Should You Buy Earthstone Energy (ESTE) Ahead Of Earnings?

By Zacks Investment ResearchStock MarketsMar 10, 2020 09:26PM ET

www.investing.com/analysis/should-you-buy-earthstone-energy-este-ahead-of-earnings-200515072

Should You Buy Earthstone Energy (ESTE) Ahead Of Earnings?

By Zacks Investment Research | Mar 10, 2020 09:26PM ET

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Investors are always looking for stocks that are poised to beat at earnings season and Earthstone Energy, Inc. (NYSE:ESTE) may be one such company. The firm has earnings coming up pretty soon, and events are shaping up quite nicely for their report.

That is because Earthstone Energy is seeing favorable earnings estimate revision activity as of late, which is generally a precursor to an earnings beat. After all, analysts raising estimates right before earnings — with the most up-to-date information possible — is a pretty good indicator of some favorable trends underneath the surface for ESTE in this report.

In fact, the Most Accurate Estimate for the current quarter is currently at 31 cents per share for ESTE, compared to a broader Zacks Consensus Estimate of 30 cents per share. This suggests that analysts have very recently bumped up their estimates for ESTE, giving the stock a Zacks Earnings ESP of +4.20% leading into earnings season.

Earthstone Energy, Inc. Price and EPS Surprise

Earthstone Energy, Inc. Price and EPS Surprise

Earthstone Energy, Inc. price-eps-surprise | Earthstone Energy, Inc. Quote

Why is this Important?

A positive reading for the Zacks Earnings ESP has proven to be very powerful in producing both positive surprises, and outperforming the market. Our recent 10-year backtest shows that stocks that have a positive Earnings ESP and a Zacks Rank #3 (Hold) or better show a positive surprise nearly 70% of the time, and have returned over 28% on average in annual returns (see more Top Earnings ESP stocks here).

Given that ESTE has a Zacks Rank #2 (Buy) and an ESP in positive territory, investors might want to consider this stock ahead of earnings. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Clearly, recent earnings estimate revisions suggest that good things are ahead for Earthstone Energy, and that a beat might be in the cards for the upcoming report.

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Earthstone Energy, Inc. (ESTE): Free Stock Analysis Report

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Should You Buy Earthstone Energy (ESTE) Ahead Of Earnings?

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