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Evolution Petroleum (AMEX:EPM) Piotroski F-Score

: 6 (As of Today)
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The zones of discrimination were as such:

Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3

Evolution Petroleum has an F-score of 6 indicating the company's financial situation is typical for a stable company.

The historical rank and industry rank for Evolution Petroleum's Piotroski F-Score or its related term are showing as below:

EPM' s Piotroski F-Score Range Over the Past 10 Years
Min: 4   Med: 6   Max: 8
Current: 6

During the past 13 years, the highest Piotroski F-Score of Evolution Petroleum was 8. The lowest was 4. And the median was 6.


Evolution Petroleum Piotroski F-Score Historical Data

The historical data trend for Evolution Petroleum's Piotroski F-Score can be seen below:

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

* Premium members only.

Evolution Petroleum Annual Data
Trend Jun14 Jun15 Jun16 Jun17 Jun18 Jun19 Jun20 Jun21 Jun22 Jun23
Piotroski F-Score
Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 6.00 4.00 4.00 6.00 6.00

Evolution Petroleum Quarterly Data
Mar19 Jun19 Sep19 Dec19 Mar20 Jun20 Sep20 Dec20 Mar21 Jun21 Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23
Piotroski F-Score Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 7.00 8.00 6.00 6.00 6.00

Competitive Comparison

For the Oil & Gas E&P subindustry, Evolution Petroleum's Piotroski F-Score, along with its competitors' market caps and Piotroski F-Score data, can be viewed below:

* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.


Evolution Petroleum Piotroski F-Score Distribution

For the Oil & Gas industry and Energy sector, Evolution Petroleum's Piotroski F-Score distribution charts can be found below:

* The bar in red indicates where Evolution Petroleum's Piotroski F-Score falls into.


How is the Piotroski F-Score calculated?

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

This Year (Dec23) TTM:Last Year (Dec22) TTM:
Net Income was 13.957 + 0.166 + 1.474 + 1.082 = $16.68 Mil.
Cash Flow from Operations was 23.95 + -0.447 + 4.324 + 7.054 = $34.88 Mil.
Revenue was 36.867 + 18.174 + 20.601 + 21.024 = $96.67 Mil.
Gross Profit was 19.914 + 3.653 + 4.456 + 4.068 = $32.09 Mil.
Average Total Assets from the begining of this year (Dec22)
to the end of this year (Dec23) was
(131.66 + 137.673 + 128.317 + 127.2 + 125.966) / 5 = $130.1632 Mil.
Total Assets at the begining of this year (Dec22) was $131.66 Mil.
Long-Term Debt & Capital Lease Obligation was $0.10 Mil.
Total Current Assets was $21.15 Mil.
Total Current Liabilities was $14.53 Mil.
Net Income was 5.705 + 14.872 + 10.707 + 10.387 = $41.67 Mil.

Revenue was 25.688 + 42.02 + 39.797 + 33.676 = $141.18 Mil.
Gross Profit was 11.867 + 21.71 + 17.083 + 15.177 = $65.84 Mil.
Average Total Assets from the begining of last year (Dec21)
to the end of last year (Dec22) was
(87.161 + 116.207 + 148.047 + 141.202 + 131.66) / 5 = $124.8554 Mil.
Total Assets at the begining of last year (Dec21) was $87.16 Mil.
Long-Term Debt & Capital Lease Obligation was $0.15 Mil.
Total Current Assets was $24.08 Mil.
Total Current Liabilities was $21.17 Mil.

*Note: If the latest quarterly/semi-annual/annual total assets data is 0, then we will use previous quarterly/semi-annual/annual data for all the items in the balance sheet.

Profitability

Question 1. Return on Assets (ROA)

Net income before extraordinary items for the year divided by Total Assets at the beginning of the year.

Score 1 if positive, 0 if negative.

Evolution Petroleum's current Net Income (TTM) was 16.68. ==> Positive ==> Score 1.

Question 2. Cash Flow Return on Assets (CFROA)

Net cash flow from operating activities (operating cash flow) divided by Total Assets at the beginning of the year.

Score 1 if positive, 0 if negative.

Evolution Petroleum's current Cash Flow from Operations (TTM) was 34.88. ==> Positive ==> Score 1.

Question 3. Change in Return on Assets

Compare this year's return on assets (1) to last year's return on assets.

Score 1 if it's higher, 0 if it's lower.

ROA (This Year)=Net Income/Total Assets (Dec22)
=16.679/131.66
=0.12668236

ROA (Last Year)=Net Income/Total Assets (Dec21)
=41.671/87.161
=0.47809227

Evolution Petroleum's return on assets of this year was 0.12668236. Evolution Petroleum's return on assets of last year was 0.47809227. ==> Last year is higher ==> Score 0.

Question 4. Quality of Earnings (Accrual)

Compare Cash flow return on assets (2) to return on assets (1)

Score 1 if CFROA > ROA, 0 if CFROA <= ROA.

Evolution Petroleum's current Net Income (TTM) was 16.68. Evolution Petroleum's current Cash Flow from Operations (TTM) was 34.88. ==> 34.88 > 16.68 ==> CFROA > ROA ==> Score 1.

Funding

Question 5. Change in Gearing or Leverage

Compare this year's gearing (long-term debt divided by average total assets) to last year's gearing.

Score 0 if this year's gearing is higher, 1 otherwise.

Gearing (This Year: Dec23)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Dec22 to Dec23
=0.101/130.1632
=0.00077595

Gearing (Last Year: Dec22)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Dec21 to Dec22
=0.149/124.8554
=0.00119338

Evolution Petroleum's gearing of this year was 0.00077595. Evolution Petroleum's gearing of last year was 0.00119338. ==> This year is lower or equal to last year. ==> Score 1.

Question 6. Change in Working Capital (Liquidity)

Compare this year's current ratio (current assets divided by current liabilities) to last year's current ratio.

Score 1 if this year's current ratio is higher, 0 if it's lower

Current Ratio (This Year: Dec23)=Total Current Assets/Total Current Liabilities
=21.148/14.527
=1.45577201

Current Ratio (Last Year: Dec22)=Total Current Assets/Total Current Liabilities
=24.075/21.174
=1.13700765

Evolution Petroleum's current ratio of this year was 1.45577201. Evolution Petroleum's current ratio of last year was 1.13700765. ==> This year's current ratio is higher. ==> Score 1.

Question 7. Change in Shares in Issue

Compare the number of shares in issue this year, to the number in issue last year.

Score 0 if there is larger number of shares in issue this year, 1 otherwise.

Evolution Petroleum's number of shares in issue this year was 32.9. Evolution Petroleum's number of shares in issue last year was 33.394. ==> There is smaller number of shares in issue this year, or the same. ==> Score 1.

Efficiency

Question 8. Change in Gross Margin

Compare this year's gross margin (Gross Profit divided by sales) to last year's.

Score 1 if this year's gross margin is higher, 0 if it's lower.

Gross Margin (This Year: TTM)=Gross Profit/Revenue
=32.091/96.666
=0.33197815

Gross Margin (Last Year: TTM)=Gross Profit/Revenue
=65.837/141.181
=0.46633046

Evolution Petroleum's gross margin of this year was 0.33197815. Evolution Petroleum's gross margin of last year was 0.46633046. ==> Last year's gross margin is higher ==> Score 0.

Question 9. Change in asset turnover

Compare this year's asset turnover (total sales for the year divided by total assets at the beginning of the year) to last year's asset turnover ratio.

Score 1 if this year's asset turnover ratio is higher, 0 if it's lower

Asset Turnover (This Year)=Revenue/Total Assets at the Beginning of This Year (Dec22)
=96.666/131.66
=0.73420933

Asset Turnover (Last Year)=Revenue/Total Assets at the Beginning of Last Year (Dec21)
=141.181/87.161
=1.6197726

Evolution Petroleum's asset turnover of this year was 0.73420933. Evolution Petroleum's asset turnover of last year was 1.6197726. ==> Last year's asset turnover is higher ==> Score 0.

Evaluation

Piotroski F-Score= Que. 1+ Que. 2+ Que. 3+Que. 4+Que. 5+Que. 6+Que. 7+Que. 8+Que. 9
=1+1+0+1+1+1+1+0+0
=6

Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3

Evolution Petroleum has an F-score of 6 indicating the company's financial situation is typical for a stable company.

Evolution Petroleum  (AMEX:EPM) Piotroski F-Score Explanation

The developer of the system is Joseph D. Piotroski is relatively unknown accounting professor who shuns publicity and rarely gives interviews.

He graduated from the University of Illinois with a B.S. in accounting in 1989, received an M.B.A. from Indiana University in 1994. Five years later, in 1999, after earning a Ph.D. in accounting from the University of Michigan, he became an associate professor of accounting at the University of Chicago.

In 2000, he wrote a research paper called "Value Investing: The Use of Historical Financial Statement Information to Separate Winners from Losers" (pdf).

He wanted to see if he can develop a system (using a simple nine-point scoring system) that can increase the returns of a strategy of investing in low price to book (referred to in the paper as high book to market) value companies.

What he found was something that exceeded his most optimistic expectations.

Buying only those companies that scored highest (8 or 9) on his nine-point scale, or F-Score as he called it, over the 20 year period from 1976 to 1996 led to an average out-performance over the market of 13.4%.

Even more impressive were the results of a strategy of investing in the highest F-Score companies (8 or 9) and shorting companies with the lowest F-Score (0 or 1).

Over the same period from 1976 to 1996 (20 years) this strategy led to an average yearly return of 23%, substantially outperforming the average S&P 500 index return of 15.83% over the same period.


Evolution Petroleum Piotroski F-Score Related Terms

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Evolution Petroleum (AMEX:EPM) Business Description

Traded in Other Exchanges
N/A
Address
1155 Dairy Ashford Road, Suite 425, Houston, TX, USA, 77079
Evolution Petroleum Corp is an independent oil and gas company operating in the US. It is engaged primarily in the acquisition, exploitation, and development of properties for the production of crude oil and natural gas, onshore in the United States. The company's revenues are primarily generated from its crude oil, natural gas and NGL production from the Jonah Field in Sublette County, Wyoming; the Williston Basin in North Dakota; the Barnett Shale located in North Texas; the Hamilton Dome Field in Wyoming; and the Delhi Field in Northeast Louisiana. The revenue generated by the company includes royalty, mineral and working interests.
Executives
John Mark Bunch officer: COO 1155 DAIRY ASHFORD RD., SUITE 425, HOUSTON TX 77079
Kelly Beatty officer: Principal Accounting Officer 1155 DAIRY ASHFORD RD., SUITE 425, HOUSTON TX 77079
Myra C Bierria director 1155 DAIRY ASHFORD, SUITE 425, HOUSTON TX 77079
Ryan Stash officer: SVP & CFO 1155 DAIRY ASHFORD ROAD, SUITE 425, HOUSTON TX 77079
Roderick A. Schultz officer: Chief Accounting Officer 4621 PINERIDGE STREET, HOUSTON TX 77009
Marjorie Anne Hargrave director 999 18TH STREET, SUITE 1925N, DENVER CO 80202
Jason E. Brown officer: President & CEO 1000 LOUISIANA, SUITE 6700, HOUSTON TX 77002
Marran H. Ogilvie director 599 LEXINGTON AVENUE, NEW YORK NY 10022
David Joe officer: VP, Chief Admin. Officer 2500 CITYWEST BLVD., SUITE 1300, HOUSTON TX 77042
Jvl Advisors, L.l.c. 10 percent owner 10,000 MEMORIAL DRIVE, SUITE 550, HOUSTON TX 77024
Randall D Keys officer: President, CFO & Treasurer 3 HICKORY SHADOWS DR, HOUSTON TX 77055
Peninsula Capital Management Inc director 235 PINE STREET, SUITE 1600, SAN FRANCISCO CA 94104
Kelly William Loyd director 10000 MEMORIAL DRIVE, SUITE 550, HOUSTON TX 77024
William Dozier director 3000 SAGE #1312, HOUSTON TX 77056
Gene G Stoever director 5415 GRAYSTONE LANE, HOUSTON TX 77069