EV Energy Partners Shares Popped: What You Need to Know
Although we don't believe in timing the market or panicking over market movements, we do like to keep an eye on big changes -- just in case they're material to our investing thesis.
What: Shares of EV Energy Partners (NAS: EVEP) climbed 10% higher today after the company released earnings.
So what: During the second quarter, the company reported net income of $39.2 million, or $1.03 per share -- more than a 100% increase from a year ago. Net income includes a $17.4 million gain on derivatives and would have reduced earnings per share to $0.57, a penny short of estimates.
Now what: A distribution of $0.761 per unit was also declared for the quarter. Management touted the company's Utica Shale stake that is under development with Chesapeake Energy (NYS: CHK) in Ohio, which should drive future results. EV Energy Partners may be put under pressure if oil prices remain low, so investors should also keep any eye on the where the price of oil heads in coming months.
Interested in more info on EV Energy Partners? Add it to your watchlist.
At the time this article was published Fool contributor Travis Hoium does not have a position in any company mentioned. You can follow Travis on Twitter at @FlushDrawFool, check out his personal stock holdings or follow his CAPS picks at TMFFlushDraw.Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.
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