RTTNews | Aug 13, 2021 12:00PM EDT

11:59 Friday, August 13, 2021 (RTTNews.com) - Texas-based independent oils and gas company, Earthstone Energy, Inc. (ESTE), is down 6% despite reporting a narrower loss in their second quarter on Friday. Both revenue and adjusted earnings managed to trump Street view.

The net loss of the company for the quarter was $15.83 million or $0.20 loss per share, compared to $35.90 million or $0.55 loss per share last year. On an adjusted basis, the income was $20.28 million or $0.26 earnings per share, against $12.78 million or $0.20 earnings per share last year. Six analysts polled by Thomson Reuters estimated the earnings to be around $0.14 per share.

The company's revenue increased more than 413% to $89.67 million, compared to $21.66 million last year. Six analysts projected the revenue for the quarter to be $72.22 million. The company has attributed the growth primarily to the higher revenue from Oil which jumped to $70.91 million from $18.84 million last year.

The shares are currently trading at $8.12, down $0.49 or 5.75% since their previous close at $8.61. The shares opened at $8.50 and in the 52-week period, the shares have ranged between $2.41 and $13.15.

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