Roth/MKM Reiterates Buy Rating on Evolution Petroleum (EPM)

Roth/MKM analyst John White reiterated a Buy rating and $8.25 price target on Evolution Petroleum (NYSE: EPM).

The analyst comments "Our estimates for F1Q 2025 EPS/CFPS/EBITDA decline from $0.06/$0.22/ $8.7 million to $0.04/$0.20/$7.5 million, as our previous forecast for Henry Hub natural gas of $2.35/MMBtu proved too high compared to the actual price of $2.11/MMBtu and our WTI crude oil price forecast of $83.00/bbl was too high as the actual price was $75.27/bbl. Our production estimate for F1Q 2025 is essentially unchanged at 7,241 BOE per day compared to our previous estimate of 7,312 BOE per day. During the F4Q quarter, EPM’s operators turned-in-line 10 gross wells in the SCOOP/STACK. Additionally, EPM has agreed to participate in three gross new horizontal wells across the acreage. In the Chaveroo oilfield, EPM plans to participate in fiscal 2025 for its full 50% interest in four horizontal wells. These operations are expected to begin in fiscal 2Q 2025. EPM has agreed to six additional horizontal wells that are estimated to begin in fiscal 1Q 2026."

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Shares of Evolution Petroleum closed at $5.39 yesterday.

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