Evolution Petroleum (EPM) Cut to Hold at Zacks Investment Research
Zacks Investment Research downgraded shares of Evolution Petroleum (NYSEAMERICAN:EPM) from a buy rating to a hold rating in a research note released on Thursday morning.
According to Zacks, “Natural Gas Systems, Inc. is a development stage company formed to acquire and develop oil and gas fields and apply both conventional and specialized technology to accelerate production and develop incremental reserves, particularly in low permeability reservoirs amenable to lateral drilling technology. “
A number of other research analysts have also weighed in on EPM. UBS Group raised shares of Evolution Petroleum from a neutral rating to a buy rating in a research note on Thursday, February 8th. Eurobank EFG raised shares of Evolution Petroleum from a hold rating to a buy rating and set a $10.00 price target on the stock in a research note on Thursday, February 8th. Finally, Northland Securities set a $7.00 price target on shares of Evolution Petroleum and gave the company a hold rating in a research note on Monday, December 11th. Three analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. The company presently has a consensus rating of Buy and a consensus target price of $9.40.
Evolution Petroleum (NYSEAMERICAN:EPM) last announced its quarterly earnings results on Wednesday, February 7th. The energy company reported $0.12 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.11 by $0.01. Evolution Petroleum had a net margin of 35.03% and a return on equity of 21.51%. The firm had revenue of $11.07 million for the quarter, compared to analyst estimates of $10.66 million.
The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, March 29th. Stockholders of record on Thursday, March 15th will be issued a $0.10 dividend. The ex-dividend date is Wednesday, March 14th. This is an increase from Evolution Petroleum’s previous quarterly dividend of $0.08. This represents a $0.40 dividend on an annualized basis and a dividend yield of 4.91%. Evolution Petroleum’s dividend payout ratio (DPR) is 100.00%.
In other news, major shareholder Advisors L.L.C. Jvl sold 25,383 shares of Evolution Petroleum stock in a transaction that occurred on Thursday, February 15th. The shares were sold at an average price of $8.00, for a total value of $203,064.00. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CFO David Joe sold 16,666 shares of Evolution Petroleum stock in a transaction that occurred on Monday, February 12th. The shares were sold at an average price of $8.16, for a total transaction of $135,994.56. Following the completion of the sale, the chief financial officer now owns 345,924 shares in the company, valued at $2,822,739.84. The disclosure for this sale can be found here. Insiders sold 90,536 shares of company stock worth $703,037 over the last quarter.
Several hedge funds and other institutional investors have recently bought and sold shares of the company. Millennium Management LLC increased its holdings in Evolution Petroleum by 55.3% during the fourth quarter. Millennium Management LLC now owns 51,371 shares of the energy company’s stock worth $352,000 after buying an additional 18,302 shares during the last quarter. Two Sigma Investments LP increased its holdings in Evolution Petroleum by 14.0% during the fourth quarter. Two Sigma Investments LP now owns 56,738 shares of the energy company’s stock worth $389,000 after buying an additional 6,963 shares during the last quarter. Stone Ridge Asset Management LLC acquired a new position in Evolution Petroleum during the fourth quarter worth $170,000. Cornercap Investment Counsel Inc. increased its holdings in Evolution Petroleum by 15.5% during the fourth quarter. Cornercap Investment Counsel Inc. now owns 110,485 shares of the energy company’s stock worth $757,000 after buying an additional 14,855 shares during the last quarter. Finally, Deutsche Bank AG increased its holdings in Evolution Petroleum by 20.2% during the fourth quarter. Deutsche Bank AG now owns 105,466 shares of the energy company’s stock worth $719,000 after buying an additional 17,701 shares during the last quarter.
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Evolution Petroleum Company Profile
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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