Insider Trading to Watch for: Evolution Petroleum Corp (EPM)

 

Evolution Petroleum Corp (NYSEMKT:EPM) insider has recently participated in insider trading activity. SVP & CFO, Joe David sold 5,000 shares for $22,250 via one transaction Feb 18. Following the transaction, the insider now owns 313,028 shares in total, priced at $1,402,365.4 as of Thursday. Another notable insider trading was done by the same insider on Feb 17. Joe David Sold 8,000 shares at an average price of $4.50 for a total of $36,000.Moreover, this insider carried out a sale of 4,019 shares at $4.40 each on Feb 16. The transaction amounted to $17,684. The insider also sold 12,200 shares for $54,656 through one transaction Feb 12.

The stock has experienced a total of 14 trades in the past three months. These trades include 7 sell activities and 7 buy trades. Furthermore, over the past 12 months, the stock was traded 25 times by insiders. In 16 of these trades, the insider was a seller while an employee of the company was the buyer in just 9 instances.

Evolution Petroleum Corp (EPM) on February 3, 2016 reported financial and operating highlights for the quarter ended December 31, 2015.

Results for the Quarter Ended December 31, 2015

• Net income to common shareholders was $0.7 million, or $0.02 per share.


• Delhi net production increased to 1,801 barrels of oil per day (“BOPD”), a 6% increase over the prior quarter. Gross production in the field increased to 6,810 BOPD from 6,423 BOPD in the prior quarter.


• Average realized oil price was $39.59 per barrel, down from $46.70 per barrel in the prior quarter, resulting in Delhi revenues of $6.6 million compared to $7.3 million in the prior quarter. Realized hedge gains added $1.3 million, or $7.84 per barrel, which are reported as other income and not included in revenues.


• Delhi lifting costs were $13.44 per barrel, an 18% decrease from $16.37 in the prior quarter, due to lower field costs, lower price of CO2 and reduced volumes of CO2 purchased for the field.


• Separation of our GARP® artificial lift technology operations resulted in a one-time personnel restructuring charge of $0.7 million and non-cash impairments of $0.6 million. The recurring annual overhead cost savings to the Company are estimated to be approximately $1.0 million per year.


• Net working capital remains strong at $13.7 million, and Evolution declared its tenth consecutive quarterly cash dividend on common shares.

Randy Keys, President and CEO, said: “Despite the continuing decline in oil prices, we posted positive net income of $0.02 per common share in the second quarter, our eighth consecutive quarter of positive net income, making Evolution profitable in 19 of the last 20 quarters. Our results for the current quarter benefited from realized and unrealized hedge gains of $1.7 million, but also included $1.3 million of non-recurring personnel restructuring costs and other asset write-downs related to the separation of our GARP® artificial lift technology operations.