Evolution Petroleum (EPM) Lowered to Hold at Zacks Investment Research
Evolution Petroleum (NYSEAMERICAN:EPM) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research report issued to clients and investors on Wednesday.
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. “
EPM has been the subject of a number of other reports. UBS Group upgraded Evolution Petroleum from a “neutral” rating to a “buy” rating in a report on Monday, September 17th. Johnson Rice cut Evolution Petroleum from an “accumulate” rating to a “hold” rating and set a $10.00 price objective for the company. in a report on Wednesday, August 15th. Finally, Roth Capital reiterated a “neutral” rating and issued a $8.50 price objective on shares of Evolution Petroleum in a report on Monday, July 23rd. Four analysts have rated the stock with a hold rating and two have given a buy rating to the stock. The company has a consensus rating of “Hold” and a consensus target price of $9.30.
Evolution Petroleum (NYSEAMERICAN:EPM) last posted its quarterly earnings data on Friday, September 7th. The energy company reported $0.14 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.13 by $0.01. The firm had revenue of $11.43 million during the quarter, compared to analysts’ expectations of $11.42 million.
In related news, major shareholder Advisors L.L.C. Jvl sold 68,914 shares of the stock in a transaction dated Wednesday, September 12th. The stock was sold at an average price of $10.07, for a total transaction of $693,963.98. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO David Joe sold 4,306 shares of the stock in a transaction dated Tuesday, October 9th. The shares were sold at an average price of $12.58, for a total value of $54,169.48. Following the sale, the chief financial officer now owns 288,448 shares of the company’s stock, valued at $3,628,675.84. The disclosure for this sale can be found here. Insiders have sold a total of 286,336 shares of company stock valued at $3,038,743 over the last 90 days.
A number of hedge funds have recently modified their holdings of the stock. AQR Capital Management LLC boosted its holdings in Evolution Petroleum by 1,376.7% during the 3rd quarter. AQR Capital Management LLC now owns 310,748 shares of the energy company’s stock valued at $3,434,000 after acquiring an additional 289,705 shares during the period. MetLife Investment Advisors LLC boosted its holdings in Evolution Petroleum by 55.2% during the 3rd quarter. MetLife Investment Advisors LLC now owns 21,261 shares of the energy company’s stock valued at $235,000 after acquiring an additional 7,558 shares during the period. Man Group plc boosted its holdings in Evolution Petroleum by 21.4% during the 3rd quarter. Man Group plc now owns 162,820 shares of the energy company’s stock valued at $1,799,000 after acquiring an additional 28,732 shares during the period. Caxton Associates LP purchased a new stake in Evolution Petroleum during the 3rd quarter valued at about $139,000. Finally, Renaissance Technologies LLC boosted its holdings in Evolution Petroleum by 13.1% during the 3rd quarter. Renaissance Technologies LLC now owns 1,782,088 shares of the energy company’s stock valued at $19,692,000 after acquiring an additional 205,788 shares during the period.
About Evolution Petroleum
Evolution Petroleum Corporation, an oil and gas company, engages in the development, production, ownership, and management of oil and gas properties in the United States. The company primarily holds interests in a CO2 enhanced oil recovery project in Louisiana's Delhi field. Its Delhi Holt-Bryant Unit covers an area of 13,636 acres located in Northeast Louisiana.
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