Zacks Investment Research Lowers Earthstone Energy (NYSE:ESTE) to Hold

Earthstone Energy (NYSE:ESTE) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a note issued to investors on Tuesday, January 9th.

According to Zacks, “Earthstone Energy, Inc., formerly known as Basic Earth Science Systems, Inc., is an independent oil and gas exploration and production company. Its primary focus is in the Montana and North Dakota portions of the Williston basin. The Company is based in Denver, Colorado. “

ESTE has been the topic of several other research reports. Roth Capital set a $16.00 price target on Earthstone Energy and gave the company a “buy” rating in a report on Thursday, October 12th. Seaport Global Securities upgraded Earthstone Energy from a “neutral” rating to a “buy” rating and set a $11.00 price target on the stock in a report on Tuesday, December 5th. BidaskClub upgraded Earthstone Energy from a “hold” rating to a “buy” rating in a report on Tuesday, September 26th. Robert W. Baird set a $14.00 price target on Earthstone Energy and gave the company a “buy” rating in a report on Friday, October 20th. Finally, Northland Securities set a $14.00 target price on Earthstone Energy and gave the stock a “buy” rating in a report on Monday, December 11th. Three analysts have rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. Earthstone Energy currently has a consensus rating of “Buy” and a consensus price target of $14.10.

Shares of Earthstone Energy (NYSE:ESTE) opened at $10.08 on Tuesday. The company has a debt-to-equity ratio of 0.11, a quick ratio of 0.59 and a current ratio of 0.59. The company has a market capitalization of $630.49, a price-to-earnings ratio of -4.73 and a beta of 1.38. Earthstone Energy has a 1-year low of $7.85 and a 1-year high of $15.50.

Earthstone Energy (NYSE:ESTE) last posted its quarterly earnings results on Thursday, November 2nd. The oil and gas producer reported $0.07 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.02 by $0.05. Earthstone Energy had a return on equity of 2.66% and a net margin of 12.81%. research analysts expect that Earthstone Energy will post -0.61 EPS for the current fiscal year.

Institutional investors and hedge funds have recently modified their holdings of the business. Citadel Advisors LLC bought a new position in Earthstone Energy during the second quarter worth about $105,000. New York State Common Retirement Fund boosted its holdings in Earthstone Energy by 849.2% during the second quarter. New York State Common Retirement Fund now owns 11,400 shares of the oil and gas producer’s stock worth $114,000 after buying an additional 10,199 shares during the last quarter. Virtu KCG Holdings LLC bought a new position in Earthstone Energy during the second quarter worth about $120,000. Brandywine Global Investment Management LLC bought a new position in Earthstone Energy during the second quarter worth about $122,000. Finally, Rhumbline Advisers bought a new position in Earthstone Energy during the third quarter worth about $135,000. Hedge funds and other institutional investors own 13.84% of the company’s stock.

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About Earthstone Energy

Earthstone Energy, Inc is an independent oil and natural gas development and production company. The Company is also engaged in corporate mergers and the acquisition of oil and natural gas properties that have production and future development opportunities. Its operations are all in the upstream segment of the oil and natural gas industry and all its properties are onshore in the United States.

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