Evolution Petroleum Corp (NYSEAMERICAN:EPM) announced a quarterly dividend on Thursday, May 9th, Wall Street Journal reports. Stockholders of record on Friday, June 14th will be given a dividend of 0.10 per share by the energy company on Friday, June 28th. This represents a $0.40 dividend on an annualized basis and a dividend yield of 5.59%. The ex-dividend date of this dividend is Thursday, June 13th.
Evolution Petroleum has raised its dividend payment by an average of 26.0% per year over the last three years and has raised its dividend every year for the last 3 years. Evolution Petroleum has a dividend payout ratio of 71.4% meaning its dividend is sufficiently covered by earnings.
Evolution Petroleum stock opened at $7.15 on Friday. Evolution Petroleum has a twelve month low of $6.17 and a twelve month high of $12.83.
A hedge fund recently raised its stake in Evolution Petroleum stock. Geode Capital Management LLC increased its position in shares of Evolution Petroleum Corp (NYSEAMERICAN:EPM) by 10.6% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 291,904 shares of the energy company’s stock after purchasing an additional 28,095 shares during the period. Geode Capital Management LLC owned 0.88% of Evolution Petroleum worth $1,990,000 at the end of the most recent quarter.
A number of research firms have recently weighed in on EPM. Zacks Investment Research raised Evolution Petroleum from a “hold” rating to a “buy” rating and set a $7.75 price objective on the stock in a research report on Wednesday, April 24th. Northland Securities reiterated a “hold” rating and set a $8.00 target price on shares of Evolution Petroleum in a research note on Thursday, March 21st. Finally, Roth Capital upgraded shares of Evolution Petroleum from a “neutral” rating to a “buy” rating and lowered their target price for the stock from $10.50 to $10.00 in a research note on Monday, February 11th. Two research analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and an average target price of $8.94.
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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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