Earthstone Energy downgraded by RBC Capital Mkts with a new price target
$ESTE
Oil & Gas Production
Energy
RBC Capital Mkts downgraded Earthstone Energy from Outperform to Sector Perform and set a new price target of $21.00
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| Date | Price Target | Rating | Analyst |
|---|---|---|---|
| 7/19/2023 | $27.00 | Overweight | CapitalOne |
| 4/25/2023 | $18.00 | Overweight | Stephens |
| 1/10/2023 | $19.00 | Neutral | Mizuho |
| 7/6/2022 | $21.00 | Outperform → Sector Perform | RBC Capital Mkts |
| 4/14/2022 | $15.00 | Equal-Weight | Stephens |
| 12/17/2021 | $11.00 → $12.00 | Underweight | Wells Fargo |
| 11/3/2021 | $15.00 | Buy | Benchmark |
| 11/3/2021 | $15.00 | Buy | The Benchmark Company |
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SC 13D/A - EARTHSTONE ENERGY INC (0000010254) (Subject)
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4 - EARTHSTONE ENERGY INC (0000010254) (Issuer)
4 - EARTHSTONE ENERGY INC (0000010254) (Issuer)
THE WOODLANDS, Texas--(BUSINESS WIRE)--Earthstone Energy, Inc. (NYSE: ESTE) (“Earthstone” or the “Company”) today announced that it has completed the previously announced acquisition of Independence Resources Management, LLC (“IRM”). The aggregate purchase price for the acquisition was approximately $182.0 million, consisting of $131.2 million in cash consideration and approximately 12.7 million shares of Earthstone’s Class A common stock valued at $50.8 million based on a closing share price of $3.99 on December 16, 2020. Management Commentary Mr. Robert J. Anderson, President and CEO of Earthstone, commented, “We are pleased to be able to begin 2021 with the completion of this s
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EFFECT - EARTHSTONE ENERGY INC (0000010254) (Filer)
Permian Resources Corporation ("Permian Resources" or the "Company") (NYSE:PR) today announced that it has completed its acquisition of Earthstone Energy, Inc. ("Earthstone") (NYSE:ESTE). The transaction was previously approved by Permian Resources and Earthstone shareholders at special meetings held on October 30, 2023. James Walter, Co-CEO of Permian Resources, commented, "We are excited to complete this transaction and welcome the Earthstone team to Permian Resources. This acquisition reinforces Permian Resources' position as a premier Delaware Basin independent E&P which is uniquely situated to drive profitable growth and development in the world-class Permian Basin." "We look forwa
THE WOODLANDS, Texas, Oct. 23, 2023 (GLOBE NEWSWIRE) -- Earthstone Energy, Inc. (NYSE:ESTE) ("Earthstone", the "Company"), today announced that its Board of Directors declared a cash dividend of $0.1446 per share of Class A and Class B common stock. The dividend is payable on November 6, 2023, to shareholders of record as of October 31, 2023 who hold their shares through the closing of Earthstone's previously announced merger with Permian Resources Corporation (NYSE:PR) ("Permian Resources"). The special dividend is conditioned upon the closing of the transaction and is being declared in accordance with the terms of the merger agreement, which provides that (a) the record date of the sp
MIDLAND, Texas and THE WOODLANDS, Texas, Aug. 21, 2023 (GLOBE NEWSWIRE) -- Permian Resources Corporation ("Permian Resources" or the "Company") (NYSE:PR) and Earthstone Energy, Inc. ("Earthstone Energy" or "Earthstone") (NYSE:ESTE) today announced that they have entered into a definitive agreement under which Permian Resources will acquire Earthstone in an all-stock transaction valued at approximately $4.5 billion, inclusive of Earthstone's net debt. Under the terms of the transaction, each share of Earthstone common stock will be exchanged for a fixed ratio of 1.446 shares of Permian Resources common stock. The transaction strengthens Permian Resources' position as a leading Delaware Basi
Permian Resources Corporation ("Permian Resources" or the "Company") (NYSE:PR) today announced that it has completed its acquisition of Earthstone Energy, Inc. ("Earthstone") (NYSE:ESTE). The transaction was previously approved by Permian Resources and Earthstone shareholders at special meetings held on October 30, 2023. James Walter, Co-CEO of Permian Resources, commented, "We are excited to complete this transaction and welcome the Earthstone team to Permian Resources. This acquisition reinforces Permian Resources' position as a premier Delaware Basin independent E&P which is uniquely situated to drive profitable growth and development in the world-class Permian Basin." "We look forwa
THE WOODLANDS, Texas, Oct. 23, 2023 (GLOBE NEWSWIRE) -- Earthstone Energy, Inc. (NYSE:ESTE) ("Earthstone", the "Company"), today announced that its Board of Directors declared a cash dividend of $0.1446 per share of Class A and Class B common stock. The dividend is payable on November 6, 2023, to shareholders of record as of October 31, 2023 who hold their shares through the closing of Earthstone's previously announced merger with Permian Resources Corporation (NYSE:PR) ("Permian Resources"). The special dividend is conditioned upon the closing of the transaction and is being declared in accordance with the terms of the merger agreement, which provides that (a) the record date of the sp
THE WOODLANDS, Texas, Oct. 03, 2023 (GLOBE NEWSWIRE) -- Earthstone Energy, Inc. (NYSE:ESTE) ("Earthstone", the "Company"), today announced the expiration of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended (the "HSR Act"), with respect to the previously-announced agreement for Permian Resources Corporation (NYSE:PR) ("Permian Resources") to acquire all outstanding shares of Earthstone at an exchange ratio of 1.446 shares of Permian Resources for each Earthstone share. The expiration of the HSR Act waiting period occurred at 11:59 p.m. EDT on October 2, 2023, which was a condition to the closing of the pending transaction. Completion of the tr
Earthstone Energy (NYSE:ESTE) reported quarterly adj earnings of $0.75 per share which missed the analyst consensus estimate of $0.77 by 2.6 percent. This is a 42.31 percent decrease over earnings of $1.30 per share from the same period last year. The company reported quarterly sales of $475.82 million which beat the analyst consensus estimate of $447.97 million by 6.22 percent. This is a 10.48 percent decrease over sales of $531.50 million the same period last year.
Mizuho analyst Nitin Kumar maintains Earthstone Energy (NYSE:ESTE) with a Neutral and raises the price target from $22 to $23.
CapitalOne initiated coverage of Earthstone Energy with a rating of Overweight and set a new price target of $27.00
Stephens initiated coverage of Earthstone Energy with a rating of Overweight and set a new price target of $18.00
Mizuho initiated coverage of Earthstone Energy with a rating of Neutral and set a new price target of $19.00