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 Wednesday morning. Zacks Investment Research currently has $18.00 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. “

Shares of PHX opened at $15.86 on Wednesday. The firm has a market cap of $273.72 million, a PE ratio of 46.65 and a beta of 0.40. The company has a current ratio of 1.44, a quick ratio of 1.44 and a debt-to-equity ratio of 0.40. Panhandle Oil and Gas has a one year low of $14.24 and a one year high of $23.10.

The company also recently announced a quarterly dividend, which will be paid on Thursday, March 7th. Investors of record on Tuesday, February 19th will be issued a dividend of $0.04 per share. This represents a $0.16 dividend on an annualized basis and a yield of 1.01%. The ex-dividend date of this dividend is Friday, February 15th. Panhandle Oil and Gas’s payout ratio is currently 47.06%.

In other news, Director Peter B. Delaney bought 2,000 shares of the stock in a transaction that occurred on Thursday, December 13th. The shares were purchased at an average cost of $16.07 per share, with a total value of $32,140.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 6.90% of the stock is owned by insiders.

Large investors have recently added to or reduced their stakes in the stock. BlackRock Inc. boosted its position in shares of Panhandle Oil and Gas by 3.4% in the 2nd quarter. BlackRock Inc. now owns 1,158,454 shares of the oil and gas producer’s stock worth $22,127,000 after buying an additional 38,189 shares in the last quarter. Dimensional Fund Advisors LP boosted its position in shares of Panhandle Oil and Gas by 6.5% in the 2nd quarter. Dimensional Fund Advisors LP now owns 674,040 shares of the oil and gas producer’s stock worth $12,874,000 after buying an additional 41,378 shares in the last quarter. Renaissance Technologies LLC purchased a new stake in shares of Panhandle Oil and Gas in the 2nd quarter worth about $239,000. Bank of America Corp DE boosted its position in shares of Panhandle Oil and Gas by 105.6% in the 2nd quarter. Bank of America Corp DE now owns 5,811 shares of the oil and gas producer’s stock worth $111,000 after buying an additional 2,984 shares in the last quarter. Finally, Northern Trust Corp boosted its position in shares of Panhandle Oil and Gas by 1.5% in the 2nd quarter. Northern Trust Corp now owns 230,020 shares of the oil and gas producer’s stock worth $4,394,000 after buying an additional 3,383 shares in the last quarter. 59.03% of the stock is currently owned by hedge funds and other 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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