Investment Thesis
PHX Energy Corp. (PHXHF) has been a largely overlooked company following the elimination of its dividend in 2016 in the wake of the global oil price collapse. From June 2014 to February 2016, when the dividend was eliminated, PHX lost 92% of its value. Since that time, the company has reduced its long term debt by 78% and focused its business in the higher margin U.S. operating environment. Recent catalysts for the stock include: significant revenue and EBITDA growth, increases to capital expenditures, insider buying, an analyst upgrade and a share