RBC Capital analyst Scott Hanold lowered the firm’s price target on Earthstone Energy to $18 from $20 and keeps a Sector Perform rating on the shares. Earthstone Energy continues to increase its leverage toward the Delaware Basin and the focus of its activity and acquisitions have increasingly focused more in core areas, and RBC Capital feels there is more focus on the balance sheet vs. M&A into 2024 following the Novo acquisition.
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