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Evolution Petroleum (EPM) Stock Jumps 6%: Will It Continue to Soar?

·2 min read

Evolution Petroleum (EPM) shares rallied 6% in the last trading session to close at $8.53. This move can be attributable to notable volume with a higher number of shares being traded than in a typical session. This compares to the stock's 18.6% gain over the past four weeks.

Shares of Evolution Petroleum went up for the second straight day. The rally on the last trading day could be attributed to the company recently reporting a strong fiscal 2022 fourth quarter and full year ended June 30, 2022 results along with announcing a 20% hike in the quarterly dividend to 12 cents per common share payable Sep 30, 2022. Higher energy price has contributed to the strength of Evolution Petroleum, an upstream operator with working interests in three oil and gas fields in three different states.

This oil and gas company is expected to post quarterly earnings of $0.38 per share in its upcoming report, which represents a year-over-year change of +137.5%. Revenues are expected to be $36.68 million, up 94.3% from the year-ago quarter.

Earnings and revenue growth expectations certainly give a good sense of the potential strength in a stock, but empirical research shows that trends in earnings estimate revisions are strongly correlated with near-term stock price movements.

For Evolution Petroleum, the consensus EPS estimate for the quarter has remained unchanged over the last 30 days. And a stock's price usually doesn't keep moving higher in the absence of any trend in earnings estimate revisions. So, make sure to keep an eye on EPM going forward to see if this recent jump can turn into more strength down the road.

The stock currently carries a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>

Evolution Petroleum is a member of the Zacks Oil and Gas - Exploration and Production - United States industry. One other stock in the same industry, Continental Resources (CLR), finished the last trading session 0.6% higher at $70.25. CLR has returned 0.4% over the past month.

For Continental Resources , the consensus EPS estimate for the upcoming report has changed +3.4% over the past month to $3.28. This represents a change of +173.3% from what the company reported a year ago. Continental Resources currently has a Zacks Rank of #3 (Hold).


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