Earthstone Energy Inc (NYSE:ESTE) Sees Significant Decline in Short Interest

Earthstone Energy Inc (NYSE:ESTE) was the recipient of a significant decline in short interest in the month of December. As of December 31st, there was short interest totalling 1,390,000 shares, a decline of 6.7% from the December 15th total of 1,490,000 shares. Based on an average daily trading volume, of 193,500 shares, the days-to-cover ratio is presently 7.2 days. Approximately 7.3% of the company’s shares are short sold.

In other Earthstone Energy news, EVP Tony Oviedo sold 12,000 shares of the business’s stock in a transaction that occurred on Tuesday, January 7th. The stock was sold at an average price of $6.98, for a total value of $83,760.00. Following the transaction, the executive vice president now directly owns 93,146 shares of the company’s stock, valued at $650,159.08. The sale was disclosed in a legal filing with the SEC, which is available through this link. 63.04% of the stock is currently owned by insiders.

Several large investors have recently added to or reduced their stakes in the business. BlackRock Inc. grew its position in Earthstone Energy by 18.4% during the 2nd quarter. BlackRock Inc. now owns 1,180,331 shares of the oil and gas producer’s stock worth $7,224,000 after acquiring an additional 183,419 shares during the last quarter. Vanguard Group Inc. lifted its stake in shares of Earthstone Energy by 2.5% in the 2nd quarter. Vanguard Group Inc. now owns 888,271 shares of the oil and gas producer’s stock valued at $5,436,000 after purchasing an additional 21,251 shares during the period. Sanders Morris Harris LLC lifted its stake in shares of Earthstone Energy by 41.3% in the 4th quarter. Sanders Morris Harris LLC now owns 258,353 shares of the oil and gas producer’s stock valued at $1,829,000 after purchasing an additional 75,453 shares during the period. Northern Trust Corp lifted its stake in shares of Earthstone Energy by 2.1% in the 2nd quarter. Northern Trust Corp now owns 254,753 shares of the oil and gas producer’s stock valued at $1,559,000 after purchasing an additional 5,258 shares during the period. Finally, Victory Capital Management Inc. lifted its stake in shares of Earthstone Energy by 14.0% in the 2nd quarter. Victory Capital Management Inc. now owns 250,098 shares of the oil and gas producer’s stock valued at $1,531,000 after purchasing an additional 30,683 shares during the period. 21.42% of the stock is currently owned by hedge funds and other institutional investors.

Shares of NYSE ESTE traded up $0.32 during trading on Thursday, reaching $5.68. 6,120 shares of the stock traded hands, compared to its average volume of 225,213. Earthstone Energy has a 52-week low of $3.00 and a 52-week high of $7.94. The company has a debt-to-equity ratio of 0.15, a current ratio of 0.48 and a quick ratio of 0.48. The company has a 50-day moving average of $5.77 and a 200-day moving average of $4.66. The stock has a market capitalization of $346.10 million, a P/E ratio of 3.99 and a beta of 2.16.

Earthstone Energy (NYSE:ESTE) last issued its quarterly earnings data on Wednesday, November 6th. The oil and gas producer reported $0.18 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.13 by $0.05. The business had revenue of $39.20 million for the quarter, compared to analysts’ expectations of $39.38 million. Earthstone Energy had a return on equity of 6.23% and a net margin of 23.82%. Analysts expect that Earthstone Energy will post 0.83 earnings per share for the current fiscal year.

ESTE has been the subject of several recent research reports. Northland Securities restated a “buy” rating and set a $6.00 price objective on shares of Earthstone Energy in a report on Thursday, November 7th. SunTrust Banks decreased their price objective on Earthstone Energy from $8.00 to $7.00 and set a “buy” rating for the company in a report on Wednesday, October 16th. Wells Fargo & Co boosted their price objective on Earthstone Energy from $7.00 to $8.00 and gave the company an “equal weight” rating in a report on Thursday, January 9th. ValuEngine upgraded Earthstone Energy from a “strong sell” rating to a “sell” rating in a report on Friday, January 10th. Finally, Seaport Global Securities downgraded Earthstone Energy from a “buy” rating to a “neutral” rating in a report on Thursday, October 10th. One research analyst has rated the stock with a sell rating, two have assigned a hold rating, five have issued a buy rating and one has issued a strong buy rating to the company. Earthstone Energy currently has a consensus rating of “Buy” and a consensus price target of $8.56.

Earthstone Energy Company Profile

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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