Evolution Petroleum (EPM) Outpaces Stock Market Gains: What You Should Know
In the latest trading session, Evolution Petroleum (EPM) closed at $8.87, marking a +1.84% move from the previous day. This change outpaced the S&P 500's 0.14% gain on the day. Elsewhere, the Dow gained 0.22%, while the tech-heavy Nasdaq added 0.09%.
Heading into today, shares of the oil and gas company had lost 8.6% over the past month, lagging the Oils-Energy sector's gain of 3.78% and the S&P 500's loss of 1.27% in that time.
Evolution Petroleum will be looking to display strength as it nears 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. Meanwhile, our latest consensus estimate is calling for revenue of $21.65 million, down 48.49% from the prior-year quarter.
It is also important to note the recent changes to analyst estimates for Evolution Petroleum. These revisions help to show the ever-changing nature of near-term business trends. As such, positive estimate revisions reflect analyst optimism about the company's business and profitability.
Research indicates that these estimate revisions are directly correlated with near-term share price momentum. To benefit from this, we have developed the Zacks Rank, a proprietary model which takes these estimate changes into account and provides an actionable rating system.
Ranging from #1 (Strong Buy) to #5 (Strong Sell), the Zacks Rank system has a proven, outside-audited track record of outperformance, with #1 stocks returning an average of +25% annually since 1988. Within the past 30 days, our consensus EPS projection remained stagnant. Evolution Petroleum is currently a Zacks Rank #2 (Buy).
Looking at its valuation, Evolution Petroleum is holding a Forward P/E ratio of 8.06. This represents a discount compared to its industry's average Forward P/E of 9.86.
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 197, which puts it in the bottom 22% 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
