Evolution Petroleum Corp (EPM) Sees Large Growth in Short Interest
Evolution Petroleum Corp (NYSE:EPM) saw a large increase in short interest during the month of October. As of October 31st, there was short interest totalling 613,390 shares, an increase of 54.7% from the October 14th total of 396,516 shares. Approximately 2.1% of the shares of the stock are sold short. Based on an average daily volume of 265,955 shares, the short-interest ratio is presently 2.3 days.
Several research analysts have commented on EPM shares. Northland Securities lowered Evolution Petroleum Corp from an “outperform” rating to a “market perform” rating in a research report on Thursday, October 20th. Howard Weil assumed coverage on Evolution Petroleum Corp in a report on Monday, October 10th. They set a “sector outperform” rating and a $10.00 price objective for the company. Zacks Investment Research raised Evolution Petroleum Corp from a “hold” rating to a “strong-buy” rating and set a $6.75 price objective for the company in a report on Tuesday, September 13th. Scotiabank reissued an “outperform” rating and set a $10.00 price objective on shares of Evolution Petroleum Corp in a report on Wednesday, October 12th. Finally, TheStreet raised Evolution Petroleum Corp from a “hold” rating to a “buy” rating in a report on Thursday, September 8th. Two research analysts have rated the stock with a hold rating and four have given a buy rating to the company. Evolution Petroleum Corp currently has a consensus rating of “Buy” and a consensus price target of $8.92.
A number of hedge funds and other institutional investors have recently modified their holdings of the company. Foundry Partners LLC increased its stake in shares of Evolution Petroleum Corp by 0.3% in the second quarter. Foundry Partners LLC now owns 224,725 shares of the company’s stock valued at $1,229,000 after buying an additional 700 shares in the last quarter. Thomson Horstmann & Bryant Inc. increased its stake in Evolution Petroleum Corp by 3.2% in the second quarter. Thomson Horstmann & Bryant Inc. now owns 1,045,972 shares of the company’s stock valued at $5,721,000 after buying an additional 32,128 shares during the period. Strs Ohio increased its stake in Evolution Petroleum Corp by 15.2% in the second quarter. Strs Ohio now owns 66,700 shares of the company’s stock valued at $364,000 after buying an additional 8,800 shares during the period. WealthTrust Axiom LLC increased its stake in Evolution Petroleum Corp by 14.2% in the second quarter. WealthTrust Axiom LLC now owns 619,277 shares of the company’s stock valued at $3,387,000 after buying an additional 76,789 shares during the period. Finally, Bank of New York Mellon Corp increased its stake in Evolution Petroleum Corp by 9.7% in the second quarter. Bank of New York Mellon Corp now owns 266,179 shares of the company’s stock valued at $1,456,000 after buying an additional 23,451 shares during the period.
Evolution Petroleum Corp (NYSE:EPM) opened at 8.40 on Wednesday. The stock’s 50 day moving average price is $7.46 and its 200-day moving average price is $6.08. The company has a market capitalization of $273.76 million and a PE ratio of 12.77. Evolution Petroleum Corp has a 52 week low of $3.60 and a 52 week high of $8.50.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 30th. Investors of record on Thursday, December 15th will be issued a $0.065 dividend. The ex-dividend date is Tuesday, December 13th. This represents a $0.26 dividend on an annualized basis and a dividend yield of 3.10%. This is a boost from Evolution Petroleum Corp’s previous quarterly dividend of $0.05.
About Evolution Petroleum Corp
Evolution Petroleum Corporation is an independent oil and gas company. The Company is engaged in the acquisition, exploitation and development of properties for the production of crude oil and natural gas, onshore in the United States. Its assets include interests in a carbon dioxide (CO2) enhanced oil recovery project (EOR) in Louisiana’s Delhi field.
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