Evolution Petroleum initiated with a Buy at Alliance Global Partners

Alliance Global Partners analyst C. K. Poe Fratt initiated coverage of Evolution Petroleum (EPM) with a Buy rating and $5.70 price target implying total return potential in the 50% range, including the current dividend yield of 12%. Evolution is a diversified exploration and production company with a more than 10-year dividend track record, the analyst tells investors in a research note. The firm believes the company’s expanded asset base via acquisitions supports a more consistent dividend.