Earthstone Energy (NYSE:ESTE – Free Report) had its target price boosted by Mizuho from $22.00 to $23.00 in a report issued on Monday morning, MarketBeat Ratings reports. They currently have a neutral rating on the oil and gas producer’s stock.
Several other research analysts have also issued reports on ESTE. Royal Bank of Canada cut their target price on shares of Earthstone Energy from $20.00 to $18.00 in a research report on Monday, July 17th. Truist Financial cut their target price on shares of Earthstone Energy from $31.00 to $24.00 in a research report on Monday, July 24th. Stephens reiterated an overweight rating and issued a $21.00 target price on shares of Earthstone Energy in a research report on Wednesday, July 19th. Benchmark upped their target price on shares of Earthstone Energy from $23.00 to $29.00 in a research report on Friday, June 16th. Finally, Capital One Financial lowered shares of Earthstone Energy from an overweight rating to an equal weight rating and set a $20.00 target price for the company. in a research report on Tuesday, September 12th. Three analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of Hold and a consensus target price of $22.50.
Earthstone Energy Stock Down 1.3 %
Earthstone Energy (NYSE:ESTE – Get Free Report) last released its quarterly earnings results on Wednesday, August 2nd. The oil and gas producer reported $0.53 EPS for the quarter, missing analysts’ consensus estimates of $0.54 by ($0.01). The firm had revenue of $370.01 million for the quarter, compared to analysts’ expectations of $350.15 million. Earthstone Energy had a net margin of 25.40% and a return on equity of 22.08%. The firm’s revenue for the quarter was down 21.7% on a year-over-year basis. During the same quarter last year, the firm earned $1.29 earnings per share. Equities research analysts expect that Earthstone Energy will post 3.29 earnings per share for the current fiscal year.
Insider Buying and Selling at Earthstone Energy
In other Earthstone Energy news, major shareholder Warburg Pincus Partners Ii (Us sold 5,000,000 shares of the company’s stock in a transaction dated Tuesday, August 1st. The shares were sold at an average price of $14.52, for a total transaction of $72,600,000.00. Following the completion of the sale, the insider now directly owns 7,868,234 shares in the company, valued at $114,246,757.68. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Company insiders own 3.30% of the company’s stock.
Hedge Funds Weigh In On Earthstone Energy
Several hedge funds and other institutional investors have recently modified their holdings of the company. State Street Corp raised its stake in shares of Earthstone Energy by 57.7% during the third quarter. State Street Corp now owns 4,647,878 shares of the oil and gas producer’s stock valued at $57,262,000 after acquiring an additional 1,700,249 shares during the last quarter. BlackRock Inc. raised its stake in shares of Earthstone Energy by 24.2% during the second quarter. BlackRock Inc. now owns 3,719,537 shares of the oil and gas producer’s stock valued at $53,152,000 after acquiring an additional 724,110 shares during the last quarter. Ranger Investment Management L.P. raised its stake in shares of Earthstone Energy by 3.2% during the second quarter. Ranger Investment Management L.P. now owns 3,544,981 shares of the oil and gas producer’s stock valued at $50,658,000 after acquiring an additional 108,450 shares during the last quarter. Ontario Teachers Pension Plan Board bought a new position in shares of Earthstone Energy during the first quarter valued at about $43,570,000. Finally, Macquarie Group Ltd. raised its stake in shares of Earthstone Energy by 7.7% during the first quarter. Macquarie Group Ltd. now owns 2,893,517 shares of the oil and gas producer’s stock valued at $37,645,000 after acquiring an additional 206,062 shares during the last quarter. 69.94% of the stock is owned by institutional investors.
About Earthstone Energy
Earthstone Energy, Inc, operates as an independent oil and gas company in the United States. It engages in the acquisition and development of oil and gas reserves through drilling and development of undeveloped leases, as well as asset and corporate acquisitions and mergers. The company's asset portfolio includes the Midland Basin in West Texas, Delaware Basin in New Mexico, and the Eagle Ford trend located in southern Gonzales County, Texas.
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