Zacks Investment Research downgraded shares of Evolution Petroleum (NYSEAMERICAN:EPM) from a buy rating to a hold rating in a research note issued to investors on Thursday.
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. “
Several other research firms also recently issued reports on EPM. Northland Securities set a $7.00 price objective on shares of Evolution Petroleum and gave the company a hold rating in a report on Monday, December 11th. UBS Group upgraded shares of Evolution Petroleum from a neutral rating to a buy rating in a report on Thursday, February 8th. Finally, Eurobank EFG upgraded shares of Evolution Petroleum from a hold rating to a buy rating and set a $10.00 price objective on the stock in a report on Thursday, February 8th. Three research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. Evolution Petroleum presently has an average rating of Buy and a consensus price target of $9.40.
Evolution Petroleum (NYSEAMERICAN:EPM) last posted its quarterly earnings data on Wednesday, February 7th. The energy company reported $0.12 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ 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 the consensus estimate of $10.66 million.
The firm also recently declared a quarterly dividend, which will be paid on Thursday, March 29th. Investors of record on Thursday, March 15th will be issued a $0.10 dividend. This represents a $0.40 annualized dividend and a yield of 4.91%. The ex-dividend date is Wednesday, March 14th. This is an increase from Evolution Petroleum’s previous quarterly dividend of $0.08. Evolution Petroleum’s dividend payout ratio is 100.00%.
In related news, CFO David Joe sold 16,666 shares of the stock in a transaction that occurred on Monday, February 12th. The shares were 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 approximately $2,822,739.84. The sale was disclosed in a filing with the SEC, which is available through this link. Also, major shareholder Advisors L.L.C. Jvl sold 11,934 shares of the stock in a transaction that occurred on Tuesday, February 13th. The stock was sold at an average price of $8.00, for a total transaction of $95,472.00. The disclosure for this sale can be found here. In the last quarter, insiders sold 90,536 shares of company stock worth $703,037.
Large investors have recently modified their holdings of the stock. Alliancebernstein L.P. purchased a new stake in Evolution Petroleum in the 2nd quarter worth approximately $133,000. The Manufacturers Life Insurance Company boosted its position in Evolution Petroleum by 21.3% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 23,975 shares of the energy company’s stock worth $194,000 after purchasing an additional 4,215 shares in the last quarter. Stone Ridge Asset Management LLC purchased a new stake in Evolution Petroleum in the 4th quarter worth approximately $170,000. Goldman Sachs Group Inc. boosted its position in Evolution Petroleum by 117.6% in the 2nd quarter. Goldman Sachs Group Inc. now owns 27,529 shares of the energy company’s stock worth $223,000 after purchasing an additional 14,877 shares in the last quarter. Finally, Wells Fargo & Company MN boosted its position in Evolution Petroleum by 53.8% in the 3rd quarter. Wells Fargo & Company MN now owns 32,313 shares of the energy company’s stock worth $233,000 after purchasing an additional 11,307 shares in the last quarter.
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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