Zacks Investment Research Upgrades Panhandle Oil and Gas (PHX) 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 published on Wednesday, Zacks.com reports. They currently have $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 issued a $4.50 price target on shares of Panhandle Oil and Gas in a research note on Thursday, February 28th.
Panhandle Oil and Gas (NYSE:PHX) last released its quarterly earnings data on Thursday, February 7th. The oil and gas producer reported $0.47 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.07 by $0.40. The company had revenue of $12.21 million for 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%. As a group, sell-side analysts forecast that Panhandle Oil and Gas will post -0.02 EPS for the current year.
In other Panhandle Oil and Gas news, VP Raphael D’amico purchased 3,200 shares of the firm’s stock in a transaction dated Monday, February 11th. The shares were acquired at an average price of $15.55 per share, with a total value of $49,760.00. The purchase was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Corporate insiders own 7.20% of the company’s stock.
Institutional investors have recently made changes to their positions in the company. BlackRock Inc. lifted its stake in Panhandle Oil and Gas by 0.6% during the 3rd quarter. BlackRock Inc. now owns 1,165,357 shares of the oil and gas producer’s stock worth $21,502,000 after acquiring an additional 6,903 shares in the last quarter. Dimensional Fund Advisors LP lifted its stake in Panhandle Oil and Gas by 4.5% during the 3rd quarter. Dimensional Fund Advisors LP now owns 704,413 shares of the oil and gas producer’s stock worth $12,997,000 after acquiring an additional 30,373 shares in the last quarter. MetLife Investment Advisors LLC lifted its stake in Panhandle Oil and Gas by 57.9% during the 3rd quarter. MetLife Investment Advisors LLC now owns 12,406 shares of the oil and gas producer’s stock worth $229,000 after acquiring an additional 4,551 shares in the last quarter. Vanguard Group Inc lifted its stake in Panhandle Oil and Gas by 0.3% during the 3rd quarter. Vanguard Group Inc now owns 710,337 shares of the oil and gas producer’s stock worth $13,106,000 after acquiring an additional 2,000 shares in the last quarter. Finally, Deprince Race & Zollo Inc. lifted its stake in Panhandle Oil and Gas by 1,818.9% during the 4th quarter. Deprince Race & Zollo Inc. now owns 295,652 shares of the oil and gas producer’s stock worth $4,583,000 after acquiring an additional 280,245 shares in the last quarter. 60.57% of the stock is currently owned by institutional investors and hedge funds.
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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