Wunderlich Maintains Buy Rating For Evolution Petroleum (EPM)

Wunderlich Securities maintained its Buy rating for Evolution Petroleum Corp.

but reduced the price target to $7 from $10, according to a report released this morning. It went on to state that it believed that the company’s interests in Denbury Resource’s

Delhi field were “undevalued” and that while Evolution had made a good profit selling the field, “royalty and reversionary working interests” have been overridden. Despite that, the cash flow from the Delhi field promise to help fund further ventures in Texas and Oklahoma, where deals are in play to drill multiple wells.