Earthstone Energy Inc (NASDAQ:ESTE) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research report issued to clients and investors on Thursday.

According to Zacks, “Earthstone Energy, Inc., formerly known as Basic Earth Science Systems, Inc., is an independent oil and gas exploration and production company. Its primary focus is in the Montana and North Dakota portions of the Williston basin. The Company is based in Denver, Colorado. “

A number of other equities research analysts have also issued reports on ESTE. BidaskClub raised shares of Earthstone Energy from a “hold” rating to a “buy” rating in a report on Tuesday, September 26th. Northland Securities reaffirmed a “buy” rating and set a $18.00 target price on shares of Earthstone Energy in a report on Tuesday, September 26th. Roth Capital set a $16.00 target price on shares of Earthstone Energy and gave the stock a “buy” rating in a report on Thursday, October 12th. Robert W. Baird reaffirmed a “buy” rating on shares of Earthstone Energy in a report on Sunday, September 17th. Finally, Imperial Capital began coverage on shares of Earthstone Energy in a report on Tuesday, August 1st. They set an “outperform” rating and a $13.00 target price for the company. Three research analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. The stock currently has an average rating of “Buy” and an average price target of $14.14.

Shares of Earthstone Energy (ESTE) traded up $0.05 during midday trading on Thursday, reaching $9.11. 264,637 shares of the company traded hands, compared to its average volume of 334,968. Earthstone Energy has a 12 month low of $7.85 and a 12 month high of $15.70.

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Several institutional investors have recently added to or reduced their stakes in ESTE. Schwab Charles Investment Management Inc. purchased a new stake in shares of Earthstone Energy during the second quarter worth $187,000. Northpointe Capital LLC boosted its position in shares of Earthstone Energy by 25.3% during the 2nd quarter. Northpointe Capital LLC now owns 696,861 shares of the company’s stock valued at $6,976,000 after acquiring an additional 140,858 shares during the last quarter. Bank of New York Mellon Corp boosted its position in shares of Earthstone Energy by 153.2% during the 2nd quarter. Bank of New York Mellon Corp now owns 42,661 shares of the company’s stock valued at $427,000 after acquiring an additional 25,813 shares during the last quarter. Victory Capital Management Inc. boosted its position in shares of Earthstone Energy by 4.8% during the 2nd quarter. Victory Capital Management Inc. now owns 107,586 shares of the company’s stock valued at $1,077,000 after acquiring an additional 4,910 shares during the last quarter. Finally, Wells Fargo & Company MN boosted its position in shares of Earthstone Energy by 126,489.0% during the 2nd quarter. Wells Fargo & Company MN now owns 854,476 shares of the company’s stock valued at $8,553,000 after acquiring an additional 853,801 shares during the last quarter.

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.

Analyst Recommendations for Earthstone Energy (NASDAQ:ESTE)

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