Earthstone Energy (ESTE) Raised to “Hold” at Zacks Investment Research

Earthstone Energy (NYSE:ESTE) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research report issued on Wednesday.

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. “

Several other brokerages have also recently weighed in on ESTE. Stephens initiated coverage on shares of Earthstone Energy in a research note on Thursday, December 6th. They set an “overweight” rating and a $11.00 price objective on the stock. Northland Securities reaffirmed a “buy” rating and set a $11.00 price objective on shares of Earthstone Energy in a research note on Wednesday, February 27th. Roth Capital decreased their price objective on shares of Earthstone Energy from $15.50 to $12.00 in a research note on Thursday, January 24th. Finally, Imperial Capital reaffirmed an “outperform” rating and set a $8.00 price objective (down from $12.00) on shares of Earthstone Energy in a research note on Thursday, December 27th. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and seven have issued a buy rating to the company’s stock. The company has an average rating of “Buy” and an average target price of $10.58.

NYSE ESTE traded up $0.31 on Wednesday, reaching $7.18. The company’s stock had a trading volume of 90,254 shares, compared to its average volume of 173,011. The stock has a market cap of $440.80 million, a P/E ratio of 5.02, a PEG ratio of 0.35 and a beta of 1.89. Earthstone Energy has a 52 week low of $4.21 and a 52 week high of $11.00. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 0.10.

Hedge funds have recently made changes to their positions in the company. Meeder Asset Management Inc. lifted its position in shares of Earthstone Energy by 141.4% during the fourth quarter. Meeder Asset Management Inc. now owns 8,439 shares of the oil and gas producer’s stock worth $39,000 after purchasing an additional 4,943 shares in the last quarter. Two Sigma Advisers LP acquired a new position in shares of Earthstone Energy during the fourth quarter worth approximately $69,000. Squarepoint Ops LLC lifted its position in shares of Earthstone Energy by 83.0% during the fourth quarter. Squarepoint Ops LLC now owns 22,142 shares of the oil and gas producer’s stock worth $100,000 after purchasing an additional 10,042 shares in the last quarter. Two Sigma Investments LP acquired a new position in shares of Earthstone Energy during the fourth quarter worth approximately $114,000. Finally, Rhumbline Advisers lifted its position in shares of Earthstone Energy by 44.7% during the fourth quarter. Rhumbline Advisers now owns 26,650 shares of the oil and gas producer’s stock worth $120,000 after purchasing an additional 8,232 shares in the last quarter. Institutional investors own 20.00% of the company’s stock.

Earthstone Energy Company Profile

Earthstone Energy, Inc, an oil and natural gas development and production company, operates in the up-stream segment of the oil and natural gas industry 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, 2017, the company operated 91 gross Eagle Ford wells; and 12 gross Austin Chalk wells, as well as had 79,976 thousand barrels of oil equivalent (MBOE) of total proved reserves, 19,961 MBOE of proved developed reserves, and 60,015 MBOE of proved undeveloped reserves.

Further Reading: Net Income

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