Earthstone Energy price target raised to $21 from $18 at Stephens

Stephens raised the firm’s price target on Earthstone Energy to $21 from $18 and keeps an Overweight rating on the shares after the company announced the acquisition of Novo Oil & Gas, which the firm views “positively.” Novo was one of three remaining private equity-backed companies with significant drilling inventory in the Northern Delaware Basin, the deal is free cash flow accretive in 2024 and it improves the depth and quality of Earthstone’s inventory, the analyst tells investors.