Earthstone Energy (ESTE) Update - July 1

[dan_s]

At the time of this post, ESTE is trading at $12.41.
I have updated my forecast for the bolt-on acquisitions that they announced in mid-June and I have increased future realized commodity prices to my updated price deck. My current valuation increases by $2 to $18.00. If WTI averages $70/bbl in 2022, a reasonable 12-month price target is $22.00.

ESTE is well-funded and they are growing rapidly by making strategic acquisitions in the Permian Basin.

My updated forecast/valuation model will be posted to the EPG website this afternoon.

6/15/2021: Alliance Global Partners analyst Andrew Bond raised the firm's price target on Earthstone Energy to $16 from $15 and keeps a Buy rating on the shares.