Earthstone Energy (NYSE:ESTE) Sees Strong Trading Volume

Earthstone Energy, Inc. (NYSE:ESTEGet Rating) shares saw unusually-high trading volume on Monday . Approximately 39,283 shares were traded during mid-day trading, a decline of 97% from the previous session’s volume of 1,360,149 shares.The stock last traded at $13.73 and had previously closed at $14.09.

Analyst Upgrades and Downgrades

ESTE has been the topic of several analyst reports. TheStreet upgraded shares of Earthstone Energy from a “c” rating to a “b-” rating in a research note on Wednesday, August 10th. Truist Financial raised their price target on shares of Earthstone Energy from $30.00 to $35.00 and gave the company a “buy” rating in a research note on Wednesday, June 29th. Wells Fargo & Company raised their price target on shares of Earthstone Energy from $17.00 to $19.00 and gave the company an “underweight” rating in a research note on Monday, July 11th. Finally, Royal Bank of Canada cut shares of Earthstone Energy from an “outperform” rating to a “sector perform” rating and set a $21.00 price objective for the company. in a report on Wednesday, July 6th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and three have issued a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $23.00.

Earthstone Energy Price Performance

The company has a market cap of $1.86 billion, a P/E ratio of 7.06 and a beta of 2.04. The company has a fifty day simple moving average of $14.08 and a 200-day simple moving average of $14.62. The company has a debt-to-equity ratio of 0.51, a current ratio of 0.62 and a quick ratio of 0.62.

Earthstone Energy (NYSE:ESTEGet Rating) last posted its quarterly earnings results on Thursday, August 4th. The oil and gas producer reported $1.29 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.23 by $0.06. The company had revenue of $472.50 million for the quarter, compared to analysts’ expectations of $380.03 million. Earthstone Energy had a return on equity of 25.59% and a net margin of 17.51%. The firm’s revenue was up 426.8% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.26 earnings per share. On average, sell-side analysts predict that Earthstone Energy, Inc. will post 5.84 earnings per share for the current year.

Insider Buying and Selling at Earthstone Energy

In other Earthstone Energy news, Chairman Frank Alan Lodzinski sold 26,132 shares of the company’s stock in a transaction on Thursday, July 14th. The stock was sold at an average price of $11.05, for a total value of $288,758.60. Following the transaction, the chairman now owns 439,076 shares of the company’s stock, valued at $4,851,789.80. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In other news, Director Jay Frederick Joliat bought 20,237 shares of the business’s stock in a transaction on Wednesday, July 6th. The shares were bought at an average cost of $11.66 per share, with a total value of $235,963.42. Following the purchase, the director now directly owns 90,000 shares in the company, valued at $1,049,400. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Chairman Frank Alan Lodzinski sold 26,132 shares of the business’s stock in a transaction on Thursday, July 14th. The shares were sold at an average price of $11.05, for a total transaction of $288,758.60. Following the sale, the chairman now directly owns 439,076 shares in the company, valued at $4,851,789.80. The disclosure for this sale can be found here. 40.67% of the stock is owned by corporate insiders.

Institutional Trading of Earthstone Energy

Several large investors have recently added to or reduced their stakes in the company. Verition Fund Management LLC acquired a new stake in Earthstone Energy during the 2nd quarter valued at $679,000. Legal & General Group Plc grew its holdings in shares of Earthstone Energy by 799.7% during the 2nd quarter. Legal & General Group Plc now owns 23,950 shares of the oil and gas producer’s stock valued at $326,000 after acquiring an additional 21,288 shares in the last quarter. Goldman Sachs Group Inc. grew its holdings in shares of Earthstone Energy by 49.6% during the 2nd quarter. Goldman Sachs Group Inc. now owns 216,692 shares of the oil and gas producer’s stock valued at $2,958,000 after acquiring an additional 71,857 shares in the last quarter. Penn Capital Management Company LLC grew its holdings in shares of Earthstone Energy by 15.3% during the 2nd quarter. Penn Capital Management Company LLC now owns 969,916 shares of the oil and gas producer’s stock valued at $13,239,000 after acquiring an additional 128,927 shares in the last quarter. Finally, Corton Capital Inc. purchased a new position in shares of Earthstone Energy during the 2nd quarter valued at $235,000.

About Earthstone Energy

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Earthstone Energy, Inc, an independent oil and gas company, engages in the acquisition, exploration, development, and production of oil and natural gas properties in the United States. The company's asset portfolio includes the Midland Basin of West Texas, Delaware Basin in New Mexico, and the Eagle Ford trend of south Texas.

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