Zacks Investment Research downgraded shares of Earthstone Energy (NYSE:ESTE) from a buy rating to a hold rating in a research report sent to investors on Tuesday morning, reports.

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. “

Other equities analysts also recently issued reports about the stock. Wells Fargo & Co assumed coverage on shares of Forestar Group in a report on Monday, July 8th. They issued an outperform rating and a $23.00 price target on the stock. Stephens set a $37.00 price target on shares of Talos Energy and gave the stock a buy rating in a report on Wednesday, May 22nd. ValuEngine downgraded shares of Acceleron Pharma from a strong-buy rating to a buy rating in a report on Thursday, April 18th. Seaport Global Securities reissued a buy rating on shares of W&T Offshore in a report on Friday, June 21st. Finally, Northland Securities reissued a buy rating and issued a $12.00 price target on shares of Medallion Financial in a report on Tuesday, May 7th. One research analyst has rated the stock with a sell rating, two have given a hold rating and six have given a buy rating to the stock. The stock has an average rating of Buy and a consensus target price of $9.89.

NYSE ESTE opened at $4.39 on Tuesday. Earthstone Energy has a 1 year low of $4.21 and a 1 year high of $10.19. The company has a debt-to-equity ratio of 0.15, a quick ratio of 0.63 and a current ratio of 0.63. The company has a market cap of $278.49 million, a price-to-earnings ratio of 3.05 and a beta of 1.83. The business has a fifty day moving average price of $5.70.

Earthstone Energy (NYSE:ESTE) last posted its earnings results on Monday, May 6th. The oil and gas producer reported $0.72 earnings per share (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 firm had revenue of $40.73 million during the quarter, compared to analyst estimates of $40.82 million. Equities analysts forecast that Earthstone Energy will post 0.91 EPS for the current fiscal year.

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

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. BNP Paribas Arbitrage SA lifted its holdings in Earthstone Energy by 312.3% during the first quarter. BNP Paribas Arbitrage SA now owns 4,045 shares of the oil and gas producer’s stock valued at $29,000 after purchasing an additional 3,064 shares during the last quarter. Heritage Investors Management Corp purchased a new stake in Earthstone Energy during the first quarter valued at about $102,000. Two Sigma Advisers LP purchased a new stake in Earthstone Energy during the fourth quarter valued at about $69,000. Campbell & CO Investment Adviser LLC purchased a new stake in Earthstone Energy during the second quarter valued at about $111,000. Finally, Squarepoint Ops LLC lifted its holdings in Earthstone Energy by 83.0% during the fourth quarter. Squarepoint Ops LLC now owns 22,142 shares of the oil and gas producer’s stock valued at $100,000 after purchasing an additional 10,042 shares during the last quarter. 21.36% of the stock is currently owned by institutional investors and hedge funds.

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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