Earthstone Energy, Inc. (NYSE:ESTE) Major Shareholder Buys $2,548,588.56 in Stock

Posted by on Jan 14th, 2021

Earthstone Energy, Inc. (NYSE:ESTE) major shareholder Resources Holding Independence purchased 638,744 shares of the business’s stock in a transaction that occurred on Thursday, January 7th. The stock was bought at an average price of $3.99 per share, for a total transaction of $2,548,588.56. The acquisition was disclosed in a legal filing with the SEC, which is available through the SEC website. Major shareholders that own more than 10% of a company’s stock are required to disclose their sales and purchases with the SEC.

Shares of ESTE opened at $6.10 on Thursday. The business’s fifty day simple moving average is $4.79 and its two-hundred day simple moving average is $3.34. The company has a current ratio of 1.11, a quick ratio of 1.11 and a debt-to-equity ratio of 0.16. Earthstone Energy, Inc. has a 12 month low of $1.44 and a 12 month high of $6.88. The company has a market cap of $397.84 million, a price-to-earnings ratio of -24.40 and a beta of 2.84.

Earthstone Energy (NYSE:ESTE) last issued its earnings results on Wednesday, November 4th. The oil and gas producer reported $0.06 EPS for the quarter, missing the consensus estimate of $0.08 by ($0.02). The business had revenue of $41.05 million for the quarter, compared to analysts’ expectations of $40.25 million. Earthstone Energy had a negative net margin of 4.41% and a positive return on equity of 5.07%. As a group, research analysts forecast that Earthstone Energy, Inc. will post 0.48 EPS for the current year.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Wells Fargo & Company MN lifted its holdings in shares of Earthstone Energy by 3.1% during the 3rd quarter. Wells Fargo & Company MN now owns 915,792 shares of the oil and gas producer’s stock valued at $2,371,000 after buying an additional 27,877 shares during the period. JBF Capital Inc. raised its holdings in Earthstone Energy by 42.3% in the 3rd quarter. JBF Capital Inc. now owns 847,891 shares of the oil and gas producer’s stock worth $2,196,000 after purchasing an additional 252,006 shares during the period. Bridgeway Capital Management Inc. raised its holdings in Earthstone Energy by 38.8% in the 2nd quarter. Bridgeway Capital Management Inc. now owns 634,400 shares of the oil and gas producer’s stock worth $1,802,000 after purchasing an additional 177,443 shares during the period. Royce & Associates LP raised its holdings in Earthstone Energy by 252.0% in the 3rd quarter. Royce & Associates LP now owns 453,973 shares of the oil and gas producer’s stock worth $1,176,000 after purchasing an additional 325,020 shares during the period. Finally, State Street Corp raised its holdings in Earthstone Energy by 2.8% in the 3rd quarter. State Street Corp now owns 365,707 shares of the oil and gas producer’s stock worth $947,000 after purchasing an additional 10,000 shares during the period. 21.08% of the stock is currently owned by hedge funds and other institutional investors.

Several analysts recently weighed in on ESTE shares. ValuEngine upgraded Earthstone Energy from a “strong sell” rating to a “sell” rating in a research note on Thursday, January 7th. BidaskClub upgraded Earthstone Energy from a “buy” rating to a “strong-buy” rating in a research note on Thursday, January 7th. Zacks Investment Research downgraded Earthstone Energy from a “buy” rating to a “hold” rating in a research note on Monday. Finally, Wells Fargo & Company upgraded Earthstone Energy from an “equal weight” rating to an “overweight” rating and set a $6.00 price target on the stock in a research note on Wednesday, December 16th. One research analyst has rated the stock with a sell rating, one has given a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and a consensus price target of $5.68.

About Earthstone Energy

Earthstone Energy, Inc, an independent energy company, engages in the acquisition, exploration, development, and production of oil and natural 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, 2019, the company operated 103 gross Eagle Ford wells; and 13 gross Austin Chalk wells, as well as had 94,336 thousand barrels of oil equivalent (MBOE) of total proved reserves comprised 31,521 MBOE of proved developed reserves and 62,815 MBOE of proved undeveloped reserves.

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