Earthstone Energy price target raised to $29 from $23 at Benchmark

Benchmark analyst Subash Chandra raised the firm’s price target on Earthstone Energy to $29 from $23 and keeps a Buy rating on the shares after the company announced its eighth, and largest, acquisition since 2020 with a deal to buy Novo Oil and Gas. The acquisition adds to Earthstone’s Delaware presence, boosts New Mexico inventory and boosts free cash flow as production increases by over 30%, while the deal metrics were “attractive,” the analyst tells investors.