Zacks Investment Research Lowers Earthstone Energy (ESTE) to Hold

Zacks Investment Research cut shares of Earthstone Energy (NYSE:ESTE) from a buy rating to a hold rating in a research note issued to investors on Wednesday morning.

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. “

Other equities analysts have also issued reports about the stock. Roth Capital set a $16.00 price target on shares of Earthstone Energy and gave the stock a buy rating in a report on Thursday, December 27th. ValuEngine raised shares of Earthstone Energy from a strong sell rating to a sell rating in a report on Tuesday, October 9th. Imperial Capital boosted their price target on shares of Earthstone Energy from $10.00 to $11.00 and gave the stock an outperform rating in a report on Tuesday, October 9th. Stephens began coverage on shares of Earthstone Energy in a report on Thursday, December 6th. They issued an overweight rating and a $11.00 price target for the company. Finally, SunTrust Banks set a $14.00 price target on shares of Earthstone Energy and gave the stock a buy rating in a report on Monday, October 22nd. One analyst has rated the stock with a sell rating, one has assigned a hold rating and nine have assigned a buy rating to the stock. Earthstone Energy has an average rating of Buy and a consensus price target of $12.94.

Shares of NYSE:ESTE traded up $0.02 during trading on Wednesday, hitting $6.35. 144,620 shares of the stock traded hands, compared to its average volume of 204,827. The company has a debt-to-equity ratio of 0.05, a current ratio of 0.37 and a quick ratio of 0.37. The firm has a market cap of $403.60 million, a price-to-earnings ratio of 4.44, a price-to-earnings-growth ratio of 0.18 and a beta of 1.69. Earthstone Energy has a 52-week low of $4.21 and a 52-week high of $11.98.

Earthstone Energy (NYSE:ESTE) last posted its earnings results on Wednesday, November 7th. The oil and gas producer reported $0.14 earnings per share for the quarter, meeting the consensus estimate of $0.14. The firm had revenue of $46.08 million during the quarter, compared to analyst estimates of $42.96 million. Earthstone Energy had a net margin of 5.33% and a return on equity of 2.75%. On average, sell-side analysts anticipate that Earthstone Energy will post 0.72 earnings per share for the current fiscal year.

Several institutional investors have recently added to or reduced their stakes in ESTE. Wells Fargo & Company MN grew its holdings in shares of Earthstone Energy by 2.3% during the second quarter. Wells Fargo & Company MN now owns 900,610 shares of the oil and gas producer’s stock worth $7,971,000 after buying an additional 19,869 shares in the last quarter. American Century Companies Inc. purchased a new stake in shares of Earthstone Energy during the second quarter worth $293,000. BlackRock Inc. grew its holdings in shares of Earthstone Energy by 4.6% during the second quarter. BlackRock Inc. now owns 1,039,559 shares of the oil and gas producer’s stock worth $9,200,000 after buying an additional 45,428 shares in the last quarter. Dimensional Fund Advisors LP grew its holdings in shares of Earthstone Energy by 71.4% during the second quarter. Dimensional Fund Advisors LP now owns 610,033 shares of the oil and gas producer’s stock worth $5,398,000 after buying an additional 254,152 shares in the last quarter. Finally, Citadel Advisors LLC purchased a new stake in shares of Earthstone Energy during the second quarter worth $650,000. 20.88% of the stock is owned by institutional investors and hedge funds.

About Earthstone Energy

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.

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