Panhandle Oil and Gas (NYSE:PHX) Rating Lowered to Hold at Zacks Investment Research

Zacks Investment Research cut shares of Panhandle Oil and Gas (NYSE:PHX) from a strong-buy rating to a hold rating in a research report sent to investors on Tuesday, Zacks.com reports.

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 lowered shares of Bombardier from an outperform rating to a sector perform rating in a report on Thursday, April 25th.

NYSE:PHX opened at $12.71 on Tuesday. The stock has a market cap of $211.08 million, a price-to-earnings ratio of 26.54 and a beta of 0.51. The company has a debt-to-equity ratio of 0.33, a quick ratio of 4.60 and a current ratio of 4.61. The company has a 50-day moving average price of $13.16. Panhandle Oil and Gas has a 12-month low of $12.22 and a 12-month high of $20.70.

The company also recently announced a quarterly dividend, which was paid on Tuesday, June 18th. Shareholders of record on Tuesday, June 4th were issued a $0.04 dividend. The ex-dividend date of this dividend was Monday, June 3rd. This represents a $0.16 dividend on an annualized basis and a yield of 1.26%. Panhandle Oil and Gas’s dividend payout ratio (DPR) is 47.06%.

In related news, VP Freda Rose Webb acquired 3,000 shares of the business’s stock in a transaction dated Thursday, May 30th. The shares were acquired at an average cost of $13.75 per share, for a total transaction of $41,250.00. The acquisition was disclosed in a filing with the SEC, which is available through the SEC website. Over the last quarter, insiders have bought 4,000 shares of company stock worth $55,270. Insiders own 7.20% of the company’s stock.

Several hedge funds have recently made changes to their positions in PHX. Rhumbline Advisers lifted its holdings in shares of Panhandle Oil and Gas by 45.1% during the 4th quarter. Rhumbline Advisers now owns 22,157 shares of the oil and gas producer’s stock worth $343,000 after acquiring an additional 6,884 shares during the period. BlackRock Inc. lifted its holdings in shares of Panhandle Oil and Gas by 0.5% during the 4th quarter. BlackRock Inc. now owns 1,171,021 shares of the oil and gas producer’s stock worth $18,151,000 after acquiring an additional 5,664 shares during the period. Los Angeles Capital Management & Equity Research Inc. lifted its holdings in shares of Panhandle Oil and Gas by 68.1% during the 4th quarter. Los Angeles Capital Management & Equity Research Inc. now owns 30,469 shares of the oil and gas producer’s stock worth $472,000 after acquiring an additional 12,340 shares during the period. Dimensional Fund Advisors LP lifted its holdings in shares of Panhandle Oil and Gas by 1.6% during the 4th quarter. Dimensional Fund Advisors LP now owns 715,806 shares of the oil and gas producer’s stock worth $11,095,000 after acquiring an additional 11,393 shares during the period. Finally, Geode Capital Management LLC lifted its holdings in shares of Panhandle Oil and Gas by 4.8% during the 4th quarter. Geode Capital Management LLC now owns 176,169 shares of the oil and gas producer’s stock worth $2,730,000 after acquiring an additional 8,042 shares during the period. Institutional investors and hedge funds own 59.47% of the company’s stock.

Panhandle Oil and Gas Company Profile

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.

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