Evolution Petroleum (EPM) Gains As Market Dips: What You Should Know
In the latest trading session, Evolution Petroleum (EPM) closed at $8.95, marking a +0.67% move from the previous day. This change outpaced the S&P 500's 0.42% loss on the day. Meanwhile, the Dow lost 0.56%, and the Nasdaq, a tech-heavy index, lost 0.08%.
Prior to today's trading, shares of the oil and gas company had lost 5.83% over the past month. This has lagged the Oils-Energy sector's gain of 4.17% and the S&P 500's gain of 1.02% in that time.
Investors will be hoping for strength from Evolution Petroleum as it approaches its next earnings release, which is expected to be September 12, 2023. The company is expected to report EPS of $0.06, down 86.36% from the prior-year quarter. Our most recent consensus estimate is calling for quarterly revenue of $21.65 million, down 48.49% from the year-ago period.
It is also important to note the recent changes to analyst estimates for Evolution Petroleum. Recent revisions tend to reflect the latest near-term business trends. With this in mind, we can consider positive estimate revisions a sign of optimism about the company's business outlook.
Based on our research, we believe these estimate revisions are directly related to near-team stock moves. Investors can capitalize on this by using the Zacks Rank. This model considers these estimate changes and provides a simple, actionable rating system.
The Zacks Rank system, which ranges from #1 (Strong Buy) to #5 (Strong Sell), has an impressive outside-audited track record of outperformance, with #1 stocks generating an average annual return of +25% since 1988. The Zacks Consensus EPS estimate remained stagnant within the past month. Evolution Petroleum is holding a Zacks Rank of #2 (Buy) right now.
Digging into valuation, Evolution Petroleum currently has a Forward P/E ratio of 8.23. For comparison, its industry has an average Forward P/E of 10.09, which means Evolution Petroleum is trading at a discount to the group.
The Oil and Gas - Exploration and Production - United States industry is part of the Oils-Energy sector. This industry currently has a Zacks Industry Rank of 207, which puts it in the bottom 18% of all 250+ industries.
The Zacks Industry Rank gauges the strength of our industry groups by measuring the average Zacks Rank of the individual stocks within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Make sure to utilize Zacks.com to follow all of these stock-moving metrics, and more, in the coming trading sessions.
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Evolution Petroleum Corporation, Inc. (EPM) : Free Stock Analysis Report
