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Why PHX Minerals Inc. (PHX) stock plummeted on Tuesday?

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PHX Minerals Inc. (PHX) shares fell 0.27% in after-hours on Tuesday, July 2, 2021, and closed the week at $3.73 per share. Earlier, PHX’s stock lost 11.16% to close Tuesday’s session at $3.74. PHX shares have risen 40.60% over the last 12 months, and they have moved down 0.80% in the past week. Over the past three months, the stock has gained 28.97%, while over the past six months, it has declined 58.47%.

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Let’s see is there any recent news or development about PHX?

Latest financial result announcement

On May 6, 2021, PHX MINERALS INC released its financial and operating results for the second quarter ended March 31, 2021.

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Q2 2021 financial highlights

Partial Exercise of Over-Allotment Option

On April 22, 2021, PHX Minerals Inc announced that the underwriters of its recent public offering of common stock exercised their option to purchase an additional 675,000 shares of common stock at a price to the public of $2.00 per share, increasing the total number of shares purchased to 6,175,000.

The company will get net proceeds of $11,209,000 and will use it for pending acquisitions.

Recent share purchased by the independent director

On April 21, 2021, the Independent Director of the company Christopher Fraser paid US$2.00 per share to buy US$160k worth of the stock.

Pricing of Upsized Common Stock Offering

On April 16, 2021, PHX Minerals Inc announced the pricing of an underwritten public offering of 5,500,000 shares of the Company’s common stock at a price to the public of $2.00 per share. The Company was initially offering 5,000,000 shares of common stock. In addition, the Company granted the underwriters a 30-day option to purchase up to 825,000 additional shares of common stock at the same price per share.

Acquisition of Southern SCOOP play

On April 15, 2021, PHX Minerals Inc agreed to acquire southern SCOOP play for $11,947,000 in cash and stock from certain third parties certain mineral and royalty interests totaling approximately 2,698 net royalty acres.

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Conclusion

Well, in the absence of any recent news or development, PHX loss on Tuesday is a bit strange and does not make any sense. We hope that PJX will recover its loss in the coming days.

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