PHX - PHX Minerals: An Interesting But Lagging Natural Gas Player

• PHX Minerals acts something like a royalty trust in that it purchases land that it then leases out to oil and gas producers.
• The company has a huge percentage of unleased land, which could offer growth potential but likely will not.
• The company is heavily weighted towards natural gas and the price of natural gas is likely to increase going forward, which will benefit PHX Minerals.
• The company has a remarkably low debt load, which is nice to see.
• The dividend could be sustainable but the lack of free cash flow is a real problem.

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