RBC Capital Thinks Earthstone Energy’s Stock is Going to Recover

By Carrie Williams

In a report issued on August 9, Brad Heffern from RBC Capital maintained a Buy rating on Earthstone Energy (ESTEResearch Report), with a price target of $10. The company’s shares closed on Friday at $4.04, close to its 52-week low of $3.43.

According to TipRanks.com, Heffern is a 3-star analyst with an average return of 1.8% and a 39.7% success rate. Heffern covers the Basic Materials sector, focusing on stocks such as Marathon Petroleum Corporation, Montage Resources Corporation, and Continental Resources.

The word on The Street in general, suggests a Moderate Buy analyst consensus rating for Earthstone Energy with a $8.33 average price target, implying a 106.2% upside from current levels. In a report issued on August 7, Northland Securities also maintained a Buy rating on the stock with a $8 price target.

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Based on Earthstone Energy’s latest earnings release for the quarter ending June 30, the company reported a quarterly net profit of $8.78 million. In comparison, last year the company had a net profit of $650K.

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Earthstone Energy, Inc. engages in the acquisition, exploration, development, and production of oil and gas preserves. Its primary assets are located in the Midland Basin of west Texas and the Eagle Ford Trend of south Texas. The company was founded on July 7, 1969 and is headquartered in the The Woodlands, TX.