Earthstone Energy (NYSE:ESTE) Cut to “Market Perform” at Wells Fargo & Co

Wells Fargo & Co cut shares of Earthstone Energy (NYSE:ESTE) from an outperform rating to a market perform rating in a report released on Monday morning, BenzingaRatingsTable reports. They currently have $8.00 target price on the oil and gas producer’s stock.

Several other brokerages have also issued reports on ESTE. Northland Securities reiterated a buy rating and issued a $12.00 price target on shares of Medallion Financial in a research note on Tuesday, May 7th. Zacks Investment Research lowered Forward Air from a hold rating to a sell rating in a research note on Monday, June 17th. Stephens set a $37.00 price target on Talos Energy and gave the company a buy rating in a research note on Wednesday, May 22nd. Seaport Global Securities reiterated a buy rating on shares of W&T Offshore in a research note on Friday, June 21st. Finally, ValuEngine lowered Acceleron Pharma from a strong-buy rating to a buy rating in a research note on Thursday, April 18th. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and seven have issued a buy rating to the company’s stock. The company presently has a consensus rating of Buy and an average target price of $9.89.

Shares of NYSE ESTE opened at $6.25 on Monday. The firm has a market cap of $417.74 million, a PE ratio of 6.45 and a beta of 1.83. The company has a debt-to-equity ratio of 0.15, a current ratio of 0.63 and a quick ratio of 0.63. The firm has a fifty day moving average of $5.95. Earthstone Energy has a fifty-two week low of $4.21 and a fifty-two week high of $10.86.



Earthstone Energy (NYSE:ESTE) last issued its quarterly earnings results on Monday, May 6th. The oil and gas producer reported $0.72 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.14 by $0.58. Earthstone Energy had a return on equity of 3.75% and a net margin of 11.99%. The company had revenue of $40.73 million for the quarter, compared to analyst estimates of $40.82 million. As a group, equities research analysts expect that Earthstone Energy will post 0.94 earnings per share for the current fiscal year.

In related news, EVP Tony Oviedo sold 12,000 shares of the business’s stock in a transaction on Tuesday, July 2nd. The stock was sold at an average price of $6.38, for a total transaction of $76,560.00. Following the sale, the executive vice president now owns 112,530 shares in the company, valued at approximately $717,941.40. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 63.04% of the company’s stock.

Hedge funds have recently modified their holdings of the stock. Globeflex Capital L P grew its position in Earthstone Energy by 22.8% during the 1st quarter. Globeflex Capital L P now owns 42,769 shares of the oil and gas producer’s stock worth $303,000 after acquiring an additional 7,951 shares during the last quarter. D. E. Shaw & Co. Inc. bought a new stake in Earthstone Energy during the 4th quarter worth $311,000. Dimensional Fund Advisors LP grew its position in shares of Earthstone Energy by 18.2% in the 4th quarter. Dimensional Fund Advisors LP now owns 942,735 shares of the oil and gas producer’s stock valued at $4,261,000 after buying an additional 145,342 shares during the last quarter. Two Sigma Advisers LP bought a new stake in shares of Earthstone Energy in the 4th quarter valued at about $69,000. Finally, Two Sigma Investments LP bought a new stake in shares of Earthstone Energy in the 4th quarter valued at about $114,000. Institutional investors and hedge funds own 21.38% of the company’s stock.

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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