Canaccord Genuity Cut Price Target on Earthstone Energy (ESTE) Following Announced Lynden Energy Corp Acquisition

Canaccord Genuity maintained a Buy rating on Earthstone Energy (NYSE: ESTE), and cut the price target to $23.00 (from $24.00), following the company's announced acquisition of Lynden Energy Corp. The acquisition, which is expected to close in Q1/16, will give ESTE entry into the Midland Basin of the Permian.

Analyst Stephen Berman commented, "We like ESTE for its management that has a history of creating value for its shareholders, a good position in the Eagle Ford (EF) Shale, and one of the best balance sheets of any small-cap US E&P company.The announced acquisition of Lynden Energy will give ESTE a toehold in the core of Midland Basin in West Texas."

For an analyst ratings summary and ratings history on Earthstone Energy click here. For more ratings news on Earthstone Energy click here.

Shares of Earthstone Energy closed at $15.60 yesterday.

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