Earthstone Energy (NYSE:ESTE) Shares Up 7.8%

Earthstone Energy Inc (NYSE:ESTE)’s stock price shot up 7.8% during mid-day trading on Thursday . The stock traded as high as $6.20 and last traded at $6.09. 120,885 shares were traded during mid-day trading, a decline of 14% from the average session volume of 141,101 shares. The stock had previously closed at $5.65.

ESTE has been the topic of several research analyst reports. Seaport Global Securities reissued a “buy” rating on shares of Earthstone Energy in a report on Friday, June 21st. Zacks Investment Research raised shares of Earthstone Energy from a “hold” rating to a “buy” rating and set a $6.25 price target on the stock in a report on Monday, June 17th. Stephens set a $9.00 price target on shares of Earthstone Energy and gave the company a “buy” rating in a report on Wednesday, May 22nd. ValuEngine cut shares of Earthstone Energy from a “sell” rating to a “strong sell” rating in a report on Thursday, April 18th. Finally, Northland Securities reissued a “buy” rating and issued a $11.00 price target on shares of Earthstone Energy in a report on Tuesday, April 9th. One analyst has rated the stock with a sell rating and eight have assigned a buy rating to the company. The company currently has an average rating of “Buy” and a consensus target price of $10.21.

The company has a fifty day moving average of $6.17. The firm has a market capitalization of $392.72 million, a P/E ratio of 4.25 and a beta of 1.84. The company has a quick ratio of 0.63, a current ratio of 0.63 and a debt-to-equity ratio of 0.15.

Earthstone Energy (NYSE:ESTE) last announced its earnings results on Monday, May 6th. The oil and gas producer reported $0.72 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.14 by $0.58. Earthstone Energy had a net margin of 11.99% and a return on equity of 3.75%. The company had revenue of $40.73 million for the quarter, compared to analysts’ expectations of $40.82 million. On average, analysts expect that Earthstone Energy Inc will post 0.92 EPS for the current year.

Several institutional investors and hedge funds have recently made changes to their positions in ESTE. Dimensional Fund Advisors LP increased its holdings in shares of Earthstone Energy by 18.2% during 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 purchasing an additional 145,342 shares during the period. D. E. Shaw & Co. Inc. bought a new position in Earthstone Energy in the fourth quarter valued at approximately $311,000. Deutsche Bank AG increased its stake in Earthstone Energy by 143.7% in the fourth quarter. Deutsche Bank AG now owns 97,897 shares of the oil and gas producer’s stock valued at $441,000 after acquiring an additional 57,726 shares during the last quarter. Bank of New York Mellon Corp increased its stake in 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 valued at $568,000 after acquiring an additional 57,063 shares during the last quarter. Finally, Geode Capital Management LLC increased its stake in 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 valued at $1,100,000 after acquiring an additional 36,482 shares during the last quarter. 21.38% of the stock is currently owned by institutional investors.

Earthstone Energy Company Profile (NYSE:ESTE)

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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