12 Best Micro-Cap Dividend Stocks To Buy Now

9. Evolution Petroleum Corporation (NYSEAMERICAN:EPM)

Market Cap as of May 13: $152.2 Million

On May 13, Northland analyst Jeff Grampp raised the firm’s price target on Evolution Petroleum Corporation (NYSEAMERICAN:EPM) to $4.50 from $4 and maintained a Market Perform rating on the shares. The firm said Evolution reported a “tough” fiscal Q3, though stronger recent oil prices led it to raise FY27 estimates and improve dividend coverage expectations.

During the company’s fiscal Q3 2026 earnings call, CEO, President & Director Kelly Loyd said the quarter was more challenging than the second quarter because of several temporary issues. He explained that regional natural gas pricing dislocations affected the Jonah and Barnett assets, while Delhi was hurt by a one-time $1.2 million transportation adjustment tied to a prior period. Loyd also said weather-related production disruptions weighed on results during the quarter.

He noted that production remained essentially flat year over year at 6,700 BOE per day. According to Loyd, management viewed most of the quarter’s pressures as timing-related and one-time events rather than a reflection of the company’s long-term earnings potential. Loyd also said the company completed two additional mineral and royalty acquisitions in Louisiana focused on the Haynesville and Bossier shale regions. He stated that total consideration tied to the company’s Louisiana mineral acquisitions had now reached about $5 million.

He further noted that the board declared the company’s 51st consecutive quarterly dividend and its 16th straight dividend payment at $0.12 per share on May 11. Management added that it expects strong cash flow generation in the fourth quarter and beyond, which it believes supports the company’s ability to maintain the dividend.

Evolution Petroleum Corporation (NYSEAMERICAN:EPM) is an independent energy company focused on owning and investing in onshore oil and natural gas properties across the United States.