued a buy rating and set a $11.00 target price on shares of Earthstone Energy in a research report on Tuesday, May 7th. One research analyst has rated the stock with a sell rating, two have given a hold rating and seven have issued a buy rating to the stock. The stock presently has an average rating of Buy and a consensus target price of $9.91.

NYSE:ESTE opened at $3.74 on Friday. Earthstone Energy has a 52 week low of $3.43 and a 52 week high of $10.19. The company’s 50 day moving average price is $5.12. 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 has a market capitalization of $259.85 million, a PE ratio of 2.60 and a beta of 1.84.

Earthstone Energy (NYSE:ESTE) last posted its earnings results on Tuesday, August 6th. The oil and gas producer reported $0.23 EPS for the quarter, beating the Zacks’ consensus estimate of $0.17 by $0.06. Earthstone Energy had a net margin of 16.18% and a return on equity of 5.47%. The company had revenue of $44.54 million during the quarter, compared to analysts’ expectations of $42.60 million. On average, equities analysts anticipate that Earthstone Energy will post 0.94 earnings per share for the current fiscal year.

In other Earthstone Energy news, EVP Tony Oviedo sold 12,000 shares of the company’s stock in a transaction that occurred 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 63.04% of the company’s stock.

A number of institutional investors have recently modified their holdings of ESTE. BlackRock Inc. raised its position in shares of Earthstone Energy by 3.0% in the fourth quarter. BlackRock Inc. now owns 1,040,466 shares of the oil and gas producer’s stock worth $4,703,000 after buying an additional 29,956 shares in the last quarter. Bank of New York Mellon Corp raised its position in shares of Earthstone Energy by 83.1% in the fourth quarter. Bank of New York Mellon Corp now owns 125,734 shares of the oil and gas producer’s stock worth $568,000 after buying an additional 57,063 shares in the last quarter. Dimensional Fund Advisors LP raised its position in shares of Earthstone Energy by 18.2% in the fourth quarter. Dimensional Fund Advisors LP now owns 942,735 shares of the oil and gas producer’s stock worth $4,261,000 after buying an additional 145,342 shares in the last quarter. Geode Capital Management LLC raised its position in shares of Earthstone Energy by 17.6% in the fourth quarter. Geode Capital Management LLC now owns 243,585 shares of the oil and gas producer’s stock worth $1,100,000 after buying an additional 36,482 shares in the last quarter. Finally, Two Sigma Investments LP purchased a new stake in shares of Earthstone Energy in the fourth quarter worth $114,000. 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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Analyst Recommendations for Earthstone Energy (NYSE:ESTE)

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