Earthstone Energy (ESTE) Received its Third Buy in a Row


After RBC Capital and Northland Securities gave Earthstone Energy (NYSE: ESTE) a Buy rating last month, the company received another Buy, this time from Wells Fargo. Analyst Thomas Hughes CFA upgraded Earthstone Energy to Buy yesterday. The company’s shares closed last Monday at $5.03.

According to TipRanks.com, CFA is a 3-star analyst with an average return of 4.3% and a 45.5% success rate. CFA covers the Utilities sector, focusing on stocks such as Centennial Resource Development, Whiting Petroleum Corporation, and Northern Oil And Gas.

Currently, the analyst consensus on Earthstone Energy is a Strong Buy with an average price target of $5.67, a 18.1% upside from current levels. In a report issued on December 17, RBC Capital also maintained a Buy rating on the stock with a $6.00 price target.

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Based on Earthstone Energy’s latest earnings release for the quarter ending September 30, the company reported a quarterly revenue of $41.05 million and GAAP net loss of $5.45 million. In comparison, last year the company earned revenue of $39.2 million and had a net profit of $11.77 million.

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Earthstone Energy, Inc. engages in the acquisition, exploration, development, and production of oil and gas preserves. Its primary assets are located in the Midland Basin of west Texas and the Eagle Ford Trend of south Texas. The company was founded on July 7, 1969 and is headquartered in the The Woodlands, TX.

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