EV Energy Partners, L.P. (EVEP) Downgraded by Zacks Investment Research
EV Energy Partners, L.P. (NASDAQ:EVEP) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research note issued to investors on Monday.
According to Zacks, “EV Energy Partners is an upstream Master Limited Partnership focused on acquiring and operating oil and gas properties within the continental United States. Its current properties are located in the Appalachian Basin, primarily in Ohio and West Virginia, and in the Monroe Field in Northern Louisiana. EVEP was formed by EnerVest Management Partners, Ltd., one of the largest and most successful managers of oil and gas assets for institutional investors, and which has a proven fourteen year track record of successfully acquiring and operating oil and gas properties in a variety of basins. “
Several other equities analysts have also weighed in on EVEP. Stifel Nicolaus lowered shares of EV Energy Partners, L.P. from a “hold” rating to a “sell” rating and decreased their target price for the company from $1.25 to $0.50 in a report on Thursday, June 8th. Citigroup Inc. reiterated a “neutral” rating and issued a $1.50 target price (down from $2.50) on shares of EV Energy Partners, L.P. in a report on Sunday, May 14th.
EV Energy Partners, L.P. (EVEP) traded up 3.2925% during mid-day trading on Monday, reaching $0.6149. 363,501 shares of the company were exchanged. EV Energy Partners, L.P. has a 1-year low of $0.53 and a 1-year high of $2.72.
EV Energy Partners, L.P. (NASDAQ:EVEP) last posted its earnings results on Wednesday, May 10th. The oil and gas company reported ($0.32) earnings per share for the quarter, missing the consensus estimate of ($0.20) by $0.12. The firm had revenue of $57 million during the quarter, compared to analyst estimates of $57.32 million. EV Energy Partners, L.P. had a negative net margin of 130.00% and a negative return on equity of 7.46%. The business’s revenue for the quarter was up 48.8% compared to the same quarter last year. During the same quarter in the previous year, the firm earned ($0.58) earnings per share. On average, analysts anticipate that EV Energy Partners, L.P. will post ($1.52) earnings per share for the current fiscal year.
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In related news, Director Mark A. Houser purchased 38,467 shares of EV Energy Partners, L.P. stock in a transaction dated Wednesday, June 14th. The shares were acquired at an average cost of $0.68 per share, with a total value of $26,157.56. Following the purchase, the director now owns 381,218 shares of the company’s stock, valued at $259,228.24. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Director Mark A. Houser purchased 40,205 shares of EV Energy Partners, L.P. stock in a transaction dated Friday, June 16th. The stock was bought at an average cost of $0.64 per share, for a total transaction of $25,731.20. Following the completion of the purchase, the director now directly owns 431,130 shares in the company, valued at approximately $275,923.20. The disclosure for this purchase can be found here. Insiders bought a total of 118,517 shares of company stock worth $77,008 over the last three months. Insiders own 10.20% of the company’s stock.
Large investors have recently added to or reduced their stakes in the stock. Raymond James Financial Services Advisors Inc. increased its stake in EV Energy Partners, L.P. by 2.8% in the first quarter. Raymond James Financial Services Advisors Inc. now owns 145,084 shares of the oil and gas company’s stock worth $215,000 after buying an additional 4,018 shares during the period. GSA Capital Partners LLP increased its stake in EV Energy Partners, L.P. by 24.0% in the fourth quarter. GSA Capital Partners LLP now owns 179,123 shares of the oil and gas company’s stock worth $374,000 after buying an additional 34,622 shares during the period. Arrow Investment Advisors LLC increased its stake in EV Energy Partners, L.P. by 11.1% in the first quarter. Arrow Investment Advisors LLC now owns 424,788 shares of the oil and gas company’s stock worth $629,000 after buying an additional 42,434 shares during the period. RR Advisors LLC bought a new stake in EV Energy Partners, L.P. during the fourth quarter worth about $209,000. Finally, Penserra Capital Management LLC bought a new stake in EV Energy Partners, L.P. during the fourth quarter worth about $2,194,000. 11.53% of the stock is currently owned by institutional investors and hedge funds.
EV Energy Partners, L.P. Company Profile
EV Energy Partners, L.P. is engaged in the acquisition, development and production of oil and natural gas properties and all of its operations are located in the United States. The Company’s oil and natural gas properties are located in the Appalachian Basin, which includes the Utica Shale; the San Juan Basin; Michigan; Central Texas, which includes the Austin Chalk area; the Mid-Continent areas in Oklahoma, Texas, Arkansas, Kansas and Louisiana; the Monroe Field in Northern Louisiana, and the Permian Basin.
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