Evolution Petroleum (EPM) Upgraded to Buy at Zacks Investment Research
Zacks Investment Research upgraded shares of Evolution Petroleum (NYSEAMERICAN:EPM) from a hold rating to a buy rating in a report published on Wednesday. They currently have $8.75 target price on the energy company’s stock.
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 recently commented on EPM. UBS Group upgraded Evolution Petroleum from a neutral rating to a buy rating in a research note on Thursday, February 8th. Eurobank EFG upgraded Evolution Petroleum from a hold rating to a buy rating and set a $10.00 price objective on the stock in a research note on Thursday, February 8th. Finally, Northland Securities set a $7.00 price objective on Evolution Petroleum and gave the stock a hold rating in a research note on Monday, December 11th. Two research analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. The stock currently has a consensus rating of Buy and an average price target of $9.35.
Evolution Petroleum (NYSEAMERICAN:EPM) last posted its quarterly earnings results on Wednesday, February 7th. The energy company reported $0.12 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.11 by $0.01. Evolution Petroleum had a return on equity of 12.54% and a net margin of 25.07%. The firm had revenue of $11.07 million during the quarter, compared to the consensus estimate of $10.66 million.
The business also recently disclosed a quarterly dividend, which will be paid on Thursday, March 29th. Shareholders of record on Thursday, March 15th will be paid a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a dividend yield of 5.10%. The ex-dividend date of this dividend is Wednesday, March 14th. This is a boost from Evolution Petroleum’s previous quarterly dividend of $0.08. Evolution Petroleum’s payout ratio is currently 62.50%.
In related news, CFO David Joe sold 16,666 shares of the business’s stock in a transaction dated Monday, February 12th. The stock was sold at an average price of $8.16, for a total value of $135,994.56. Following the transaction, the chief financial officer now owns 345,924 shares in the company, valued at $2,822,739.84. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, major shareholder Advisors L.L.C. Jvl sold 16,800 shares of the business’s stock in a transaction dated Wednesday, February 21st. The stock was sold at an average price of $7.96, for a total value of $133,728.00. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 90,536 shares of company stock worth $703,037.
Large investors have recently added to or reduced their stakes in the stock. State Street Corp lifted its stake in shares of Evolution Petroleum by 16.9% in the second quarter. State Street Corp now owns 437,746 shares of the energy company’s stock worth $3,548,000 after acquiring an additional 63,208 shares in the last quarter. Amica Pension Fund Board of Trustees raised its stake in Evolution Petroleum by 114.8% during the third quarter. Amica Pension Fund Board of Trustees now owns 227,080 shares of the energy company’s stock valued at $1,635,000 after buying an additional 121,385 shares in the last quarter. Allianz Asset Management GmbH raised its stake in Evolution Petroleum by 26.2% during the third quarter. Allianz Asset Management GmbH now owns 395,826 shares of the energy company’s stock valued at $2,850,000 after buying an additional 82,213 shares in the last quarter. Schwab Charles Investment Management Inc. raised its stake in Evolution Petroleum by 9.4% during the second quarter. Schwab Charles Investment Management Inc. now owns 197,353 shares of the energy company’s stock valued at $1,599,000 after buying an additional 16,936 shares in the last quarter. Finally, Vanguard Group Inc. raised its stake in Evolution Petroleum by 3.8% during the second quarter. Vanguard Group Inc. now owns 1,232,494 shares of the energy company’s stock valued at $9,983,000 after buying an additional 44,569 shares in 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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