Company profile

Paul F. Blanchard
Incorporated in
Fiscal year end
Former names
Panhandle Royalty Co
IRS number

PHX stock data



7 May 20
15 Jul 20
30 Sep 20


Company financial data Financial data

Quarter (USD) Mar 20 Dec 19 Sep 19 Jun 19
Revenue 12.08M 10.58M 15.73M 16.34M
Net income -19.97M 1.89M -56.15M 4.6M
Diluted EPS -1.21 0.11 -3.35 0.28
Net profit margin -165% 17.89% -357% 28.17%
Net change in cash 230.07K -5.89M 4.63M 1.03M
Cash on hand 498.78K 268.71K 6.16M 1.53M
Annual (USD) Sep 19 Sep 18 Sep 17 Sep 16
Revenue 66.04M 45.03M 46.36M 39.06M
Net income -40.74M 14.64M 3.53M -10.29M
Diluted EPS -2.43 0.86 0.21 -0.61
Net profit margin -61.70% 32.50% 7.62% -26.34%
Net change in cash 5.63M -25.29K 86.58K -132.7K
Cash on hand 6.16M 532.5K 557.79K 471.21K

Financial data from company earnings reports

Date Owner Security Transaction Code 10b5-1 $Price #Shares $Value #Remaining
11 May 20 D'Amico Raphael Panhandle Class A Common Buy Aquire P No 4.1455 5,000 20.73K 65,419
21 Apr 20 D'Amico Raphael Panhandle Class A Common Grant Aquire A No 0.0167 21,408 357.51 60,419
25 Feb 20 D'Amico Raphael Panhandle Class A Common Buy Aquire P No 5.8963 3,500 20.64K 39,011
13 Feb 20 Chad L Stephens Panhandle Class A Common Buy Aquire P No 6.83 3,000 20.49K 109,578
10 Feb 20 Fraser Christopher T. Panhandle Class A Common Buy Aquire P No 7.05 8,000 56.4K 30,718
64.1% owned by funds/institutions
13F holders
Current Prev Q Change
Total holders 71 66 +7.6%
Opened positions 19 8 +137.5%
Closed positions 14 3 +366.7%
Increased positions 21 26 -19.2%
Reduced positions 23 17 +35.3%
13F shares
Current Prev Q Change
Total value 56.24M 151.17M -62.8%
Total shares 10.51M 9.84M +6.8%
Total puts 398.3K 0 NEW
Total calls 0 0
Total put/call ratio Infinity
Largest owners
Shares Value Change
Trigran Investments 2.4M $8.85M +0.1%
Edenbrook Capital 1.26M $4.65M NEW
BLK BlackRock 1.19M $4.38M -0.3%
Dimensional Fund Advisors 742.49K $2.74M -2.5%
Robert Robotti 730.63K $2.7M +0.1%
Vanguard 649.8K $2.4M +0.2%
N Price T Rowe Associates 587.63K $2.17M -25.6%
Parametric Portfolio Associates 465.09K $1.72M +296.7%
STT State Street 336.14K $1.24M +4.7%
Disciplined Growth Investors 313.68K $1.16M -12.3%
Largest transactions
Shares Bought/sold Change
Edenbrook Capital 1.26M +1.26M NEW
Parametric Portfolio Associates 465.09K +347.86K +296.7%
Deprince Race & Zollo 0 -346.32K EXIT
N Price T Rowe Associates 587.63K -201.76K -25.6%
Russell Investments 0 -195.54K EXIT
Punch & Associates Investment Management 0 -160.22K EXIT
Parallax Volatility Advisers 144.04K +144.04K NEW
Ranger Investment Management 0 -125.59K EXIT
North Star Asset Management 40.75K -99.69K -71.0%
Marshall Wace 55.85K +55.85K NEW

Financial report summary

  • The volatility of oil and natural gas prices, and particularly the ongoing decline in those prices, due to factors beyond our control greatly affects our financial condition, results of operations and cash available for distribution.
  • Low oil, NGL and natural gas prices for a prolonged period of time would have a material adverse effect on the Company.
  • Our future success depends on finding, developing or acquiring additional reserves and failure to find or acquire additional reserves will cause reserves and production to decline materially from their current levels.
  • Any acquisitions of additional mineral and royalty interests that we complete will be subject to substantial risks.
  • Significant capital expenditures are required to replace our reserves and conduct our business.
  • Competition in the oil and natural gas industry is intense, and most of our competitors have greater financial and other resources than we do.
  • We may be subject to information technology system failures, network disruptions, cyber-attacks or other breaches in data security.
  • The Company’s derivative activities may reduce the cash flow received for oil and natural gas sales.
  • Future legislative or regulatory changes may result in increased costs and decreased revenues, cash flows and liquidity.
  • The adoption of derivatives legislation by the U.S. Congress could have an adverse effect on us and our ability to hedge risks associated with our business.
  • The Company cannot control activities on its properties.
  • The oil and natural gas drilling and producing operations of our third-party operators involve various risks.
  • We may experience delays in the payment of royalties and be unable to replace operators that do not make required royalty payments, and we may not be able to terminate our leases with defaulting lessees if any of the operators on those leases declare bankruptcy.
  • The marketability of oil and natural gas production is dependent upon transportation, pipelines and refining facilities, which neither we nor many of our operators’ control. Any limitation in the availability of those facilities could interfere with our or our operators’ ability to market our or our operators’ production and could harm our business.
  • Concerns over general economic, business or industry conditions may have a material adverse effect on our results of operations, financial condition and cash available for distribution.
  • Conservation measures and technological advances could reduce demand for oil and natural gas.
Management Discussion
  • Our results of operations are dependent primarily upon our: existing reserve quantities; costs associated with acquiring new reserves; production quantities and related production costs; and oil, NGL and natural gas sales prices. Although a significant amount of our revenue is currently derived from the production and sale of oil, NGL and natural gas on our working interests, a growing portion of our revenue is derived from royalties received from the production and sale of oil, NGL and natural gas.
  • The Company recorded a second quarter 2020 net loss of $19,973,170, or $1.21 per share, as compared to a net loss of $1,931,334, or $0.11 per share, in the 2019 quarter. The change in net income (loss) was principally the result of an increase in provision for impairment (non-cash) and a decrease in oil, NGL and natural gas sales, partially offset by an increased gain on derivative contracts and changes in tax provision (benefit). These items are further discussed below.
  • The oil production increase is attributable to producing property royalty acquisitions in the Bakken in North Dakota and Anadarko STACK in Oklahoma, as well as new well drilling on legacy Panhandle mineral acreage in the SCOOP and STACK in Oklahoma. NGL production is relatively flat as naturally declining production in liquid-rich gas areas of the Anadarko Basin and Arkoma Stack are offset by additional production related to royalty acquisition volumes in the STACK and Bakken, new royalty wells in the SCOOP and Bakken, and operators removing more NGL from the natural gas stream. Natural gas volumes are slightly down as a result of naturally declining production in the STACK, Arkoma Stack and Fayetteville Shale, partially offset by royalty acquisition volumes in the STACK and Bakken and volumes identified in new royalty wells in the SCOOP and Bakken.  
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