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Preferred stock is a special equity security that has properties of both equity and debt. Earthstone Energy's preferred stock for the quarter that ended in Sep. 2023 was $0 Mil.
The market value of preferred stock needs to be added to the market value of common stocks in the calculation of Enterprise Value. Earthstone Energy's Enterprise Value for the quarter that ended in Sep. 2023 was $4,625 Mil.
In the calculation of book value, the par value of preferred stocks needs to subtracted from total equity. Earthstone Energy's Book Value per Share for the quarter that ended in Sep. 2023 was $17.11.
Dividends paid to preferred stocks need to be subtracted from net income in the calculation of Earnings per Share (Diluted). Earthstone Energy's Earnings per Share (Diluted) for the three months ended in Sep. 2023 was $0.57.
The historical data trend for Earthstone Energy's Preferred Stock can be seen below:
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
Earthstone Energy Annual Data | |||||||||||||||||||||
Trend | Mar13 | Mar14 | Dec15 | Dec16 | Dec17 | Dec18 | Dec19 | Dec20 | Dec21 | Dec22 | |||||||||||
Preferred Stock | Get a 7-Day Free Trial | - | - | - | - | - |
Earthstone Energy Quarterly Data | ||||||||||||||||||||
Dec18 | Mar19 | Jun19 | Sep19 | Dec19 | Mar20 | Jun20 | Sep20 | Dec20 | Mar21 | Jun21 | Sep21 | Dec21 | Mar22 | Jun22 | Sep22 | Dec22 | Mar23 | Jun23 | Sep23 | |
Preferred Stock | Get a 7-Day Free Trial | - | - | - | - | - |
Preferred Stock is a special equity security that has properties of both equity and debt. It is generally considered a hybrid instrument. Preferred stock is senior to common stock, but is subordinate to bonds in terms of claim or rights to their share of the assets of the company.
Preferred stock has priority over common stock in the payment of dividends and any payments received when a company liquidates.
Preferred stock comes in many forms. It can be:
A preferred stock without a maturity date is called a perpetual preferred stock. These are relatively rare. A good example of perpetual preferred stock is the many series of Public Storage (PSA) preferred shares that trade on the New York Stock Exchange.
Before investing in preferred stock, it is important to know which of the above groups the stock belongs to. Is it convertible or non-convertible? Are dividends cumulative or non-cumulative?
It is also critical that an investor knows what bonds the company has in front of the preferred stock. Bondholders get paid first. So the decision to buy a preferred stock can be similar to the decision to buy a bond. But, remember, the preferred stock of a company with bonds is junior to those bonds.
Unless a preferred stock is convertible, the upside in a preferred stock investment is more limited than in a common stock investment. If a company doubles its earnings, it is usually under no more obligation to double the dividends paid to preferred shareholders than it is to double the interest paid to its bankers and bondholders.So preferred stock is very different from common stock.
Earthstone Energy (NYSE:ESTE) Preferred Stock Explanation
When a company needs capital but does not wish to issue debt, they may sell preferred stocks to investors.
For instance, during the financial crisis of 2008, Goldman Sachs (GS) issued a combination of preferred stock and common stock options for $5 billion of capital to Warren Buffetts Berkshire Hathaway (BRK.A)(BRK.B). In this deal, Berkshire Hathaway paid $5 billion for 10% cumulative perpetual preferred stock and warrants to buy 43.5 million shares of Goldman Sachs at $115 a share. Goldman Sachs bought back the preferred in 2010. Guess how much money Warren Buffett made in this deal in two years? Read How Much Did Warren Buffetts Berkshire Hathaway (BRK.B) Make on Its Goldman Sachs (GS) Preferred Stock?
1. The market value of Preferred Stocks needs to be added to the market value of common stocks in the calculation of enterprise value.
Earthstone Energy's Enterprise Value for the quarter that ended in Sep. 2023 is calculated as
Enterprise Value | |||||||||
= | Market Cap | + | Preferred Stock | + | Long-Term Debt & Capital Lease Obligation | + | Short-Term Debt & Capital Lease Obligation | + | Minority Interest |
= | 2154.42656 | + | 0 | + | 1726.89 | + | 0 | + | 760.522 |
- | Cash, Cash Equivalents, Marketable Securities | ||||||||
- | 16.592 | ||||||||
= | 4,625 |
2. In the calculation of Book Value, the par value of Preferred Stocks needs to subtracted from total equity.
Earthstone Energy's Book Value per Share for the quarter that ended in Sep. 2023 is calculated as
Book Value per Share | = | (Total Stockholders Equity | - | Preferred Stock) | / | Shares Outstanding (Diluted Average) |
= | (1821.379 | - | 0) | / | 106.444 | |
= | 17.11 |
3. Dividends paid to Preferred Stocks need to be subtracted from net income in the calculation of earnings per share.
Earthstone Energy's Earnings per Share (Diluted) (EPS) for the three months ended in Sep. 2023 is calculated as
Earnings per Share (Diluted) | = | (Net Income | - | Preferred Dividends) | / | Shares Outstanding (Diluted Average) |
= | (61.358 | - | 0) | / | 108.285 | |
= | 0.57 |
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
Thank you for viewing the detailed overview of Earthstone Energy's Preferred Stock provided by GuruFocus.com. Please click on the following links to see related term pages.
Tony Oviedo | officer: EVP, PAO | 909 FANNIN, SUITE 1850, HOUSTON TX 77010 |
Mark Jr Lumpkin | officer: EVP and CFO | 1400 WOODLOCH FOREST DRIVE, SUITE 300, THE WOODLANDS TX 77380 |
Frank Alan Lodzinski | director, officer: CEO | 1400 WOODLOCH FOREST DRIVE, SUITE 300, THE WOODLANDS TX 77380 |
Wp Energy Chisholm Holdings, L.p. | 10 percent owner | 450 LEXINGTON AVENUE, NEW YORK NY 10017 |
Warburg Pincus Private Equity (e&p) Xi-a, L.p. | 10 percent owner | C/O WARBURG PINCUS LLC, 450 LEXINGTON AVE, NEW YORK NY 10017 |
Warburg Pincus (e&p) Xii, L.p. | 10 percent owner | 450 LEXINGTON AVENUE, NEW YORK NY 10017 |
Warburg Pincus Partners Ii (us), L.p. | 10 percent owner | 450 LEXINGTON AVENUE, C/O WARBURG PINCUS LLC, NEW YORK NY 10017 |
Robert John Anderson | officer: President | 1400 WOODLOCH FOREST DRIVE, SUITE 300, THE WOODLANDS TX 77380 |
Cypress Investments, Llc | director | 34 S. WYNDEN DR., SUITE 300, HOUSTON TX 77056 |
Post Oak Energy Holdings, Llc | director | 34 S. WYNDEN DR, STE 300, HOUSTON TX 77056 |
Jay Frederick Joliat | director | 36801 WOODWARD AVE., SUITE 301, BIRMINGHAM MI 48009 |
Post Oak Energy Capital, Lp | director | 34 S. WYNDEN DR, STE 300, HOUSTON TX 77056 |
Swanson Douglas E Jr | director | 1100 LOUISIANA, SUITE 4900, HOUSTON TX 77002 |
Steven C. Collins | officer: EVP and COO | 1400 WOODLOCH FOREST DRIVE, SUITE 300, THE WOODLANDS TX 77380 |
Encap Energy Capital Fund Xi, L.p. | director, 10 percent owner | 9651 KATY FREEWAY, SUITE 600, HOUSTON TX 77024 |
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