Zacks Investment Research downgraded shares of Panhandle Oil and Gas (NYSE:PHX) from a strong-buy rating to a hold rating in a research report released 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.

Shares of PHX stock opened at $12.74 on Tuesday. Panhandle Oil and Gas has a 12 month low of $12.22 and a 12 month high of $20.70. The company has a debt-to-equity ratio of 0.33, a current ratio of 4.61 and a quick ratio of 4.60. The firm has a market cap of $209.09 million, a price-to-earnings ratio of 37.47 and a beta of 0.51. The business has a fifty day moving average price of $13.18.

The company also recently disclosed 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 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 is currently 47.06%.

In other news, VP Freda Rose Webb acquired 3,000 shares of the business’s stock in a transaction on Thursday, May 30th. The shares were purchased at an average price of $13.75 per share, for a total transaction of $41,250.00. The purchase was disclosed in a legal filing with the SEC, which is available through this link. Insiders acquired a total of 4,000 shares of company stock worth $55,270 in the last quarter. 7.20% of the stock is currently owned by company insiders.

Several institutional investors have recently modified their holdings of PHX. BNP Paribas Arbitrage SA grew its position in shares of Panhandle Oil and Gas by 1,732.8% during the 1st quarter. BNP Paribas Arbitrage SA now owns 3,299 shares of the oil and gas producer’s stock valued at $52,000 after buying an additional 3,119 shares during the last quarter. Metropolitan Life Insurance Co. NY grew its position in shares of Panhandle Oil and Gas by 265.2% during the 4th quarter. Metropolitan Life Insurance Co. NY now owns 6,267 shares of the oil and gas producer’s stock valued at $97,000 after buying an additional 4,551 shares during the last quarter. Hodges Capital Management Inc. bought a new stake in shares of Panhandle Oil and Gas during the 1st quarter valued at about $166,000. Bank of America Corp DE grew its position in shares of Panhandle Oil and Gas by 47.9% during the 4th quarter. Bank of America Corp DE now owns 10,703 shares of the oil and gas producer’s stock valued at $166,000 after buying an additional 3,466 shares during the last quarter. Finally, Rhumbline Advisers grew its position 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 valued at $343,000 after buying an additional 6,884 shares during the last quarter. Institutional investors and hedge funds own 59.47% 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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