Hillsdale Investment Management Inc. Decreases Position in Evolution Petroleum Corp (EPM)
Hillsdale Investment Management Inc. trimmed its position in shares of Evolution Petroleum Corp (NYSEAMERICAN:EPM) by 6.7% during the third quarter, HoldingsChannel reports. The institutional investor owned 159,700 shares of the energy company’s stock after selling 11,400 shares during the quarter. Hillsdale Investment Management Inc.’s holdings in Evolution Petroleum were worth $1,765,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors have also recently made changes to their positions in the stock. Raymond James Financial Services Advisors Inc. purchased a new position in Evolution Petroleum in the 2nd quarter worth approximately $105,000. Meeder Asset Management Inc. increased its stake in Evolution Petroleum by 615.7% in the 2nd quarter. Meeder Asset Management Inc. now owns 12,690 shares of the energy company’s stock worth $125,000 after purchasing an additional 10,917 shares during the period. MetLife Investment Advisors LLC purchased a new position in Evolution Petroleum in the 2nd quarter worth approximately $135,000. Engineers Gate Manager LP purchased a new position in Evolution Petroleum in the 3rd quarter worth approximately $169,000. Finally, Spark Investment Management LLC purchased a new position in Evolution Petroleum in the 2nd quarter worth approximately $172,000.
Shares of EPM stock opened at $9.62 on Tuesday. Evolution Petroleum Corp has a fifty-two week low of $6.35 and a fifty-two week high of $12.83.
The firm also recently disclosed a quarterly dividend, which will be paid on Monday, December 31st. Stockholders of record on Friday, December 14th will be given a $0.10 dividend. The ex-dividend date of this dividend is Thursday, December 13th. This represents a $0.40 dividend on an annualized basis and a dividend yield of 4.16%.
In related news, CFO David Joe sold 4,306 shares of Evolution Petroleum stock in a transaction that occurred on Tuesday, October 9th. The stock was sold at an average price of $12.58, for a total transaction of $54,169.48. Following the sale, the chief financial officer now directly owns 288,448 shares in the company, valued at $3,628,675.84. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, major shareholder Advisors L.L.C. Jvl sold 119,306 shares of Evolution Petroleum stock in a transaction that occurred on Wednesday, September 19th. The shares were sold at an average price of $10.77, for a total value of $1,284,925.62. The disclosure for this sale can be found here. Over the last quarter, insiders sold 286,336 shares of company stock worth $3,038,743.
A number of equities research analysts have recently weighed in on the company. Zacks Investment Research lowered Evolution Petroleum from a “buy” rating to a “hold” rating in a research report on Wednesday, November 14th. UBS Group upgraded Evolution Petroleum from a “neutral” rating to a “buy” rating in a research report on Monday, September 17th. Johnson Rice lowered Evolution Petroleum from an “accumulate” rating to a “hold” rating and set a $10.00 price objective on the stock. in a research 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 research report on Monday, July 23rd. Four analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. The company currently has a consensus rating of “Hold” and a consensus price target of $9.30.
Evolution Petroleum Profile
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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