Zacks Investment Research Upgrades Evolution Petroleum Corp (EPM) to “Hold”
Evolution Petroleum Corp (NYSE:EPM) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research report issued to clients and investors on Friday.
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. “
Separately, Scotiabank set a $11.00 price objective on Evolution Petroleum Corp and gave the company a “buy” rating in a report on Wednesday, February 8th. Two analysts have rated the stock with a hold rating and four have given a buy rating to the company. The stock presently has an average rating of “Buy” and a consensus price target of $10.33.
Evolution Petroleum Corp (NYSE:EPM) opened at 7.95 on Friday. The firm’s 50 day moving average price is $8.41 and its 200-day moving average price is $8.11. Evolution Petroleum Corp has a 12-month low of $4.45 and a 12-month high of $10.20. The company has a market capitalization of $259.69 million and a PE ratio of 11.24.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, March 31st. Investors of record on Wednesday, March 15th will be issued a dividend of $0.07 per share. This represents a $0.28 dividend on an annualized basis and a dividend yield of 3.52%. This is a boost from Evolution Petroleum Corp’s previous quarterly dividend of $0.07. The ex-dividend date is Monday, March 13th.
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Several institutional investors have recently made changes to their positions in EPM. Punch & Associates Investment Management Inc. purchased a new position in shares of Evolution Petroleum Corp during the third quarter worth $1,570,000. Numeric Investors LLC purchased a new position in shares of Evolution Petroleum Corp during the fourth quarter worth $1,830,000. Wasatch Advisors Inc. boosted its position in shares of Evolution Petroleum Corp by 19.2% in the third quarter. Wasatch Advisors Inc. now owns 310,000 shares of the company’s stock worth $1,947,000 after buying an additional 50,000 shares in the last quarter. Arrowpoint Asset Management LLC boosted its position in shares of Evolution Petroleum Corp by 12.6% in the fourth quarter. Arrowpoint Asset Management LLC now owns 2,225,936 shares of the company’s stock worth $22,259,000 after buying an additional 249,487 shares in the last quarter. Finally, Cornercap Investment Counsel Inc. purchased a new position in shares of Evolution Petroleum Corp during the fourth quarter worth $758,000.
About Evolution Petroleum Corp
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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