Earthstone Energy Inc (ESTE) Trading Down 4.5%

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Shares of Earthstone Energy Inc (NASDAQ:ESTE) dropped 4.5% on Friday . The stock traded as low as $8.56 and last traded at $8.56, with a volume of 59,188 shares changing hands. The stock had previously closed at $8.96.
A number of brokerages have commented on ESTE. Cantor Fitzgerald reiterated a “buy” rating and issued a $16.00 price objective (down previously from $19.00) on shares of Earthstone Energy in a research report on Thursday, June 16th. Robert W. Baird reiterated a “neutral” rating and issued a $11.00 price objective on shares of Earthstone Energy in a research report on Thursday, June 30th. FBR & Co reiterated a “buy” rating and issued a $20.00 price objective on shares of Earthstone Energy in a research report on Thursday, June 16th. Roth Capital reiterated a “buy” rating on shares of Earthstone Energy in a research report on Tuesday, July 12th. Finally, Canaccord Genuity reiterated a “buy” rating on shares of Earthstone Energy in a research report on Monday, June 20th. One analyst has rated the stock with a hold rating and five have given a buy rating to the company. The stock has an average rating of “Buy” and a consensus target price of $14.50.
The company’s market capitalization is $190.43 million. The stock has a 50-day moving average price of $10.09 and a 200 day moving average price of $11.51.

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In related news, EVP Ray J. Singleton, Jr. bought 9,500 shares of the stock in a transaction that occurred on Tuesday, June 21st. The shares were acquired at an average price of $10.50 per share, with a total value of $99,750.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, major shareholder Oak Valley Resources, Llc bought 38,000 shares of the stock in a transaction that occurred on Tuesday, June 21st. The stock was bought at an average cost of $10.50 per share, for a total transaction of $399,000.00. The disclosure for this purchase can be found here.
Hedge funds have recently added to or reduced their stakes in the stock. BlackRock Institutional Trust Company N.A. increased its stake in Earthstone Energy by 21.3% in the second quarter. BlackRock Institutional Trust Company N.A. now owns 9,352 shares of the company’s stock worth $101,000 after buying an additional 1,640 shares in the last quarter. Bridgeway Capital Management Inc. increased its position in shares of Earthstone Energy by 21.3% in the second quarter. Bridgeway Capital Management Inc. now owns 57,052 shares of the company’s stock worth $615,000 after buying an additional 10,000 shares during the period. BlackRock Fund Advisors increased its position in shares of Earthstone Energy by 47.5% in the second quarter. BlackRock Fund Advisors now owns 45,027 shares of the company’s stock worth $485,000 after buying an additional 14,499 shares during the period. Vanguard Group Inc. acquired a new position in shares of Earthstone Energy during the second quarter worth $193,000. Finally, KCG Holdings Inc. acquired a new position in shares of Earthstone Energy during the second quarter worth $194,000.
Earthstone Energy Company Profile
Earthstone Energy, Inc is an independent oil and natural gas exploration and production company. The Company is focused on the acquisition, development, exploration and production of onshore, crude oil and natural gas reserves. The Company’s operations are in the upstream segment of the oil and natural gas industry, and are conducted onshore in the United States.

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