Earthstone Energy (ESTE) Cut to Hold at Zacks Investment Research

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

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. “

ESTE has been the subject of several other reports. Roth Capital set a $16.00 target price on shares of Earthstone Energy and gave the company a buy rating in a report on Thursday, October 12th. Seaport Global Securities raised shares of Earthstone Energy from a neutral rating to a buy rating and set a $11.00 price target on the stock in a research note on Tuesday, December 5th. BidaskClub raised shares of Earthstone Energy from a hold rating to a buy rating in a research note on Tuesday, September 26th. Robert W. Baird set a $14.00 price target on shares of Earthstone Energy and gave the stock a buy rating in a research note on Friday, October 20th. Finally, Northland Securities set a $14.00 price target on shares of Earthstone Energy and gave the stock a buy rating in a research note on Monday, December 11th. Three equities research analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. The stock currently has an average rating of Buy and a consensus target price of $14.55.

Earthstone Energy (ESTE) traded down $0.28 during trading hours on Tuesday, reaching $11.12. 128,100 shares of the company’s stock traded hands, compared to its average volume of 188,617. The company has a debt-to-equity ratio of 0.11, a current ratio of 0.59 and a quick ratio of 0.59. Earthstone Energy has a 52-week low of $7.85 and a 52-week high of $15.50. The stock has a market cap of $706.78, a P/E ratio of -5.22 and a beta of 1.42.

Several institutional investors and hedge funds have recently added to or reduced their stakes in ESTE. Wells Fargo & Company MN boosted its position in shares of Earthstone Energy by 126,489.0% in the second quarter. Wells Fargo & Company MN now owns 854,476 shares of the oil and gas producer’s stock worth $8,553,000 after acquiring an additional 853,801 shares during the last quarter. Vanguard Group Inc. boosted its position in shares of Earthstone Energy by 84.9% in the second quarter. Vanguard Group Inc. now owns 520,807 shares of the oil and gas producer’s stock worth $5,214,000 after acquiring an additional 239,193 shares during the last quarter. Columbia Pacific Advisors LLC acquired a new stake in shares of Earthstone Energy in the second quarter worth approximately $1,337,000. Ameriprise Financial Inc. boosted its position in shares of Earthstone Energy by 32.2% in the second quarter. Ameriprise Financial Inc. now owns 388,040 shares of the oil and gas producer’s stock worth $3,884,000 after acquiring an additional 94,469 shares during the last quarter. Finally, Northern Trust Corp boosted its position in shares of Earthstone Energy by 232.1% in the second quarter. Northern Trust Corp now owns 109,208 shares of the oil and gas producer’s stock worth $1,093,000 after acquiring an additional 76,326 shares during the last quarter. 13.41% of the stock is currently owned by institutional investors and hedge funds.

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Earthstone Energy Company Profile

Earthstone Energy, Inc is an independent oil and natural gas development and production company. The Company is also engaged in corporate mergers and the acquisition of oil and natural gas properties that have production and future development opportunities. Its operations are all in the upstream segment of the oil and natural gas industry and all its properties are onshore in the United States.

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