Zacks Investment Research Downgrades Panhandle Oil and Gas (NYSE:PHX) to Hold
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 cut shares of Bombardier from an “outperform” rating to a “sector perform” rating in a research note on Thursday, April 25th.
In other news, VP Freda Rose Webb acquired 3,000 shares of the firm’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 purchase was disclosed in a document filed with the SEC, which is available through the SEC website. In the last ninety days, insiders purchased 4,000 shares of company stock valued at $55,270. 7.20% of the stock is owned by insiders.
Institutional investors have recently modified their holdings of the business. BNP Paribas Arbitrage SA raised its holdings in 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 period. Metropolitan Life Insurance Co. NY boosted its position in 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 valued at $97,000 after purchasing an additional 4,551 shares in the last quarter. Hodges Capital Management Inc. bought a new stake in Panhandle Oil and Gas during the first quarter valued at about $166,000. Bank of America Corp DE boosted its position in 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 valued at $166,000 after purchasing an additional 3,466 shares in the last quarter. Finally, Rhumbline Advisers raised its stake in Panhandle Oil and Gas by 45.1% in the fourth 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.
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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