Zacks Investment Research cut shares of Earthstone Energy (NYSE:ESTE) from a strong-buy rating to a hold rating in a report issued on Thursday morning, Zacks.com reports.
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. “
A number of other research analysts have also weighed in on the stock. Wells Fargo & Co raised their price objective on shares of Earthstone Energy from $7.00 to $8.00 and gave the company an equal weight rating in a research note on Thursday, January 9th. Northland Securities reissued a buy rating and set a $6.00 target price on shares of Earthstone Energy in a research report on Thursday, November 7th. Seaport Global Securities lowered shares of Earthstone Energy from a buy rating to a neutral rating in a report on Thursday, October 10th. 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. Finally, ValuEngine upgraded Earthstone Energy from a strong sell rating to a sell rating in a research note on Friday, January 10th. One research analyst has rated the stock with a sell rating, three have issued a hold rating and five have assigned a buy rating to the company. The stock presently has a consensus rating of Hold and an average target price of $8.56.
Earthstone Energy stock traded down $0.15 during mid-day trading on Thursday, reaching $4.75. The stock had a trading volume of 140,100 shares, compared to its average volume of 261,719. The company has a debt-to-equity ratio of 0.15, a quick ratio of 0.48 and a current ratio of 0.48. Earthstone Energy has a fifty-two week low of $3.00 and a fifty-two week high of $7.94. The stock’s 50-day simple moving average is $5.92 and its 200-day simple moving average is $4.62. The firm has a market capitalization of $311.23 million, a PE ratio of 3.47 and a beta of 2.16.
Earthstone Energy (NYSE:ESTE) last issued its earnings results on Wednesday, November 6th. The oil and gas producer reported $0.18 earnings per share for the quarter, topping analysts’ consensus estimates of $0.13 by $0.05. Earthstone Energy had a return on equity of 6.23% and a net margin of 23.82%. The company had revenue of $39.20 million for the quarter, compared to analyst estimates of $39.38 million. On average, research analysts forecast that Earthstone Energy will post 0.83 earnings per share for the current fiscal year.
In other news, EVP Tony Oviedo sold 12,000 shares of the stock in a transaction that occurred on Tuesday, January 7th. The shares were sold at an average price of $6.98, for a total transaction of $83,760.00. Following the completion of the transaction, the executive vice president now directly owns 93,146 shares of the company’s stock, valued at approximately $650,159.08. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 63.04% of the stock is currently owned by corporate insiders.
Several institutional investors have recently bought and sold shares of ESTE. JPMorgan Chase & Co. boosted its position in shares of Earthstone Energy by 516.8% in the second quarter. JPMorgan Chase & Co. now owns 28,409 shares of the oil and gas producer’s stock valued at $173,000 after acquiring an additional 23,803 shares during the period. Bank of Montreal Can grew its position in Earthstone Energy by 168.4% during the 2nd quarter. Bank of Montreal Can now owns 4,091 shares of the oil and gas producer’s stock worth $25,000 after acquiring an additional 2,567 shares during the last quarter. Charles Schwab Investment Management Inc. increased its stake in shares of Earthstone Energy by 9.9% in the second quarter. Charles Schwab Investment Management Inc. now owns 47,590 shares of the oil and gas producer’s stock worth $292,000 after buying an additional 4,287 shares during the period. Northern Trust Corp increased its position in shares of Earthstone Energy by 2.1% in the second quarter. Northern Trust Corp now owns 254,753 shares of the oil and gas producer’s stock valued at $1,559,000 after acquiring an additional 5,258 shares during the period. Finally, Parametric Portfolio Associates LLC increased its holdings in Earthstone Energy by 32.9% during the 2nd quarter. Parametric Portfolio Associates LLC now owns 97,636 shares of the oil and gas producer’s stock valued at $598,000 after purchasing an additional 24,169 shares during the period. 21.54% of the stock is owned by hedge funds and other institutional investors.
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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