Zacks Investment Research cut shares of Evolution Petroleum (NYSEAMERICAN:EPM) from a buy rating to a hold rating in a research note released on Tuesday, Zacks.com reports.

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. “

Shares of EPM stock opened at $5.03 on Tuesday. Evolution Petroleum has a 12-month low of $4.95 and a 12-month high of $8.11.

Evolution Petroleum (NYSEAMERICAN:EPM) last announced its quarterly earnings results on Wednesday, February 5th. The energy company reported $0.05 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.08 by ($0.03). The company had revenue of $9.38 million for the quarter, compared to analysts’ expectations of $10.14 million.

The business also recently announced a quarterly dividend, which will be paid on Tuesday, March 31st. Shareholders of record on Monday, March 16th will be paid a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a dividend yield of 7.95%. The ex-dividend date of this dividend is Friday, March 13th.

Several hedge funds and other institutional investors have recently made changes to their positions in EPM. Nuveen Asset Management LLC bought a new position in shares of Evolution Petroleum in the second quarter worth about $3,435,000. River Road Asset Management LLC raised its stake in shares of Evolution Petroleum by 45.2% in the third quarter. River Road Asset Management LLC now owns 1,130,630 shares of the energy company’s stock worth $6,603,000 after acquiring an additional 351,921 shares during the last quarter. BlackRock Inc. raised its stake in shares of Evolution Petroleum by 6.1% in the second quarter. BlackRock Inc. now owns 3,512,065 shares of the energy company’s stock worth $25,111,000 after acquiring an additional 203,444 shares during the last quarter. WealthTrust Axiom LLC raised its stake in shares of Evolution Petroleum by 25.2% in the fourth quarter. WealthTrust Axiom LLC now owns 962,009 shares of the energy company’s stock worth $5,262,000 after acquiring an additional 193,402 shares during the last quarter. Finally, Renaissance Technologies LLC raised its stake in shares of Evolution Petroleum by 6.9% in the fourth quarter. Renaissance Technologies LLC now owns 2,594,972 shares of the energy company’s stock worth $14,194,000 after acquiring an additional 167,840 shares during the last quarter.

Evolution Petroleum Company 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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