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PHX Minerals Inc., (PHX) stock Experiences Pullback, Here’s the Reason

PHX Minerals Inc., (PHX) is a US based natural gas and oil company producing and selling natural gas, natural gas liquids and crude oil. The company owns approximately 251,000 net mineral acres principally located in Oklahoma, Texas, Louisiana, North Dakota, and Arkansas. The company sells its products to pipeline and marketing companies.

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The stock price of PHX Minerals during the regular trading hours of December 10, 2021 was reported to be $2.65 with a robust increase of 8.16%. However, it was down 2.64% at the time of writing during the regular hours of December 13, 2021.

Events and Happenings

On December 9, 2021, PHX announced about its entry into an amendment to its revolving Credit Facility under which the borrowing base of the Credit Facility has been increased from $27.5 million to $32.0 million. Additionally, PHX has entered into purchase and sale agreements of approximately 426 net royalty acres in Caddo Parish, La. Chad Stephens, President and CEO of PHX was determined that the increase in the borrowing base of the Credit Facility was an indication of a progressive company with an improving asset base.

On December 1, 2021, PHX reported that it had sold two packages of assets totaling 193 non-operated legacy working interest wellbores for a total of approximately $2.5 million. These working interest divestitures, along with the Fayetteville wellbores PHX sold last month, generated net proceeds of approximately $4.6 million and represent 692 total gross legacy wellbores divested and approximately $0.67 million in aggregate asset retirement obligation withdrawn from the Company’s balance sheet.

On November 11, 2021, PHX announced about the release of its financial results for fiscal year 2021 ended Sept. 30, 2021, on Monday, Dec. 13, 2021. Afterwards, a conference call was scheduled to discuss the results. On November 10, 2021 PHX Minerals Inc. announced three mineral and royalty acquisitions targeting the Haynesville play in East Texas and Louisiana. PHX had agreed to acquire approximately 827 net royalty acres for aggregate consideration of $5,200,000 in cash and stock from a private seller.

On November 1, 2021 PHX announced that it had sold a package of 499 non-operated legacy working interest wellbores located in the Fayetteville Shale of Arkansas to an undisclosed buyer for $2.12 million.

Key Financials

On August 6, 2021 the company announced its Q3 2021 financials ended June 30, 2021. Some of the key features are

  • Net loss during Q3 2021 was $1.4 million, or $0.05 per share, as compared to net loss of $3.6 million or $0.21 per share during the same quarter of 2020.
  • The increase in total revenue was observed as the revenue during Q3 2020 was $2.7 million versus $5.9 million for the same quarter of 2021.

Conclusion

The stock of PHX is rising high from the past few days because of the increase in the borrowing base and also selling its assets for millions of dollars. The investors are keenly putting an eye on this worth buying stock.

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