These Analysts Raise Their Forecasts On Earthstone Energy Following Acquisition Deal

Earthstone Energy, Inc. ESTE inked a deal to acquire Novo Oil & Gas Holdings, LLC, a privately-held Delaware Basin-focused E&P company, for $1.5 billion.

Concurrently, Northern Oil & Gas Inc NOG penned a deal with Earthstone to acquire a 33.33% undivided working stake in the Novo assets for $500.0 million in cash.

With this, ESTE will hold 66⅔ % interest in Novo assets.

Earthstone Energy shares rose 5.4% to close at $13.47 on Thursday, and added 1.9% in today’s pre-market trading session.

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These analysts made changes to their price targets on Earthstone Energy following earnings announcement.

• Benchmark raised the price target on Earthstone Energy from $26 to $29. Benchmark analyst Subash Chandra maintained a Buy rating.
• Stephens & Co. increased the price target on Earthstone Energy from $18 to $21. Stephens & Co. analyst Mike Scialla maintained an Overweight rating.

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