PHX Minerals (NYSE:PHX) Lifted to Buy at Zacks Investment Research

Zacks Investment Research upgraded shares of PHX Minerals (NYSE:PHX) from a hold rating to a buy rating in a research note published on Wednesday morning, Zacks.com reports. Zacks Investment Research currently has $3.25 price target on the oil and gas producer’s stock.

According to Zacks, “PHX Minerals Inc. is an oil and natural gas mineral company. Its property principally located in Oklahoma, North Dakota, Texas, New Mexico and Arkansas. PHX Minerals Inc., formerly known as PANHANDLE OIL AND GAS INC., is based in OKLAHOMA CITY. “

PHX opened at $2.86 on Wednesday. The firm has a market cap of $64.16 million, a price-to-earnings ratio of -2.07 and a beta of 1.21. The company has a debt-to-equity ratio of 0.43, a quick ratio of 3.99 and a current ratio of 3.99. The firm’s 50-day simple moving average is $3.19 and its 200-day simple moving average is $2.40. PHX Minerals has a twelve month low of $1.36 and a twelve month high of $5.43.

PHX Minerals (NYSE:PHX) last released its quarterly earnings results on Monday, February 8th. The oil and gas producer reported $0.01 EPS for the quarter, beating the Zacks’ consensus estimate of ($0.01) by $0.02. PHX Minerals had a negative net margin of 78.94% and a positive return on equity of 3.78%. The firm had revenue of $6.19 million for the quarter, compared to analyst estimates of $7.00 million. As a group, sell-side analysts anticipate that PHX Minerals will post -0.1 EPS for the current fiscal year.

The firm also recently declared a quarterly dividend, which will be paid on Friday, June 4th. Investors of record on Thursday, May 20th will be issued a dividend of $0.01 per share. The ex-dividend date of this dividend is Wednesday, May 19th. This represents a $0.04 dividend on an annualized basis and a yield of 1.40%. PHX Minerals’s dividend payout ratio is 80.00%.

In other PHX Minerals news, major shareholder Edenbrook Capital, Llc bought 28,681 shares of the firm’s stock in a transaction dated Thursday, March 18th. The shares were bought at an average price of $3.00 per share, for a total transaction of $86,043.00. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In the last three months, insiders acquired 68,380 shares of company stock worth $205,452. Insiders own 5.70% of the company’s stock.

A number of hedge funds have recently bought and sold shares of PHX. BlackRock Inc. lifted its holdings in PHX Minerals by 2.6% during the 4th quarter. BlackRock Inc. now owns 451,574 shares of the oil and gas producer’s stock worth $1,039,000 after buying an additional 11,297 shares in the last quarter. Renaissance Technologies LLC lifted its stake in shares of PHX Minerals by 23.7% during the fourth quarter. Renaissance Technologies LLC now owns 143,000 shares of the oil and gas producer’s stock valued at $329,000 after acquiring an additional 27,400 shares during the period. GSA Capital Partners LLP boosted its holdings in PHX Minerals by 31.8% in the fourth quarter. GSA Capital Partners LLP now owns 64,277 shares of the oil and gas producer’s stock valued at $148,000 after acquiring an additional 15,507 shares during the last quarter. Northern Trust Corp increased its position in PHX Minerals by 8.2% in the fourth quarter. Northern Trust Corp now owns 53,615 shares of the oil and gas producer’s stock worth $123,000 after purchasing an additional 4,082 shares during the period. Finally, Squarepoint Ops LLC raised its holdings in PHX Minerals by 145.4% during the 4th quarter. Squarepoint Ops LLC now owns 48,954 shares of the oil and gas producer’s stock worth $113,000 after purchasing an additional 29,002 shares during the last quarter. Hedge funds and other institutional investors own 86.67% of the company’s stock.

PHX Minerals Company Profile

PHX Minerals Inc operates as a natural gas and oil mineral company in the United States. The company produces and sells natural gas, crude oil, and natural gas liquids. It owns approximately 253,000 net mineral acres principally located in Oklahoma, North Dakota, Texas, New Mexico, and Arkansas. As of September 30, 2020, it had proved reserves of 57.7 Bcfe.

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