Northland Securities Sticks to Their Hold Rating for Evolution Petroleum Corp (EPM)

In a report released today, Jeff Grampp from Northland Securities maintained a Hold rating on Evolution Petroleum Corp (EPM), with a price target of $6.50. The company’s shares closed last Monday at $6.26, close to its 52-week low of $5.53.

Grampp commented:

“We reiterate our Market Perform rating and $6.50 PT, which implies 12x FY2021 EV/EBITDA, although note our FY2021 estimates exclude any contribution from its Phase V expansion project. OpEx: EPM reported FY4Q19 EBITDA of $5.7MM, exceeding consensus of $5.2MM and our estimate of $5.3MM due to lower production costs. Production costs of $19.04/BOE were less than our estimate of $20.60/BOE due to lower purchased CO2 volumes and lower fixed field level costs. Production of 2,057 BOEPD (81% oil) and realized prices of $55.43/BOE were pre-reported in mid-August. PV-10: The company reported year-end proved pre-tax including positive working capital balance) and a standardized measure of $127MM ($4.82/Share including positive working capital balance).”

According to, Grampp is currently ranked with no stars on a 0-5 star ranking scale, with an average return of -15.8% and a 24.2% success rate. Grampp covers the Basic Materials sector, focusing on stocks such as Sundance Energy Australia, Penn Virginia Corporation, and SilverBow Resources Inc.

Evolution Petroleum Corp has an analyst consensus of Hold, with a price target consensus of $6.50.

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The company has a one-year high of $12.83 and a one-year low of $5.53. Currently, Evolution Petroleum Corp has an average volume of 142.7K.

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Evolution Petroleum Corp. engages in the acquisition, exploitation, and development of properties for the production of crude oil and natural gas. It holds interests in the Carbon Dioxide enhanced oil recovery project in Louisiana’s Delhi Field. The company was founded by Robert S. Herlin in September 2003 and is headquartered in Houston, TX.

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