Panhandle Oil and Gas (PHX) Lifted to “Buy” at Zacks Investment Research

Zacks Investment Research upgraded shares of Panhandle Oil and Gas (NYSE:PHX) from a hold rating to a buy rating in a research report sent to investors on Saturday morning, Zacks.com reports. The brokerage currently has $17.00 price target on the oil and gas producer’s stock.

According to Zacks, “Panhandle Royalty Company is engaged in the ownership, acquisition and management of mineral properties and the exploration for and development of oil and gas properties, principally involving wells located on the Company’s mineral interests. Panhandle and its wholly owned subsidiary, Wood Oil Company, mineral properties and other oil and gas interests are located primarily in Oklahoma New Mexico, Texas, and twenty other states. “

Separately, Scotiabank reaffirmed a buy rating and set a $4.50 target price on shares of Panhandle Oil and Gas in a report on Thursday, February 28th.



NYSE:PHX opened at $15.48 on Friday. The company has a market cap of $259.36 million, a PE ratio of 45.53 and a beta of 0.55. Panhandle Oil and Gas has a 52 week low of $14.24 and a 52 week high of $22.25. The company has a debt-to-equity ratio of 0.30, a current ratio of 4.48 and a quick ratio of 4.48.

Panhandle Oil and Gas (NYSE:PHX) last posted its earnings results on Thursday, February 7th. The oil and gas producer reported $0.47 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.07 by $0.40. The company had revenue of $12.21 million during the quarter, compared to analyst estimates of $11.79 million. Panhandle Oil and Gas had a return on equity of 6.93% and a net margin of 30.36%. Equities research analysts anticipate that Panhandle Oil and Gas will post -0.02 EPS for the current year.

In related news, VP Raphael D’amico bought 3,200 shares of the stock in a transaction dated Monday, February 11th. The stock was bought at an average cost of $15.55 per share, with a total value of $49,760.00. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 7.20% of the stock is currently owned by corporate insiders.

Several hedge funds and other institutional investors have recently modified their holdings of PHX. BlackRock Inc. boosted its position in shares of Panhandle Oil and Gas by 0.6% during the third quarter. BlackRock Inc. now owns 1,165,357 shares of the oil and gas producer’s stock worth $21,502,000 after buying an additional 6,903 shares during the period. Dimensional Fund Advisors LP boosted its position in shares of Panhandle Oil and Gas by 4.5% during the third quarter. Dimensional Fund Advisors LP now owns 704,413 shares of the oil and gas producer’s stock worth $12,997,000 after buying an additional 30,373 shares during the period. MetLife Investment Advisors LLC boosted its position in shares of Panhandle Oil and Gas by 57.9% during the third quarter. MetLife Investment Advisors LLC now owns 12,406 shares of the oil and gas producer’s stock worth $229,000 after buying an additional 4,551 shares during the period. Vanguard Group Inc boosted its position in shares of Panhandle Oil and Gas by 0.3% during the third quarter. Vanguard Group Inc now owns 710,337 shares of the oil and gas producer’s stock worth $13,106,000 after buying an additional 2,000 shares during the period. Finally, Deprince Race & Zollo Inc. boosted its position in shares of Panhandle Oil and Gas by 1,818.9% during the fourth quarter. Deprince Race & Zollo Inc. now owns 295,652 shares of the oil and gas producer’s stock worth $4,583,000 after buying an additional 280,245 shares during the period. Institutional investors and hedge funds own 60.51% of the company’s stock.

About Panhandle Oil and Gas

Panhandle Oil and Gas Inc acquires, develops, and manages oil and natural gas properties in the United States. The company produces and sells natural gas, crude oil, and natural gas liquids. Its principal properties are located in Oklahoma, Arkansas, Texas, New Mexico, and North Dakota. As of September 30, 2018, the company owned perpetual ownership of 258,555 net mineral acres; leased 17,203 net acres; and held working interests and royalty interests in 6,079 producing oil and natural gas wells, as well as had 69 wells in the process of being drilled or completed.

Further Reading: Special Dividends

Get a free copy of the Zacks research report on Panhandle Oil and Gas (PHX)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Receive News & Ratings for Panhandle Oil and Gas Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Panhandle Oil and Gas and related companies with MarketBeat.com's FREE daily email newsletter.