Earthstone Energy price target raised to $32 from $30 at Truist

Truist analyst Neal Dingmann raised the firm’s price target on Earthstone Energy to $32 from $30 and keeps a Buy rating on the shares. Following the company’s acquisition of Novo Oil & Gas Holdings, the firm sees little production change in 2024 versus when the deal closes likely late this quarter, the analyst tells investors in a research note. Truist added that it sees Earthstone continuing to run the same five rigs going forward that the company is currently running, though it also believes that there is potential for acceleration and/or shareholder return initiation, depending on what happens to commodity prices.