These Analysts Raise Their Forecasts On Earthstone Energy Following Acquisition Deal
Portfolio Pulse from Lisa Levin
Earthstone Energy (ESTE) has acquired Novo Oil & Gas Holdings for $1.5 billion, while Northern Oil & Gas (NOG) has acquired a 33.33% stake in Novo assets for $500 million. Analysts have raised their price targets on ESTE following the acquisition.
June 16, 2023 | 12:28 pm
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POSITIVE IMPACT
Earthstone Energy acquires Novo Oil & Gas for $1.5 billion; analysts raise price targets on the stock.
The acquisition of Novo Oil & Gas is a significant deal for Earthstone Energy, which has led to analysts raising their price targets on the stock. This positive sentiment is likely to result in a short-term increase in ESTE's stock price.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
POSITIVE IMPACT
Northern Oil & Gas acquires a 33.33% stake in Novo assets for $500 million.
Northern Oil & Gas's acquisition of a 33.33% stake in Novo assets for $500 million is a notable investment for the company. This deal is likely to have a positive short-term impact on NOG's stock price as it expands the company's asset base.
CONFIDENCE 85
IMPORTANCE 70
RELEVANCE 80