Panhandle Oil and Gas (NYSE:PHX) Lifted to “Buy” at Zacks Investment Research

Zacks Investment Research upgraded shares of Panhandle Oil and Gas (NYSE:PHX) from a hold rating to a buy rating in a report published on Tuesday morning, Zacks.com reports. Zacks Investment Research currently has $13.00 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 downgraded Bombardier from an outperform rating to a sector perform rating in a report on Thursday, April 25th.

Panhandle Oil and Gas stock traded up $0.11 during mid-day trading on Tuesday, hitting $11.61. 3,074 shares of the company’s stock traded hands, compared to its average volume of 45,670. The company has a 50 day moving average of $12.76. Panhandle Oil and Gas has a fifty-two week low of $11.23 and a fifty-two week high of $20.55. The stock has a market capitalization of $195.84 million, a PE ratio of 34.15 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 also recently announced a quarterly dividend, which will be paid on Friday, September 6th. Stockholders of record on Thursday, August 22nd will be issued a dividend of $0.04 per share. This represents a $0.16 dividend on an annualized basis and a dividend yield of 1.38%. The ex-dividend date is Wednesday, August 21st. Panhandle Oil and Gas’s dividend payout ratio is currently 47.06%.

In other news, VP Freda Rose Webb bought 3,000 shares of the company’s stock in a transaction dated Thursday, May 30th. The stock was bought at an average price of $13.75 per share, with a total value of $41,250.00. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders have bought 4,000 shares of company stock valued at $55,270 in the last three months. Insiders own 7.20% of the company’s stock.

Institutional investors and hedge funds have recently bought and sold shares of the company. Deprince Race & Zollo Inc. lifted its holdings in shares of Panhandle Oil and Gas by 1,818.9% during the fourth quarter. Deprince Race & Zollo Inc. now owns 295,652 shares of the oil and gas producer’s stock worth $4,583,000 after buying an additional 280,245 shares in the last quarter. Bank of America Corp DE lifted 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 worth $166,000 after buying an additional 3,466 shares in the last quarter. BlackRock Inc. lifted its holdings in shares of Panhandle Oil and Gas by 0.5% during the fourth quarter. BlackRock Inc. now owns 1,171,021 shares of the oil and gas producer’s stock worth $18,151,000 after buying an additional 5,664 shares in the last quarter. Geode Capital Management LLC lifted its holdings in shares of Panhandle Oil and Gas by 4.8% during the fourth quarter. Geode Capital Management LLC now owns 176,169 shares of the oil and gas producer’s stock worth $2,730,000 after buying an additional 8,042 shares in the last quarter. Finally, Metropolitan Life Insurance Co. NY lifted 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 worth $97,000 after buying an additional 4,551 shares in the last quarter. 59.48% of the stock is owned by institutional investors.

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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