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ESTE

Earthstone Energy

$9.71

0.105 (1.09%)

16:12
08/06/18
08/06
16:12
08/06/18
16:12

Earthstone Energy reports Q2 EPS 2c, may not compare to consensus 17c

Reports Q2 revenue $37.2M, consensus $38.72M. Robert J. Anderson, President of Earthstone Energy, Inc., commented, "In the second quarter, we elected to moderately slow the pace of our Midland Basin development program, as a result of industry and market conditions related to take-away capacity, increasing Midland Basin differentials and certain land trades in progress that will ultimately provide for longer laterals. While the economic returns from our operations are very attractive at current levels and our wells are meeting or exceeding our type curves, we are being impacted by the negative differentials in the Midland Basin, which averaged -$5.15/Bbl in the second quarter. In general, we temporarily delayed certain completion activities and focused our operated drilling rig on certain locations where we have future drilling obligations in order to insure we maintain all leases over the long term. These actions resulted in reduced average daily production in the second quarter.

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ESTE Earthstone Energy
$9.71

0.105 (1.09%)

12/05/17
12/05/17
UPGRADE

On The Fly: Top five analyst upgrades
Catch up on today's top five analyst upgrades with this list compiled by The Fly: 1. McDonald's (MCD) upgraded to Buy from Hold at Jefferies with analyst Andy Barish saying McDonald's is well positioned in the current environment to continue to outperform. 2. Snap (SNAP) upgraded to Overweight from Equal Weight at Barclays with analyst Ross Sandler sayign with the company's pricing transition in the later stages, Snap may start hitting or exceeding consensus revenue estimates and accelerating growth in 2018. 3. Depomed (DEPO) upgraded to Buy from Neutral at Mizuhom with analyst Irina Koffler citing the company's agreement to license rights to commercialize the Nucynta franchise to Collegium (COLL). 4. United Technologies (UTX) upgraded to Overweight from Neutral at Atlantic Equities. 5. Earthstone Energy (ESTE) upgraded to Buy from Neutral at Seaport Global with analyst Mike Kelly citing the October 18 capital raise. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
03/28/18
ROTH
03/28/18
NO CHANGE
Target $50.5
ROTH
Buy
Concho acquisition of RSP may be catalyst for Permian consolidation, says Roth Capital
Roth Capital analyst John White notes that Concho Resources (CXO) and RSP Permian announced they have entered into a definitive agreement under which the former will acquire the latter in an all-stock transaction valued at approximately $9.5B, inclusive of RSP's net debt. The analyst believes this transaction could potentially be a catalyst for additional consolidation in the Permian Basin. White points out that there are a large number of small and mid-cap operators active in the basin, including Approach Resources (AREX), Callon Petroleum (CPE), Diamondback Energy (FANG), Earthstone Energy (ESTE), Halcon Resources (HK), Laredo Petroleum (LPI), Matador (MTDR), Parsley Energy (PE), Ring Energy (REI). The analyst has a Buy rating and $50.50 price target on RSP Permian's shares.
04/05/18
IMPC
04/05/18
NO CHANGE
Target $14
IMPC
Outperform
Earthstone Energy trades below proven asset value, says Imperial Capital
Imperial Capital analyst Jason Wangler says Earthstone Energy currently trades below proven asset value. As such, the shares at current levels offer a good opportunity for investors looking to gain exposure to the Midland Basin, Wangler tells investors in a research note. His $14 price target is about 48% above the recent share price. The analyst keeps an Outperform rating on Earthstone.
07/09/18
RBCM
07/09/18
INITIATION
Target $14
RBCM
Outperform
Earthstone Energy initiated with an Outperform at RBC Capital
RBC Capital analyst Brad Heffern initiated Earthstone Energy with an Outperform rating and a price target of $14, saying the 28% stock price underperformance since April relative to the Oil/Gas Exploration ETF XOP reflecting the less favorable Midland crude spreads is overdone. While the analyst notes that the company's 70% exposure to "wide Midland differentials and general basin crude congestion is real", it has been "more than fully priced in". Heffern also cites the company's strong Permian asset base that was acquired at a low entry cost and compelling valuation relative to its other Permian peers.

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