Evolution Petroleum (EPM)


Market Price (10/6/2026): $3.575 | Market Cap: $-Sector: Energy | Industry: Oil & Gas Exploration & Production

Evolution Petroleum (EPM)


Market Price (10/6/2026): $3.575
Market Cap: $-
Sector: Energy
Industry: Oil & Gas Exploration & Production

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

0

Low stock price volatility
Vol 12M is 42%

Weak multi-year price returns
2Y Excs Rtn is -52%, 3Y Excs Rtn is -112%

Key risks
EPM key risks include [1] its reliance on third-party operators, Show more.

0 Low stock price volatility
Vol 12M is 42%
1 Weak multi-year price returns
2Y Excs Rtn is -52%, 3Y Excs Rtn is -112%
2 Key risks
EPM key risks include [1] its reliance on third-party operators, Show more.

EPM in ETFs

Weight = EPM's share of each fund

VTI0.00%
IWM0.00%
AVUV0.01%
IWO0.01%
VTWO0.00%
DFAS0.00%
DFAC0.00%
IWV0.00%

Valuation & Metrics

Price Chart

Why The Stock Moved

Qualitative Assessment

AI Analysis | Feedback

Updated on 10/1/2026

Evolution Petroleum (EPM) stock has remained largely at the same level since 6/30/2026 because of the following key factors:

1. Weaker Fiscal Q3 2026 Results and Subsequent Analyst Downgrade set a cautious tone.

Evolution Petroleum (EPM), which operates on a fiscal calendar ending June 30, reported its fiscal Q3 2026 (ended March 31, 2026) results on May 12, 2026. The company announced a widened net loss of $8.9 million, or $0.26 per diluted share, a significant increase from a $2.2 million loss in the prior-year quarter, with total revenues decreasing 11% year-over-year to $20.2 million. These results were attributed to lower realized commodity prices, unfavorable natural gas differentials, and unrealized hedge losses. Following this, Freedom Capital downgraded EPM from a "strong-buy" to a "hold" rating on May 20, 2026, and reduced its price target from $5.00 to $4.50, dampening investor sentiment entering the specified period.

2. Mixed Fiscal Q4 2026 Earnings Performance provided counterbalancing sentiment.

The company's fiscal Q4 2026 results (ended June 30, 2026), reported on September 15, 2026, showed a rebound in several key metrics. Evolution Petroleum reported a net income of $4.6 million ($0.13 per diluted share) compared to the prior quarter's loss, and revenues increased 20% sequentially to $24.2 million. Adjusted EBITDA more than doubled sequentially to $6.5 million. However, the adjusted loss of $0.02 per share missed analyst expectations of a $0.01 per share profit, primarily due to realized derivative losses and higher lease operating costs. This combination of strong sequential recovery in revenue and EBITDA but a miss on adjusted EPS likely prevented significant upward momentum.

Show more
Updated on 10/1/2026

Evolution Petroleum (EPM) stock has remained largely at the same level since 6/30/2026 because of the following key factors:

1. Weaker Fiscal Q3 2026 Results and Subsequent Analyst Downgrade set a cautious tone.

Evolution Petroleum (EPM), which operates on a fiscal calendar ending June 30, reported its fiscal Q3 2026 (ended March 31, 2026) results on May 12, 2026. The company announced a widened net loss of $8.9 million, or $0.26 per diluted share, a significant increase from a $2.2 million loss in the prior-year quarter, with total revenues decreasing 11% year-over-year to $20.2 million. These results were attributed to lower realized commodity prices, unfavorable natural gas differentials, and unrealized hedge losses. Following this, Freedom Capital downgraded EPM from a "strong-buy" to a "hold" rating on May 20, 2026, and reduced its price target from $5.00 to $4.50, dampening investor sentiment entering the specified period.

2. Mixed Fiscal Q4 2026 Earnings Performance provided counterbalancing sentiment.

The company's fiscal Q4 2026 results (ended June 30, 2026), reported on September 15, 2026, showed a rebound in several key metrics. Evolution Petroleum reported a net income of $4.6 million ($0.13 per diluted share) compared to the prior quarter's loss, and revenues increased 20% sequentially to $24.2 million. Adjusted EBITDA more than doubled sequentially to $6.5 million. However, the adjusted loss of $0.02 per share missed analyst expectations of a $0.01 per share profit, primarily due to realized derivative losses and higher lease operating costs. This combination of strong sequential recovery in revenue and EBITDA but a miss on adjusted EPS likely prevented significant upward momentum.

3. Share Dilution and Increased Borrowings for Acquisitions impacted investor perception.

Evolution Petroleum conducted a public offering of 3.7 million common shares priced at $3.25 per share, which closed on August 20, 2026. This offering was executed to fund an approximately $16 million acquisition of Permian mineral and royalty interests, leading to an immediate 3% decline in the company's stock price due to the dilutive effect of the increased share count. The acquisition was also partly funded by $3.2 million in additional borrowings, and the company secured a temporary increase in its credit facility borrowing base from $65 million to $73 million.

4. Volatile Commodity Prices and Geopolitical Uncertainty contributed to market hesitancy.

The broader macroeconomic environment for the oil and gas sector was marked by significant volatility. US crude futures (WTI) experienced a wide swing in the third quarter of 2026, averaging around $86 a barrel but ranging from a low of $67 in early July to a high of $107 in mid-September. Natural gas pricing continued to be a headwind in fiscal Q4 2026, with Henry Hub prices falling 7.5% year-over-year in fiscal Q2 2026. Furthermore, the ongoing "Iran war" introduced substantial uncertainty into energy markets, making future planning difficult for producers and likely constraining overall sector growth.

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Stock Movement Drivers

Fundamental Drivers

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Market Drivers

6/30/2026 to 10/5/2026
ReturnCorrelation
EPM-0.2% 
Market (SPY)3.8%-27.9%
Sector (XLE)19.5%37.1%

Fundamental Drivers

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Market Drivers

3/31/2026 to 10/5/2026
ReturnCorrelation
EPM-17.4% 
Market (SPY)19.4%-26.6%
Sector (XLE)4.3%47.3%

Fundamental Drivers

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Market Drivers

9/30/2025 to 10/5/2026
ReturnCorrelation
EPM-17.0% 
Market (SPY)17.3%-9.3%
Sector (XLE)45.2%50.1%

Fundamental Drivers

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Market Drivers

9/30/2023 to 10/5/2026
ReturnCorrelation
EPM-30.3% 
Market (SPY)87.5%19.1%
Sector (XLE)53.4%54.5%

Return vs. Risk

Price Returns Compared

 202120222023202420252026Total [1]
Returns
EPM Return86%59%-17%-2%-25%10%97%
Peers Return151%2501%-13%-7%-26%9%4194%
S&P 500 Return27%-19%24%23%16%13%106%

Monthly Win Rates [3]
EPM Win Rate58%67%42%50%50%60% 
Peers Win Rate47%62%33%48%38%54% 
S&P 500 Win Rate75%42%67%75%67%50% 

Max Drawdowns [4]
EPM Max Drawdown-29%-35%-42%-24%-32%-31% 
Peers Max Drawdown-34%-50%-39%-37%-52%-41% 
S&P 500 Max Drawdown-5%-25%-10%-8%-19%-9% 


[1] Cumulative total returns since the beginning of 2021
[2] Peers: NOG, AMPY, EP, SD, REI. See EPM Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 10/5/2026 (YTD)

How Low Can It Go

EventEPMS&P 500
2025 US Tariff Shock
  % Loss-20.0%-18.8%
  % Gain to Breakeven24.9%23.1%
  Time to Breakeven35 days79 days
2023 SVB Regional Banking Crisis
  % Loss-14.3%-6.7%
  % Gain to Breakeven16.7%7.1%
  Time to Breakeven11 days31 days
2020 COVID-19 Crash
  % Loss-55.5%-33.7%
  % Gain to Breakeven124.7%50.9%
  Time to Breakeven447 days140 days
Q4 2018 Fed Policy Error / Growth Scare
  % Loss-43.9%-19.2%
  % Gain to Breakeven78.4%23.8%
  Time to Breakeven1673 days105 days
2015-2016 China Devaluation / Global Growth Scare
  % Loss-23.9%-12.2%
  % Gain to Breakeven31.3%13.9%
  Time to Breakeven59 days62 days
2014-2016 Oil Price Collapse
  % Loss-59.6%-6.8%
  % Gain to Breakeven147.3%7.3%
  Time to Breakeven317 days15 days

Compare to NOG, AMPY, EP, SD, REI

In The Past

Evolution Petroleum's stock fell -20.0% during the 2025 US Tariff Shock. Such a loss loss requires a 24.9% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

EventEPMS&P 500
2020 COVID-19 Crash
  % Loss-55.5%-33.7%
  % Gain to Breakeven124.7%50.9%
  Time to Breakeven447 days140 days
Q4 2018 Fed Policy Error / Growth Scare
  % Loss-43.9%-19.2%
  % Gain to Breakeven78.4%23.8%
  Time to Breakeven1673 days105 days
2015-2016 China Devaluation / Global Growth Scare
  % Loss-23.9%-12.2%
  % Gain to Breakeven31.3%13.9%
  Time to Breakeven59 days62 days
2014-2016 Oil Price Collapse
  % Loss-59.6%-6.8%
  % Gain to Breakeven147.3%7.3%
  Time to Breakeven317 days15 days
2011 US Debt Ceiling Crisis & European Contagion
  % Loss-21.0%-17.9%
  % Gain to Breakeven26.6%21.8%
  Time to Breakeven102 days123 days
2010 Eurozone Sovereign Debt Crisis / Flash Crash
  % Loss-20.0%-15.4%
  % Gain to Breakeven25.1%18.2%
  Time to Breakeven72 days125 days
2008-2009 Global Financial Crisis
  % Loss-74.7%-53.4%
  % Gain to Breakeven295.2%114.4%
  Time to Breakeven361 days1085 days
Summer 2007 Credit Crunch
  % Loss-28.8%-8.6%
  % Gain to Breakeven40.5%9.5%
  Time to Breakeven28 days47 days

Compare to NOG, AMPY, EP, SD, REI

In The Past

Evolution Petroleum's stock fell -20.0% during the 2025 US Tariff Shock. Such a loss loss requires a 24.9% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

About Evolution Petroleum (EPM)

Evolution Petroleum Corporation (EPM) is an independent oil and natural gas company primarily engaged in the development, production, ownership, and management of oil and gas properties exclusively within the United States. The company's core business involves extracting hydrocarbons—specifically crude oil and natural gas—from established fields, with a strategic focus on maximizing recovery and value from these assets.

EPM's operational strategy includes utilizing advanced techniques such as CO2 enhanced oil recovery (EOR) in its significant Delhi Holt-Bryant Unit in Louisiana, which spans over 13,000 acres. Beyond this key project, Evolution Petroleum also holds interests in the Hamilton Dome field in Wyoming and the expansive Barnett Shale field in North Texas. Through these operations, the company produces essential energy resources for the domestic U.S. market, serving the broader energy industry as its primary customer base.

AI Analysis | Feedback

It's like a focused ConocoPhillips for mature oil fields, specializing in enhanced recovery techniques to maximize production.

Think of it as an "oil field landlord," similar to how a smaller Pioneer Natural Resources might meticulously optimize existing properties for long-term value.

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Major Products:

  • Crude Oil: A naturally occurring petroleum product extracted from its oil and gas properties.
  • Natural Gas: A naturally occurring hydrocarbon gas extracted from its oil and gas properties.

AI Analysis | Feedback

Evolution Petroleum Corporation (EPM) primarily sells its crude oil and natural gas production to other companies within the energy industry, rather than directly to individuals.

However, the specific names of Evolution Petroleum's major customers are not publicly disclosed in its financial filings or other public statements. Companies operating in the upstream oil and natural gas sector, like EPM, typically sell their commodity products (crude oil and natural gas) to a limited number of purchasers, such as pipeline operators, refiners, and natural gas marketers. While their 10-K reports indicate sales concentration with a few purchasers, these specific entities are not explicitly named in public documents, as is common practice in commodity markets where buyers are generally interchangeable.

Based on the nature of the company's business as an oil and natural gas producer, its major customers would generally fall into the following categories:

  • Crude Oil Purchasers: These customers typically include crude oil pipeline operators, independent crude oil marketing companies, or directly to refineries that process crude oil into refined products like gasoline, diesel, and jet fuel.
  • Natural Gas Purchasers: These customers are generally natural gas pipeline companies, midstream operators that gather and process natural gas, or large industrial users and utility companies (Local Distribution Companies - LDCs) that distribute natural gas to end-users or for power generation.

These purchasers are typically large, creditworthy companies involved in the transportation, processing, or end-use of hydrocarbons.

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Kelly W. Loyd President and Chief Executive Officer Mr. Loyd has served as President and Chief Executive Officer of Evolution Petroleum since October 2022, and as a director since 2008. He possesses over 20 years of experience in the energy sector, encompassing both investment banking and buy-side roles, with a focus on analyzing and investing in public and private energy opportunities, corporate finance, and mergers and acquisitions. Since 2004, he has been associated with Petralis Energy Partners, LLC and JVL Advisors, LLC, both private energy investment vehicles, indicating a pattern of involvement with companies backed by private energy investment firms. Prior to 2001, Mr. Loyd co-founded and served as controller of L.A.B. Sports and Entertainment. Ryan Stash Senior Vice President, Chief Financial Officer, Treasurer and Corporate Secretary Mr. Stash has served as Senior Vice President, Chief Financial Officer, and Treasurer for Evolution Petroleum since November 18, 2020. He brings over 20 years of experience in the oil and gas industry, specializing in capital raising, mergers and acquisitions, and accounting and financial reporting. Before joining Evolution, he was Vice President and Chief Financial Officer of Harvest Oil & Gas Corp. from October 2018 to November 2020. Earlier in his career, Mr. Stash served as a Managing Director at Regions Securities, focusing on the energy sector, and spent 11 years in the Energy Investment Banking Group at Wells Fargo Securities. He began his career as an auditor at Hewlett-Packard and Ernst & Young, LLP, and is a Certified Public Accountant in Texas. J. Mark Bunch Chief Operating Officer Mr. Bunch joined Evolution Petroleum in February 2023 as Chief Operating Officer. He has over 40 years of experience in the oil and gas industry. Before his tenure at Evolution, and since 2020, Mr. Bunch was a Senior Vice President and a founding partner of Alamo Resources III, LLC. Additionally, since 2016, he has provided independent consulting services to various upstream energy companies, including Evolution, through his wholly-owned firm, Dantoria Energy, LLC. His career began at Arco Oil and Gas Company in 1981, holding various reservoir and production engineering roles. Kelly M. Beatty Chief Accounting Officer Ms. Beatty serves as Evolution Petroleum's Chief Accounting Officer and has over 15 years of accounting experience. She has worked with a range of onshore and offshore exploration and production companies in both private and public sectors. Most recently, Ms. Beatty was the Controller of QuarterNorth Energy (formerly Fieldwood Energy) from 2019 to 2022. Her background also includes 10 years in financial reporting positions at other public oil and gas companies, such as Petrohawk Energy Corporation and Halcon Resources Corporation. She started her career in 2006 in the assurance practice at Ernst & Young LLP.

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The key risks to Evolution Petroleum (EPM) are primarily associated with the inherent volatility of the oil and natural gas industry, regulatory and environmental pressures on its enhanced oil recovery operations, and its financial structure, including increased debt levels.

  1. Commodity Price Volatility
    Evolution Petroleum's financial performance is highly sensitive to the fluctuating prices of crude oil and natural gas. A significant and sustained decline in these commodity prices, particularly if West Texas Intermediate (WTI) crude drops below approximately $60 per barrel, could substantially reduce the company's profit margins and impact the cash flow available for dividends. As a "higher-cost operator," Evolution Petroleum is particularly vulnerable to periods of weak oil prices. The company's earnings have shown sensitivity to commodity prices, with a reported 60% year-over-year decline in Q1 fiscal 2026 due to lower commodity pricing and elevated lease operating costs.
  2. Regulatory and Environmental Pressures, Coupled with Operational Risks of Enhanced Oil Recovery (EOR)
    Evolution Petroleum's operations, particularly its CO2 enhanced oil recovery (EOR) projects like the Delhi field, are exposed to various risks stemming from climate change concerns. These include potential regulatory changes, political scrutiny, litigation, and financial risks that could lead to increased operating and compliance costs or limit future production areas. The broader oil and gas sector faces increasing pressure to transition to cleaner energy solutions, and CO2-EOR, despite increasing oil production, carries environmental risks, including potential harm to groundwater, surface environments, and local communities, as well as the risk of CO2 leakage. Furthermore, EPM holds non-operating interests, meaning it relies on its partners to execute development and maintenance plans, which can be challenging, especially in aging assets like the Delhi or Hamilton Dome fields that require capital-intensive EOR methods to maintain production. These operations also face specific risks such as equipment degradation, leaks, blowouts, and challenges in managing contaminated fluids.
  3. Financial Risks from Increased Debt and Operating Costs
    Evolution Petroleum has recently taken on a notable amount of long-term debt, reported at $53 million as of November 2025, which marks a shift from its historically low-debt position. This increased debt, alongside the company's characterization as a "higher-cost operator," elevates its financial risk, particularly during periods of weak oil prices. The company's main risk category is identified as Finance & Corporate, accounting for a significant portion of its total identified risks.

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The accelerated adoption of Electric Vehicles (EVs) threatens demand for petroleum products, directly impacting the oil segment of Evolution Petroleum's business.

The rapid expansion and decreasing costs of grid-scale renewable energy sources (solar, wind) combined with advanced battery storage threaten demand for natural gas, a key product for Evolution Petroleum, particularly in electricity generation.

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Evolution Petroleum Corporation's addressable markets for its main products and services in the United States are as follows:

  • Upstream Oil and Natural Gas Market (U.S.): The U.S. upstream oil and gas market, which includes exploration and production activities, was approximately USD 102.6 billion in 2025.

  • CO2 Enhanced Oil Recovery (EOR) Market (U.S.): The U.S. CO2 enhanced oil recovery market surpassed USD 22 billion in 2024 and is projected to increase to approximately USD 44.25 billion by 2034.

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Evolution Petroleum (EPM) is poised for future revenue growth over the next 2-3 years, driven by several key strategies and market factors:

  1. Opportunistic Acquisitions: The company's core strategy involves the opportunistic acquisition of undervalued, proven oil and natural gas reserves and assets. Recent examples include acquisitions in the SCOOP/STACK area and TexMex, which have contributed to production growth and are expected to continue to do so. Evolution Petroleum aims to build and maintain a diversified portfolio through such strategic acquisitions.
  2. Production Optimization and Development of Existing Assets: Evolution Petroleum focuses on maximizing output from its current asset base through methodical production optimization, selective development opportunities, and exploitation efforts. This includes ongoing development activity in fields like Chaveroo and continued work in the SCOOP/STACK play, as well as resolving operational issues to enhance production from existing properties, such as the Delhi Field.
  3. Growth in Higher-Margin Mineral and Royalty Interests: The company is strategically expanding its portfolio of mineral and royalty interests. Acquisitions in areas like the SCOOP/STACK and Haynesville-Bossier Shale are expected to provide incremental high-margin production and meaningful contributions to revenue and cash flow, leveraging the inherently higher margins associated with these types of assets.
  4. Favorable Commodity Price Environment, particularly for Natural Gas: While commodity prices are inherently volatile, Evolution Petroleum's diversified portfolio, which includes significant exposure to natural gas (54% natural gas, 15% oil, and 31% natural gas liquids), positions it to benefit from favorable natural gas price trends. Recent financial results indicate that higher realized natural gas prices have contributed positively to revenue and EBITDA, offsetting declines in other commodities, and the company utilizes hedging strategies to manage price risk.

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Share Repurchases

  • Evolution Petroleum authorized a share repurchase program on September 8, 2022, allowing for repurchases of up to $25.0 million of common stock through December 31, 2024. Under this program, the company repurchased approximately 0.8 million shares at a total cost of around $4.6 million.
  • In November 2023, the company initiated a Rule 10b5-1 plan to repurchase up to $0.8 million in shares, which was effective until June 30, 2024. During the nine months ended March 31, 2024, approximately 0.1 million shares were repurchased for about $0.8 million under this plan.

Share Issuance

  • For the fiscal year 2025, Evolution Petroleum reported $3.84 million in common stock issuance.
  • A director received a restricted stock award of 24,214 shares on December 4, 2025.
  • The company acquired treasury stock during the nine months ended March 31, 2025, and 2024, to cover payroll tax withholding obligations for employee stock-based awards.

Outbound Investments

  • In March 2025, Evolution Petroleum acquired non-operated oil and natural gas assets in New Mexico, Texas, and Louisiana for $9.0 million, which is expected to add approximately 440 net barrels of oil equivalent per day (BOEPD) of low-decline production.
  • After the end of fiscal year 2025, the company made a $17 million acquisition of SCOOP/STACK royalty interests in August 2025.
  • The company is expanding its minerals and royalty platform with recent Haynesville Shale acquisitions, which are anticipated to contribute meaningfully starting in fiscal Q3 2026.

Capital Expenditures

  • Evolution Petroleum's capital expenditures were -$21.64 million for fiscal year 2025, -$49.63 million for fiscal year 2024, -$6.99 million for fiscal year 2023, and -$54.87 million for fiscal year 2022.
  • The full-year fiscal 2026 capital expenditure guidance is projected to be between $4 million and $6 million.
  • Primary focuses for capital expenditures include operational improvements at Tex-Mex, recovery of Delhi production, and efforts to achieve sustainable cost reductions at Barnett Shale.

Peer Outperformance in Oil & Gas Exploration & Production

EPM has trailed 84% of its 50 Oil & Gas Exploration & Production peers over 5Y. Oil & Gas Exploration & Production ranks 7th of 7 industries in Energy by median 5Y return. The sector’s gains have largely come from elsewhere.
Share of Oil & Gas Exploration & Production constituents that EPM has outperformed, by holding period. Peers without a full price history over a given window are excluded from that window.
1Y
10%
of 59 industry peers · -18.5% return
3Y
21%
of 56 industry peers · -23.8% return
5Y
16%
of 50 industry peers · -14.1% return
No Oil & Gas Exploration & Production peer with a comparable growth profile has beaten EPM by more than 20pp over 5Y.
Median price return by industry across the Energy sector, ranked by 5Y. Oil & Gas Exploration & Production is EPM's own industry. Use this to see which corners of the sector have carried the returns.
Industry Names 1Y med3Y med5Y med Top 3 by 5Y
Oil & Gas Refining & Marketing 11 128.2%149.7%390.4% MPC 671% · PBF 586% · VLO 549%
Integrated Oil & Gas 7 39.9%68.9%223.1% IMO 328% · SU 296% · CVE 239%
Oil & Gas Storage & Transportation 18 24.2%123.4%180.6% INSW 1012% · LPG 887% · TRGP 516%
Oil & Gas Equipment & Services 34 36.2%24.3%93.0% SEI 1009% · FTI 836% · TDW 577%
Coal & Consumable Fuels 14 -19.4%21.7%81.7% EU 973% · CCJ 309% · LEU 278%
Oil & Gas Drilling 7 60.3%7.3%60.3% VAL 141% · PDS 110% · NE 85%
Oil & Gas Exploration & Production ← 51 21.7%7.7%55.4% KGEI 10058% · OBE 6342% · EP 2583%
Median of constituents with a full price history over each window. Top names are unfiltered by size in this render.

Recent Active Movers

Peer Comparisons

Peers to compare with:

Financials

EPMNOGAMPYEPSDREIMedian
NameEvolutio.Northern.Amplify .Empire P.SandRidg.Ring Ene. 
Mkt Price3.5824.034.432.6913.731.354.00
Mkt Cap-2.50.20.10.50.30.3
Rev LTM-2,15621335180324213
Op Inc LTM-6322-14709970
FCF LTM--294-67-124220-12
FCF 3Y Avg--268-20-27539-20
CFO LTM-1,3817-6119156119
CFO 3Y Avg-1,38851-19617496

Growth & Margins

EPMNOGAMPYEPSDREIMedian
NameEvolutio.Northern.Amplify .Empire P.SandRidg.Ring Ene. 
Rev Chg LTM--3.0%-23.7%-9.0%23.2%-3.2%-3.2%
Rev Chg 3Y Avg-6.0%-17.1%-7.7%0.1%-3.2%-3.2%
Rev Chg Q-16.8%-22.9%27.0%48.0%26.7%26.7%
QoQ Delta Rev Chg LTM-4.7%-6.9%7.2%10.1%7.3%7.2%
Op Inc Chg LTM--17.5%-82.4%15.5%52.5%-0.1%-0.1%
Op Inc Chg 3Y Avg--13.3%-71.8%-78.1%-2.1%-13.6%-13.6%
Op Mgn LTM-29.3%1.1%-40.0%38.8%30.6%29.3%
Op Mgn 3Y Avg-35.0%7.5%-37.4%34.8%33.9%33.9%
QoQ Delta Op Mgn LTM-2.8%6.9%18.0%1.5%6.6%6.6%
CFO/Rev LTM-64.1%3.4%-17.4%66.2%48.1%48.1%
CFO/Rev 3Y Avg-63.7%17.8%-3.5%63.1%49.8%49.8%
FCF/Rev LTM--13.6%-31.6%-33.8%23.6%6.3%-13.6%
FCF/Rev 3Y Avg--12.3%-10.0%-65.8%37.1%2.2%-10.0%

Valuation

EPMNOGAMPYEPSDREIMedian
NameEvolutio.Northern.Amplify .Empire P.SandRidg.Ring Ene. 
Mkt Cap-2.50.20.10.50.30.3
P/S-1.20.93.12.81.01.2
P/Op Inc-4.074.7-7.97.33.24.0
P/EBIT--5.44.2-1.66.3-1.5-1.5
P/E--5.28.1-1.66.1-1.4-1.4
P/CFO-1.825.0-18.14.32.02.0
Total Yield--12.0%12.4%-64.5%20.8%-70.3%-12.0%
Dividend Yield-7.1%0.0%0.0%4.4%0.0%0.0%
FCF Yield 3Y Avg--10.3%-12.4%-17.6%11.6%-0.8%-10.3%
D/E-1.10.00.10.01.20.1
Net D/E-1.1-0.10.1-0.21.10.1

Returns

EPMNOGAMPYEPSDREIMedian
NameEvolutio.Northern.Amplify .Empire P.SandRidg.Ring Ene. 
1M Rtn0.3%-5.5%-9.6%-14.1%-4.2%-10.0%-7.5%
3M Rtn4.8%41.1%14.8%3.5%5.6%29.8%10.2%
6M Rtn-16.7%-11.9%-28.4%-6.3%-8.7%-13.5%-12.7%
12M Rtn-18.2%3.8%-11.8%-38.3%20.9%22.7%-4.0%
3Y Rtn-23.5%-25.0%-34.6%-69.0%14.7%-22.0%-24.3%
1M Excs Rtn-0.6%-5.7%-9.9%-14.1%-4.4%-10.3%-7.8%
3M Excs Rtn-1.1%29.0%7.7%-4.4%-0.7%18.0%3.5%
6M Excs Rtn-34.3%-29.4%-46.0%-23.9%-26.3%-31.2%-30.3%
12M Excs Rtn-32.8%-7.9%-24.4%-49.7%11.4%12.7%-16.2%
3Y Excs Rtn-112.0%-110.3%-121.2%-154.8%-71.9%-114.2%-113.1%

Comparison Analyses

Segment Financials

Revenue by Segment
$ Mil20252024202320222021
Crude oil5153515326
Natural gas242264393
Natural gas liquids111114174
Total868612910933


Price Behavior

Price Behavior
Market Price$3.56 
Market Cap ($ Bil)0.1 
First Trading Date01/13/1997 
Distance from 52W High-23.6% 
   50 Days200 Days
DMA Price$3.54$3.81
DMA Trendindeterminatedown
Distance from DMA0.4%-6.6%
 3M1YR
Volatility44.6%41.7%
Downside Capture-239.16-48.74
Upside Capture-174.90-63.17
Correlation (SPY)-27.9%-9.3%
EPM Betas & Captures as of 9/30/2026

 1M2M3M6M1Y3Y
Beta-1.01-1.10-1.16-1.01-0.300.47
Up Beta-1.070.580.69-1.27-0.880.34
Down Beta4.821.110.490.590.971.03
Up Capture-155%-155%-156%-79%-32%4%
Bmk +ve Days6162766132424
Stock +ve Days10223563123373
Down Capture-163%-250%-300%-211%-85%62%
Bmk -ve Days16263760120328
Stock -ve Days12202958116348

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with EPM
EPM-17.4%41.6%-0.35-
Sector ETF (XLE)46.9%21.9%1.6650.1%
Equity (SPY)16.8%13.0%0.92-9.3%
Gold (GLD)7.0%29.6%0.23-4.9%
Commodities (DBC)45.9%20.9%1.7138.7%
Real Estate (VNQ)1.6%13.6%-0.14-2.3%
Bitcoin (BTCUSD)-30.1%44.3%-0.685.7%

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Based On 5-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with EPM
EPM-1.1%44.8%0.12-
Sector ETF (XLE)23.4%25.5%0.8058.7%
Equity (SPY)13.3%17.2%0.5925.8%
Gold (GLD)18.3%18.9%0.789.3%
Commodities (DBC)10.0%19.6%0.3943.0%
Real Estate (VNQ)0.9%18.8%-0.0621.0%
Bitcoin (BTCUSD)14.9%52.2%0.4512.9%

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Based On 10-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with EPM
EPM0.5%50.2%0.21-
Sector ETF (XLE)10.8%29.6%0.4059.5%
Equity (SPY)15.4%17.9%0.7336.7%
Gold (GLD)11.5%16.4%0.574.6%
Commodities (DBC)8.4%18.1%0.3842.2%
Real Estate (VNQ)4.1%20.7%0.1632.3%
Bitcoin (BTCUSD)64.0%66.2%1.049.4%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Short Interest

Short Interest: As Of Date9152026
Short Interest: Shares Quantity3.1 Mil
Short Interest: % Change Since 83120264.6%
Average Daily Volume0.5 Mil
Days-to-Cover Short Interest6.7 days

Earnings Returns History

Updated 9/24/2026
Expand for More
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
9/15/2026-1.6%2.4% 
5/12/2026-12.1%-1.3%-11.3%
2/10/20265.5%13.0%19.0%
11/12/2025-4.4%-11.5%-10.9%
9/16/2025-0.5%-8.8%-12.4%
5/13/20251.1%-2.5%16.1%
2/11/2025-1.3%-1.7%-5.3%
11/12/20244.0%7.1%2.7%
...
SUMMARY STATS   
# Positive121112
# Negative10119
Median Positive4.7%12.3%17.6%
Median Negative-4.2%-2.5%-10.9%
Max Positive19.4%26.4%45.8%
Max Negative-20.9%-23.2%-27.3%
Collapse to Preview
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
9/15/2026-1.6%2.4% 
5/12/2026-12.1%-1.3%-11.3%
2/10/20265.5%13.0%19.0%
11/12/2025-4.4%-11.5%-10.9%
9/16/2025-0.5%-8.8%-12.4%
5/13/20251.1%-2.5%16.1%
2/11/2025-1.3%-1.7%-5.3%
11/12/20244.0%7.1%2.7%
9/10/202416.2%23.5%22.2%
5/7/20242.7%-0.2%-2.2%
2/6/20243.7%3.9%14.5%
11/7/2023-5.7%-3.2%-2.3%
9/12/2023-20.9%-23.2%-27.3%
5/9/20239.2%12.3%30.5%
2/7/20232.0%5.2%7.0%
11/8/2022-11.2%-7.6%-20.3%
9/13/202219.4%17.7%14.6%
2/10/20228.4%16.6%12.5%
5/11/2021-3.6%-2.1%26.9%
2/4/2021-4.0%-1.4%24.3%
11/9/20209.7%26.4%45.8%
9/11/20203.5%3.9%-3.5%
SUMMARY STATS   
# Positive121112
# Negative10119
Median Positive4.7%12.3%17.6%
Median Negative-4.2%-2.5%-10.9%
Max Positive19.4%26.4%45.8%
Max Negative-20.9%-23.2%-27.3%

Recent Forward Guidance

Updated 10/4/2026

Latest: Q4 2026 Earnings Reported 9/15/2026

Forward GuidanceGuidance Change
MetricSourceLowMidHigh% Chg% DeltaChangePrior
Q1 2027 DividendsReported 0.12    
2027 SCOOP/STACK Expected Gross Working-Interest Wells Brought OnlineReported 10    


Prior: Q3 2026 Earnings Reported 5/12/2026

Forward GuidanceGuidance Change
MetricSourceLowMidHigh% Chg% DeltaChangePrior
Q4 2026 Incremental ProductionReported 100    

Q2 2026 Earnings Reported 2/10/2026

Forward GuidanceGuidance Change
MetricSourceLowMidHigh% Chg% DeltaChangePrior
2026 Derivative ContractsReported      

Q1 2026 Earnings Reported 11/12/2025

Forward GuidanceGuidance Change
MetricSourceLowMidHigh% Chg% DeltaChangePrior
Q2 2026 Cash DividendReported 0.12 0 Same NewActual: 0.12 for Q1 2026
Core Cache Last Updated: 10/5/2026