Earthstone Energy climbs after $44-mln share repurchase

Earthstone Energy

12/10/2022 18:50

** Shares of Earthstone Energy Inc  ESTE.N  climb 5.1% to
$14.10
    ** ESTE said on Tuesday it had bought back 3 mln shares for
about $44 mln from affiliates of private equity firm Warburg
Pincus
    ** Warburg Pincus now owns 9.3% of ESTE's outstanding shares
following the share repurchase and the PE firm's recent open
market trades
    ** "We think the decision to buyback shares was
opportunistic in nature with ESTE seeing a way to help minimize
the selling pressure overhang of Warburg's recent transaction" -
RBC analyst Scott Hanold 
    ** RBC adds it wouldn't be surprised to see ESTE buyback
more shares involving larger selling shareholders
    ** ESTE up ~29% so far this year
 (Reporting by Arunima Kumar in Bengaluru)
 ((Arunima.Kumar@thomsonreuters.com; Twitter: https://twitter.com/Aru_Kumar94))