Earthstone Energy Inc (NYSE:ESTE) Sees Significant Decline in Short Interest

Earthstone Energy Inc (NYSE:ESTE) was the target of a significant decline in short interest in the month of December. As of December 31st, there was short interest totalling 1,390,000 shares, a decline of 6.7% from the December 15th total of 1,490,000 shares. Based on an average daily volume of 193,500 shares, the short-interest ratio is currently 7.2 days. Approximately 7.3% of the shares of the company are sold short.

Shares of Earthstone Energy stock traded up $0.32 during trading hours on Thursday, hitting $5.68. The company’s stock had a trading volume of 6,120 shares, compared to its average volume of 225,213. The business has a 50 day moving average price of $5.77 and a two-hundred day moving average price of $4.66. Earthstone Energy has a 12-month low of $3.00 and a 12-month high of $7.94. The company has a market cap of $346.10 million, a PE ratio of 3.99 and a beta of 2.16. The company has a debt-to-equity ratio of 0.15, a quick ratio of 0.48 and a current ratio of 0.48.

Earthstone Energy (NYSE:ESTE) last posted its earnings results on Wednesday, November 6th. The oil and gas producer reported $0.18 EPS for the quarter, topping analysts’ consensus estimates of $0.13 by $0.05. The company had revenue of $39.20 million for the quarter, compared to the consensus estimate of $39.38 million. Earthstone Energy had a return on equity of 6.23% and a net margin of 23.82%. As a group, research analysts anticipate that Earthstone Energy will post 0.83 earnings per share for the current year.

Several equities analysts have recently commented on ESTE shares. Seaport Global Securities downgraded Earthstone Energy from a “buy” rating to a “neutral” rating in a research report on Thursday, October 10th. Zacks Investment Research upgraded Earthstone Energy from a “hold” rating to a “strong-buy” rating and set a $7.50 price objective on the stock in a research report on Tuesday, January 7th. Wells Fargo & Co boosted their price objective on Earthstone Energy from $7.00 to $8.00 and gave the company an “equal weight” rating in a research report on Thursday, January 9th. Northland Securities restated a “buy” rating and issued a $6.00 price objective on shares of Earthstone Energy in a research report on Thursday, November 7th. Finally, SunTrust Banks lowered their price objective on Earthstone Energy from $8.00 to $7.00 and set a “buy” rating on the stock in a research report on Wednesday, October 16th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the company. The stock presently has an average rating of “Buy” and an average target price of $8.56.

In other Earthstone Energy news, EVP Tony Oviedo sold 12,000 shares of the business’s stock in a transaction dated Tuesday, January 7th. The stock was sold at an average price of $6.98, for a total transaction of $83,760.00. Following the completion of the sale, the executive vice president now owns 93,146 shares of the company’s stock, valued at $650,159.08. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 63.04% of the company’s stock.

Large investors have recently bought and sold shares of the stock. Bank of Montreal Can increased its stake in Earthstone Energy by 168.4% during the second quarter. Bank of Montreal Can now owns 4,091 shares of the oil and gas producer’s stock worth $25,000 after acquiring an additional 2,567 shares during the last quarter. Millennium Management LLC bought a new stake in Earthstone Energy during the third quarter worth approximately $53,000. Jefferies Group LLC bought a new stake in Earthstone Energy during the second quarter worth approximately $70,000. Rhumbline Advisers increased its stake in Earthstone Energy by 11.0% during the third quarter. Rhumbline Advisers now owns 29,542 shares of the oil and gas producer’s stock worth $96,000 after acquiring an additional 2,922 shares during the last quarter. Finally, JPMorgan Chase & Co. increased its stake in Earthstone Energy by 516.8% during the second quarter. JPMorgan Chase & Co. now owns 28,409 shares of the oil and gas producer’s stock worth $173,000 after acquiring an additional 23,803 shares during the last quarter. Institutional investors own 21.42% of the company’s stock.

About Earthstone Energy

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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