Brokerages forecast that Earthstone Energy Inc (NYSE:ESTE) will post sales of $34.53 million for the current quarter, Zacks reports. Six analysts have issued estimates for Earthstone Energy’s earnings, with estimates ranging from $31.90 million to $37.20 million. Earthstone Energy reported sales of $15.15 million in the same quarter last year, which would suggest a positive year-over-year growth rate of 127.9%. The business is scheduled to report its next quarterly earnings results on Wednesday, March 21st.

According to Zacks, analysts expect that Earthstone Energy will report full-year sales of $34.53 million for the current year, with estimates ranging from $104.53 million to $109.60 million. For the next financial year, analysts expect that the company will report sales of $172.17 million per share, with estimates ranging from $157.00 million to $189.95 million. Zacks’ sales calculations are a mean average based on a survey of analysts that that provide coverage for Earthstone Energy.

Earthstone Energy (NYSE:ESTE) last posted its earnings results on Thursday, November 2nd. The oil and gas producer reported $0.07 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.02 by $0.05. Earthstone Energy had a positive return on equity of 4.01% and a negative net margin of 54.69%.

Several research firms have weighed in on ESTE. BidaskClub raised Earthstone Energy from a “hold” rating to a “buy” rating in a research report on Tuesday, September 26th. Northland Securities reaffirmed a “buy” rating and set a $18.00 price objective on shares of Earthstone Energy in a research report on Tuesday, September 26th. Roth Capital set a $16.00 price objective on Earthstone Energy and gave the company a “buy” rating in a research report on Thursday, October 12th. Zacks Investment Research raised Earthstone Energy from a “hold” rating to a “buy” rating and set a $12.00 price objective on the stock in a research report on Tuesday, October 17th. Finally, SunTrust Banks set a $15.00 price objective on Earthstone Energy and gave the company a “buy” rating in a research report on Friday, October 20th. Three investment analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. The company currently has an average rating of “Buy” and an average price target of $14.10.

Earthstone Energy (ESTE) traded up $0.04 during midday trading on Tuesday, hitting $11.29. The company had a trading volume of 93,500 shares, compared to its average volume of 164,236. The company has a quick ratio of 0.59, a current ratio of 0.59 and a debt-to-equity ratio of 0.11. The company has a market capitalization of $717.59, a PE ratio of -5.30 and a beta of 1.42. Earthstone Energy has a 12 month low of $7.85 and a 12 month high of $15.50.

Hedge funds have recently added to or reduced their stakes in the company. Wells Fargo & Company MN lifted its holdings in shares of Earthstone Energy by 126,489.0% during the second quarter. Wells Fargo & Company MN now owns 854,476 shares of the oil and gas producer’s stock valued at $8,553,000 after purchasing an additional 853,801 shares during the last quarter. Vanguard Group Inc. boosted its holdings in Earthstone Energy by 84.9% in the 2nd quarter. Vanguard Group Inc. now owns 520,807 shares of the oil and gas producer’s stock worth $5,214,000 after buying an additional 239,193 shares during the period. Columbia Pacific Advisors LLC bought a new position in Earthstone Energy in the 2nd quarter worth $1,337,000. Ameriprise Financial Inc. boosted its holdings in Earthstone Energy by 32.2% in the 2nd quarter. Ameriprise Financial Inc. now owns 388,040 shares of the oil and gas producer’s stock worth $3,884,000 after buying an additional 94,469 shares during the period. Finally, Northern Trust Corp boosted its holdings in Earthstone Energy by 232.1% in the 2nd quarter. Northern Trust Corp now owns 109,208 shares of the oil and gas producer’s stock worth $1,093,000 after buying an additional 76,326 shares during the period. Hedge funds and other institutional investors own 13.50% of the company’s stock.

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About Earthstone Energy

Earthstone Energy, Inc is an independent oil and natural gas development and production company. The Company is also engaged in corporate mergers and the acquisition of oil and natural gas properties that have production and future development opportunities. Its operations are all in the upstream segment of the oil and natural gas industry and all its properties are onshore in the United States.

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