Why Evolution Petroleum Stock Dived by 21% Today
Evolution Petroleum (NYSEMKT: EPM) came up well short of analyst expectations with its latest earnings report, and investors punished the company for it. The oil and gas stock's price took a nearly 21% hit on the day as a result, providing quite a contrast with the rising S&P 500 index, which closed 0.1% higher.
Evolution published its fourth quarter and full-year results for fiscal 2023 after market hours on Tuesday. These showed that the energy company earned just under $18.2 million in revenue, which was a steep 57% lower on a year-over-year basis. Non-GAAP (adjusted) net income also fell sharply, plummeting to $166,000 ($0.00 per share) from Q4's 2022 profit of $15.1 million.
Neither headline fundamental came close to the consensus-prognosticator estimate. Pundits following Evolution stock were expecting the company to book $21.6 million on the top line, and net an adjusted profit of $0.06 per share.
Source Fool.com
