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Earthstone Energy (ESTE) Catches Eye: Stock Jumps 27.3%

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Earthstone Energy, Inc. (ESTE - Free Report) was a big mover last session, as its shares rose a little over 27% on the day. The move came after the company announced that it has entered into a definitive contribution agreement with Bold Energy III LLC under which it will acquire all of the outstanding membership interests of Bold, inclusive of producing assets and undeveloped acreage, in an "Up-C" transaction. This led to far more shares changing hands than in a normal session. This breaks the recent trend of the company, as the stock is now trading above the volatile price range of $8.26 to $10.30 in the past one-month time frame.

Over the last 30 days, the company witnessed one positive and one negative estimate revision while the Zacks Consensus Estimate also moved higher, suggesting more solid trading ahead. So make sure to keep an eye on this stock going forward to see if yesterday’s jump can turn into more strength down the road.

Earthstone Energy currently carries a Zacks Rank #3 (Hold).

A better-ranked stock in the independent oil & gas space is Ultra Petroleum Corp. , which sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.

Is ESTE going up? Or down? Predict to see what others think: Up or Down

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