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PHX Minerals (PHX Minerals) Beneish M-Score : -3.45 (As of Apr. 28, 2024)


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What is PHX Minerals Beneish M-Score?

The zones of discrimination for M-Score is as such:

An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator.
An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.

Good Sign:

Beneish M-Score -3.45 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for PHX Minerals's Beneish M-Score or its related term are showing as below:

PHX' s Beneish M-Score Range Over the Past 10 Years
Min: -95.48   Med: -2.79   Max: -1.16
Current: -3.45

During the past 13 years, the highest Beneish M-Score of PHX Minerals was -1.16. The lowest was -95.48. And the median was -2.79.


PHX Minerals Beneish M-Score Historical Data

The historical data trend for PHX Minerals's Beneish M-Score can be seen below:

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

* Premium members only.

PHX Minerals Beneish M-Score Chart

PHX Minerals Annual Data
Trend Sep14 Sep15 Sep16 Sep17 Sep18 Sep19 Sep20 Sep21 Sep22 Dec23
Beneish M-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only -1.16 -1.50 -2.48 -2.52 -3.45

PHX Minerals Quarterly Data
Mar19 Jun19 Sep19 Dec19 Mar20 Jun20 Sep20 Dec20 Mar21 Jun21 Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23
Beneish M-Score Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only -2.92 -2.19 -3.28 -3.55 -3.45

Competitive Comparison of PHX Minerals's Beneish M-Score

For the Oil & Gas E&P subindustry, PHX Minerals's Beneish M-Score, along with its competitors' market caps and Beneish M-Score data, can be viewed below:

* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.


PHX Minerals's Beneish M-Score Distribution in the Oil & Gas Industry

For the Oil & Gas industry and Energy sector, PHX Minerals's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where PHX Minerals's Beneish M-Score falls into.



PHX Minerals Beneish M-Score Calculation

The M-score was created by Professor Messod Beneish. Instead of measuring the bankruptcy risk (Altman Z-Score) or business trend (Piotroski F-Score), M-score can be used to detect the risk of earnings manipulation. This is the original research paper on M-score.

The M-Score Variables:

The M-score of PHX Minerals for today is based on a combination of the following eight different indices:

M=-4.84+0.92 * DSRI+0.528 * GMI+0.404 * AQI+0.892 * SGI+0.115 * DEPI
=-4.84+0.92 * 0.6791+0.528 * 0.9692+0.404 * 0.7211+0.892 * 0.806+0.115 * 1.0162
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.184+4.679 * -0.087065-0.327 * 0.8018
=-3.45

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

This Year (Dec23) TTM:Last Year (Dec22) TTM:
Total Receivables was $5.36 Mil.
Revenue was 11.783 + 9.182 + 7.526 + 15.973 = $44.46 Mil.
Gross Profit was 7.618 + 5.664 + 3.633 + 11.827 = $28.74 Mil.
Total Current Assets was $10.16 Mil.
Total Assets was $166.51 Mil.
Property, Plant and Equipment(Net PPE) was $155.70 Mil.
Depreciation, Depletion and Amortization(DDA) was $8.57 Mil.
Selling, General, & Admin. Expense(SGA) was $11.97 Mil.
Total Current Liabilities was $2.01 Mil.
Long-Term Debt & Capital Lease Obligation was $33.45 Mil.
Net Income was 2.513 + 1.895 + -0.041 + 9.553 = $13.92 Mil.
Non Operating Income was -0.084 + 0.138 + -0.139 + 4.332 = $4.25 Mil.
Cash Flow from Operations was 3.361 + 6.96 + 4.916 + 8.933 = $24.17 Mil.
Total Receivables was $9.78 Mil.
Revenue was 18.27 + 17.547 + 17.384 + 1.962 = $55.16 Mil.
Gross Profit was 13.379 + 12.348 + 12.105 + -3.274 = $34.56 Mil.
Total Current Assets was $19.86 Mil.
Total Assets was $154.66 Mil.
Property, Plant and Equipment(Net PPE) was $133.96 Mil.
Depreciation, Depletion and Amortization(DDA) was $7.50 Mil.
Selling, General, & Admin. Expense(SGA) was $12.54 Mil.
Total Current Liabilities was $6.84 Mil.
Long-Term Debt & Capital Lease Obligation was $34.23 Mil.




1. DSRI = Days Sales in Receivables Index

Measured as the ratio of Revenue in Total Receivables in year t to year t-1.

A large increase in DSR could be indicative of revenue inflation.

DSRI=(Receivables_t / Revenue_t) / (Receivables_t-1 / Revenue_t-1)
=(5.356 / 44.464) / (9.784 / 55.163)
=0.120457 / 0.177365
=0.6791

2. GMI = Gross Margin Index

Measured as the ratio of gross margin in year t-1 to gross margin in year t.

Gross margin has deteriorated when this index is above 1. A firm with poorer prospects is more likely to manipulate earnings.

GMI=GrossMargin_t-1 / GrossMargin_t
=(GrossProfit_t-1 / Revenue_t-1) / (GrossProfit_t / Revenue_t)
=(34.558 / 55.163) / (28.742 / 44.464)
=0.626471 / 0.646411
=0.9692

3. AQI = Asset Quality Index

AQI is the ratio of asset quality in year t to year t-1.

Asset quality is measured as the ratio of non-current assets other than Property, Plant and Equipment to Total Assets.

AQI=(1 - (CurrentAssets_t + PPE_t) / TotalAssets_t) / (1 - (CurrentAssets_t-1 + PPE_t-1) / TotalAssets_t-1)
=(1 - (10.162 + 155.697) / 166.508) / (1 - (19.864 + 133.957) / 154.657)
=0.003898 / 0.005406
=0.7211

4. SGI = Sales Growth Index

Ratio of Revenue in year t to sales in year t-1.

Sales growth is not itself a measure of manipulation. However, growth companies are likely to find themselves under pressure to manipulate in order to keep up appearances.

SGI=Sales_t / Sales_t-1
=Revenue_t / Revenue_t-1
=44.464 / 55.163
=0.806

5. DEPI = Depreciation Index

Measured as the ratio of the rate of Depreciation, Depletion and Amortization in year t-1 to the corresponding rate in year t.

DEPI greater than 1 indicates that assets are being depreciated at a slower rate. This suggests that the firm might be revising useful asset life assumptions upwards, or adopting a new method that is income friendly.

DEPI=(Depreciation_t-1 / (Depreciaton_t-1 + PPE_t-1)) / (Depreciation_t / (Depreciaton_t + PPE_t))
=(7.496 / (7.496 + 133.957)) / (8.566 / (8.566 + 155.697))
=0.052993 / 0.052148
=1.0162

Note: If the Depreciation, Depletion and Amortization data is not available, we assume that the depreciation rate is constant and set the Depreciation Index to 1.

6. SGAI = Sales, General and Administrative expenses Index

The ratio of Selling, General, & Admin. Expense(SGA) to Sales in year t relative to year t-1.

SGA expenses index > 1 means that the company is becoming less efficient in generate sales.

SGAI=(SGA_t / Sales_t) / (SGA_t-1 /Sales_t-1)
=(11.97 / 44.464) / (12.542 / 55.163)
=0.269207 / 0.227363
=1.184

7. LVGI = Leverage Index

The ratio of total debt to Total Assets in year t relative to yeat t-1.

An LVGI > 1 indicates an increase in leverage

LVGI=((LTD_t + CurrentLiabilities_t) / TotalAssets_t) / ((LTD_t-1 + CurrentLiabilities_t-1) / TotalAssets_t-1)
=((33.446 + 2.011) / 166.508) / ((34.229 + 6.843) / 154.657)
=0.212945 / 0.265568
=0.8018

8. TATA = Total Accruals to Total Assets

Total accruals calculated as the change in working capital accounts other than cash less depreciation.

TATA=(IncomefromContinuingOperations_t - CashFlowsfromOperations_t) / TotalAssets_t
=(NetIncome_t - NonOperatingIncome_t - CashFlowsfromOperations_t) / TotalAssets_t
=(13.92 - 4.247 - 24.17) / 166.508
=-0.087065

An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator. An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.

PHX Minerals has a M-score of -3.45 suggests that the company is unlikely to be a manipulator.


PHX Minerals Beneish M-Score Related Terms

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PHX Minerals (PHX Minerals) Business Description

Traded in Other Exchanges
Address
1320 South University Drive, Suite 720, Fort Worth, TX, USA, 76107
PHX Minerals, previously Panhandle Oil & Gas, is an oil and natural gas mineral company that has employed a strategy to shift the core of its business away from drilling and toward perpetual mineral and natural gas ownership. The company owns substantial mineral acreage, principally in Oklahoma, North Dakota, Texas, New Mexico, and Arkansas, but still maintains legacy interests in natural gas and oil properties that have retired operations. The sale of natural gas, natural gas liquids, and oil continues to be the primary source of the company's revenue.
Executives
Edenbrook Capital, Llc 10 percent owner 116 RADIO CIRCLE, SUITE 202, MT. KISCO NY 10549
Chad True officer: Principal Accounting Officer 2113 NW 59TH PLACE, OKLAHOMA CITY OK 73112
Raphael D'amico officer: VP - Business Development 5400 NORTH GRAND BOULEVARD, SUITE 300, OKLAHOMA CITY OK 73112
Chad L Stephens director 100 THROCKMORTON, SUITE 1200, FORT WORTH TX 76102
Srp Capital Advisors, Llc 10 percent owner 3811 TURTLE CREEK BLVD., SUITE 1100, DALLAS TX 75219
Steven L Packebush director 3503 NW 63RD STREET, SUITE 500, OKLAHOMA CITY OK 73116-2238
Peter B Delaney director P.O. BOX 321, OKLAHOMA CITY OK 73101
Christopher T. Fraser director 9555 WEST SAM HOUSTON PARKWAY SOUTH, SUITE 600, HOUSTON TX 77099
Glen A Brown director P.O. BOX 268836, OKLAHOMA CITY OK 73126
William T Fennebresque 10 percent owner 3811 TURTLE CREEK BLVD, SUITE 1100, DALLAS TX 75219
Srpo-ii Manager, Lp 10 percent owner 3811 TURTLE CREEK BLVD, SUITE 1100, DALLAS TX 75219
Cwep-srpoii Investments, Llc other: See Explanation of Responses 3811 TURTLE CREEK BLVD, SUITE 1100, DALLAS TX 75219
Palmetto Investment Partners, Llc other: See Explanation of Responses 3811 TURTLE CREEK BLVD, SUITE 1100, DALLAS TX 75219
Palmetto Investment Partners Ii, Llc 10 percent owner 3811 TURTLE CREEK BLVD, SUITE 1100, DALLAS TX 75219
Ryan A Turner 10 percent owner 3811 TURTLE CREEK BLVD, SUITE 1100, DALLAS TX 75219