Panhandle Oil and Gas (PHX) Upgraded by Zacks Investment Research to Buy

Zacks Investment Research upgraded shares of Panhandle Oil and Gas (NYSE:PHX) from a hold rating to a buy rating in a research note issued to investors on Wednesday, Zacks.com reports. They currently have $17.00 price objective 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 reiterated a buy rating and issued a $4.50 target price on shares of Panhandle Oil and Gas in a report on Thursday, February 28th.

Panhandle Oil and Gas stock traded down $0.02 during trading hours on Wednesday, reaching $15.38. The stock had a trading volume of 29,752 shares, compared to its average volume of 16,667. The company has a market capitalization of $256.65 million, a PE ratio of 28.48 and a beta of 0.55. The company has a debt-to-equity ratio of 0.30, a quick ratio of 4.48 and a current ratio of 4.48. Panhandle Oil and Gas has a 52 week low of $14.24 and a 52 week high of $22.25.

Panhandle Oil and Gas (NYSE:PHX) last announced its earnings results on Thursday, February 7th. The oil and gas producer reported $0.47 EPS for the quarter, topping the Zacks’ consensus estimate of $0.07 by $0.40. The business had revenue of $12.21 million during the quarter, compared to the consensus estimate of $11.79 million. Panhandle Oil and Gas had a net margin of 30.36% and a return on equity of 6.93%. On average, equities analysts predict that Panhandle Oil and Gas will post -0.02 earnings per share for the current fiscal year.

In related news, VP Raphael D’amico acquired 3,200 shares of the business’s stock in a transaction dated Monday, February 11th. The shares were purchased at an average price of $15.55 per share, for a total transaction of $49,760.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 7.20% of the company’s stock.

Several institutional investors and hedge funds have recently bought and sold shares of PHX. BNP Paribas Arbitrage SA increased its holdings in shares of Panhandle Oil and Gas by 1,732.8% during the first quarter. BNP Paribas Arbitrage SA now owns 3,299 shares of the oil and gas producer’s stock valued at $52,000 after acquiring an additional 3,119 shares in the last quarter. Metropolitan Life Insurance Co. NY increased its holdings in shares of Panhandle Oil and Gas by 265.2% during the fourth quarter. Metropolitan Life Insurance Co. NY now owns 6,267 shares of the oil and gas producer’s stock valued at $97,000 after acquiring an additional 4,551 shares in the last quarter. Bank of America Corp DE increased its holdings in shares of Panhandle Oil and Gas by 47.9% during the fourth quarter. Bank of America Corp DE now owns 10,703 shares of the oil and gas producer’s stock valued at $166,000 after acquiring an additional 3,466 shares in the last quarter. Hodges Capital Management Inc. acquired a new position in shares of Panhandle Oil and Gas during the first quarter valued at about $166,000. Finally, MetLife Investment Advisors LLC increased its holdings 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 valued at $229,000 after acquiring an additional 4,551 shares in the last quarter. Hedge funds and other institutional investors own 60.57% 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.

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