Panhandle Oil and Gas Inc. (NYSE:PHX) declared a quarterly dividend on Friday, May 17th, Wall Street Journal reports. Investors of record on Tuesday, June 4th will be given a dividend of 0.04 per share by the oil and gas producer on Tuesday, June 18th. This represents a $0.16 annualized dividend and a dividend yield of 1.12%. The ex-dividend date is Monday, June 3rd.
Panhandle Oil and Gas has a dividend payout ratio of 14.2% indicating that its dividend is sufficiently covered by earnings. Analysts expect Panhandle Oil and Gas to earn $0.55 per share next year, which means the company should continue to be able to cover its $0.16 annual dividend with an expected future payout ratio of 29.1%.
Shares of Panhandle Oil and Gas stock traded down $0.39 during midday trading on Friday, hitting $14.33. 16,317 shares of the company were exchanged, compared to its average volume of 26,708. 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 company has a market capitalization of $242.89 million, a PE ratio of 42.59 and a beta of 0.52. Panhandle Oil and Gas has a 52 week low of $13.91 and a 52 week high of $21.75.
PHX has been the subject of several analyst reports. Scotiabank restated a “buy” rating and set a $4.50 target price on shares of Panhandle Oil and Gas in a research report on Thursday, February 28th. Zacks Investment Research raised Panhandle Oil and Gas from a “hold” rating to a “strong-buy” rating and set a $17.00 price target for the company in a report on Friday, May 10th.
An institutional investor recently raised its position in Panhandle Oil and Gas stock. Geode Capital Management LLC boosted its holdings in shares of Panhandle Oil and Gas Inc. (NYSE:PHX) by 4.8% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 176,169 shares of the oil and gas producer’s stock after purchasing an additional 8,042 shares during the period. Geode Capital Management LLC owned 1.06% of Panhandle Oil and Gas worth $2,730,000 as of its most recent SEC filing. 61.22% of the stock is owned by hedge funds and other institutional investors.
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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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