PHX - Panhandle Oil and Gas Inc Stock Price, Fair Value and News

3.53USD+0.20 (+6.01%)Market Closed

Market Summary

USD3.53+0.20

Market Closed

6.01%

PHX Alerts

1 major insider buys recently.

PHX Stock Price

View Fullscreen

PHX RSI Chart

PHX Valuation

Market Cap

124.7M

Price/Earnings (Trailing)

8.96

Price/Sales (Trailing)

3.23

EV/EBITDA

5.29

Price/Free Cashflow

5.16

PHX Price/Sales (Trailing)

PHX Profitability

EBT Margin

48.34%

Return on Equity

11.3%

Return on Assets

8.36%

Free Cashflow Yield

19.39%

PHX Fundamentals

PHX Revenue

Revenue (TTM)

38.6M

Rev. Growth (Yr)

-56.4%

Rev. Growth (Qtr)

-27.06%

PHX Earnings

Earnings (TTM)

13.9M

Earnings Growth (Yr)

-24.89%

Earnings Growth (Qtr)

32.61%

Breaking Down PHX Revenue

Last 7 days

4.3%

Last 30 days

7.0%

Last 90 days

4.3%

Trailing 12 Months

27.7%

How does PHX drawdown profile look like?

PHX Financial Health

Current Ratio

5.05

Debt/Equity

0.27

Debt/Cashflow

0.74

PHX Investor Care

Dividend Yield

2.93%

Dividend/Share (TTM)

0.1

Shares Dilution (1Y)

2.56%

Diluted EPS (TTM)

0.4

Historical Charts for Stock Metrics

Get all data in R, Python etc through our Historical Stock Data APIs

Net sales

Year	Q1	Q2	Q3	Q4
2023	72.3M	59.9M	47.0M	38.6M
2022	43.4M	52.1M	69.9M	68.1M
2021	20.9M	29.1M	29.5M	39.9M
2020	50.7M	37.0M	25.0M	23.8M
2019	55.1M	61.9M	66.0M	47.0M
2018	49.2M	46.4M	45.0M	58.9M
2017	41.0M	43.6M	46.3M	51.8M
2016	44.2M	42.4M	39.1M	34.7M
2015	91.9M	85.3M	70.9M	51.3M
2014	74.3M	74.9M	84.4M	97.0M
2013	51.5M	55.5M	62.9M	67.1M
2012	47.9M	49.9M	48.5M	49.3M
2011	48.5M	46.7M	45.0M	48.5M
2010	0	44.6M	51.9M	50.2M
2009	0	0	37.3M	0

Get all data in R, Python etc through our Historical Stock Data APIs

GRUFITY'S FAIR VALUE MODEL

Stocks Marked 'Very Cheap' by Grufity's Fair Value Model Have Outperformed Russell 2000 Index

Small Caps and Mid Caps are mostly overlooked by investors as all the focus goes to Magnificent 7. These stocks that are not part of the beauty contest require a deeper look. However, all large cap stocks were once small caps. Grufity's Fair Value model opens up this unverse as it separates high-performing, rewarding stocks from low-performing risky stocks. <b>Russell 2000 stocks that were marked 'Very Cheap' by the model doubled in three years while the index was flat.</b>

Returns of $10,000 invested in:

Very Cheap Stocks: $21,859
Russell 2000 Index: $10,334
Very Expensive Stocks: $8,224

Russell 2000 stocks considered 'Very Cheap' by the model greatly outperformed Russell 2000 index and the 'Very Expensive' bucket over past three years.

Russell 2000 Index

Very Expensive Stocks

Very Cheap Stocks

Try For Just $1.99

Tracking the Latest Insider Buys and Sells of Panhandle Oil and Gas Inc

Filter Transactions

Datesorted ascending	Name	Buy/Sell	$ Value	Avg. Price	# Shares	Title
Mar 26, 2024	true chad	bought	3,220	3.22	1,000	principal accounting officer
Mar 25, 2024	behrman mark t	bought	74,046	3.21943	23,000	-
Mar 14, 2024	d'amico raphael	bought	10,640	3.04	3,500	svp - cfo
Dec 28, 2023	true chad	acquired	-	-	24,320	principal accounting officer
Dec 28, 2023	delaney peter b	acquired	-	-	19,484	-
Dec 28, 2023	stephens chad l	acquired	-	-	247,002	chief executive officer
Dec 28, 2023	packebush steven l	acquired	-	-	19,484	-
Dec 28, 2023	d'amico raphael	acquired	-	-	101,888	svp - cfo
Dec 28, 2023	behrman mark t	acquired	-	-	19,484	-
Dec 28, 2023	brown glen a	acquired	-	-	19,484	-

Which funds bought or sold PHX recently?

View All Details

Datesorted ascending	Fund Name	Type	% Chg	$ Change	$ Held	% Portfolio
Apr 22, 2024	PFG Investments, LLC	new	-	82,355	82,355	-%
Apr 19, 2024	Mesirow Financial Investment Management, Inc.	reduced	-23.15	-46,342	194,602	0.97%
Apr 18, 2024	Requisite Capital Management, LLC	unchanged	-	11,130	199,751	0.04%
Apr 11, 2024	MARYLAND CAPITAL ADVISORS INC.	unchanged	-	95.00	1,705	-%
Apr 10, 2024	Founders Capital Management	unchanged	-	1,520	27,280	0.02%
Apr 08, 2024	TOMPKINS FINANCIAL CORP	sold off	-100	-1,678	-	-%
Mar 22, 2024	PNC FINANCIAL SERVICES GROUP, INC.	reduced	-10.87	-3,542	13,202	-%
Mar 11, 2024	VANGUARD GROUP INC	added	0.45	-591,557	4,717,640	-%
Feb 16, 2024	GSA CAPITAL PARTNERS LLP	reduced	-49.27	-243,000	198,000	0.02%
Feb 15, 2024	BARCLAYS PLC	reduced	-72.04	-23,000	7,000	-%

Are Funds Buying or Selling PHX?

Are funds buying PHX calls or puts?

Calls

Puts

No. of funds holding Calls - Puts

Net Call Options

No. of funds that own PHX

No. of Funds

PHX Alerts

1 major insider buys recently.

Unveiling Panhandle Oil and Gas Inc's Major ShareHolders

Date Filed	Name of Filer	Percent of Class	No. of Shares	Form Type
Feb 14, 2024	srp capital advisors, llc	8.3%	3,057,036	SC 13G/A
Feb 14, 2024	punch & associates investment management, inc.	7.40%	2,745,884	SC 13G
Jan 26, 2024	edenbrook capital, llc	9.94%	3,679,546	SC 13G/A
Feb 07, 2023	edenbrook capital, llc	14.38%	5,249,095	SC 13G/A
Sep 01, 2022	ghk royalty llc	13.5%	3e+06	SC 13G/A
Sep 01, 2022	hefner robert a iii	9.67%	3,165,570	SC 13G/A
Sep 01, 2022	hefner robert a iii	13.5%	3e+06	SC 13G/A
Feb 14, 2022	srp capital advisors, llc	10.76%	3,549,207	SC 13G/A
Feb 10, 2022	edenbrook capital, llc	14.78%	5,094,571	SC 13G/A
Oct 06, 2021	trigran investments, inc.	4.99%	1,516,597	SC 13G/A

Recent SEC filings of Panhandle Oil and Gas Inc

View All Filings

Date Filed	Form Type	Document
Apr 18, 2024	8-K	Current Report
Apr 10, 2024	EFFECT	EFFECT
Apr 05, 2024	DEFA14A	DEFA14A
Apr 05, 2024	DEF 14A	DEF 14A
Mar 26, 2024	PRE 14A	PRE 14A
Mar 26, 2024	4	Insider Trading
Mar 26, 2024	4	Insider Trading
Mar 14, 2024	4	Insider Trading
Mar 12, 2024	S-3	S-3
Mar 12, 2024	8-K	Current Report

Peers (Alternatives to Panhandle Oil and Gas Inc)

Name	Mkt Capsorted ascending	Revenue	Price %, 1M	Returns, 1Y	P/E	P/S	Rev 1-Yr	Inc 1-Yr
LARGE-CAP
XOM	480.3B	344.6B	6.63%	2.38%	13.34	1.39	-16.70%	-35.40%
CVX	303.9B	200.9B	5.29%	-5.04%	14.22	1.51	-18.40%	-39.75%
OXY	59.2B	28.9B	5.61%	7.38%	12.61	2.05	-22.04%	-64.70%
MRO	15.9B	6.6B	2.69%	12.54%	10.22	2.39	-17.41%	-56.98%
CHK	11.9B	8.7B	2.61%	7.38%	4.9	1.36	-25.73%	-50.99%
MID-CAP
RRC	8.5B	2.2B	10.15%	42.39%	17.6	3.86	-62.59%	-77.29%
HP	4.2B	2.8B	2.54%	14.07%	9.68	1.48	19.47%	177.97%
CNX	3.7B	3.4B	5.94%	53.51%	2.12	1.06	172.35%	1311.12%
KOS	2.8B	1.7B	0.34%	-14.77%	13.14	1.65	-26.01%	-5.75%
CPE	2.4B	2.1B	12.10%	1.07%	5.93	1.13	-35.04%	-60.65%
SMALL-CAP
AMPY	291.3M	307.6M	16.98%	4.99%	0.74	0.95	-32.91%	578.62%
AMTX	166.2M	186.7M	-30.16%	80.93%	-3.58	0.89	-27.21%	56.92%
BATL	86.2M	220.8M	-8.07%	-26.71%	-28.29	0.39	-38.52%	-116.44%
AE	75.1M	2.7B	13.76%	-21.15%	354.25	0.03	-18.46%	-93.92%
BRN	28.1M	23.9M	18.14%	3.70%	-10.35	1.17	-21.86%	-149.09%

Panhandle Oil and Gas Inc News

Latest updates

Panhandle Oil and Gas Inc Earnings Report: Key Takeaways & Analysis

Income Statement (Last 12 Months)

(In Thousands)

(*) denotes actual numbers (not divided by Thousands)
Income Statement (Quarterly)																					(In Thousands)
Description	(%) Q/Q	2023Q4	2023Q3	2023Q2	2023Q1	2022Q4	2022Q3	2022Q2	2022Q1	2021Q4	2021Q3	2021Q2	2021Q1	2020Q4	2020Q3	2020Q2	2020Q1	2019Q4	2019Q3	2019Q2	2019Q1	2018Q4
Revenue	-27.1%	6,491	8,899	7,231	15,973	14,889	21,828	19,562	11,869	16,602	4,072	10,900	8,346	6,172	3,651	2,702	11,311	7,304	15,728	16,342	7,636	26,329
Costs and Expenses	19.8%	8,024	6,697	7,733	3,353	13,943	5,957	7,819	5,950	9,158	7,385	7,844	6,773	6,838	2,887	7,139	38,753	8,430	71,145	10,423	9,698	10,022
S&GA Expenses	10.5%	3,051	2,760	3,177	2,982	3,137	3,783	2,878	2,744	2,096	2,142	2,275	2,059	1,731	1,718	1,909	2,175	2,223	2,684	1,809	2,133	1,939
EBITDA Margin	31.2%	0.77*	0.58*	0.60*	0.63*	0.43*	0.47*	0.34*	0.14*	0.23*	0.06*	0.13*	0.09*	-	-	-	-	-	-	-	-	-
Interest Expenses	29.9%	724	557	524	557	638	472	286	230	177	205	220	268	302	328	241	347	371	444	527	486	539
Income Taxes	111.5%	1,245	589	-166	3,067	981	2,431	976	33.00	762	451	-816	-217	-69.00	-678	-877	-6,987	254	-18,237	1,315	-130	3,571
Earnings Before Taxes	51.3%	3,759	2,484	-207	12,620	4,327	11,589	9,565	-3,987	7,444	-3,313	-2,172	-716	-665	-2,512	-4,433	-27,441	2,146	-74,390	5,919	-2,061	16,307
EBT Margin	26.7%	0.48*	0.38*	0.45*	0.50*	0.30*	0.35*	0.19*	-0.05*	0.03*	-0.23*	-0.21*	-0.40*	-	-	-	-	-	-	-	-	-
Net Income	32.6%	2,513	1,895	-41.29	9,553	3,346	9,158	8,589	-4,020	6,682	-3,764	-1,356	-499	-596	-1,834	-3,555	-20,454	1,892	-56,153	4,604	-1,931	12,736
Net Income Margin	23.2%	0.36*	0.29*	0.35*	0.41*	0.24*	0.29*	0.14*	-0.06*	0.03*	-0.21*	-0.15*	-0.31*	-	-	-	-	-	-	-	-	-
Free Cashflow	-51.7%	3,361	6,960	4,916	8,933	10,142	13,193	8,405	7,296	8,638	-6,298	5,563	4,206	-	-	-	-	-	-	-	-	-

Balance Sheet

(In Millions)

(*) denotes actual numbers (not divided by Millions)
Balance Sheet																					(In Millions)
Description	(%) Q/Q	2023Q4	2023Q3	2023Q2	2023Q1	2022Q4	2022Q3	2022Q2	2022Q1	2021Q4	2021Q3	2021Q2	2021Q1	2020Q4	2020Q3	2020Q2	2020Q1	2019Q4	2019Q3	2019Q2	2019Q1	2018Q4
Assets	2.3%	167	163	153	156	155	153	143	130	122	117	110	96.00	98.00	100	92.00	98.00	127	127	207	206	209
Current Assets	21.3%	10.00	8.00	10.00	12.00	20.00	18.00	18.00	12.00	11.00	12.00	11.00	9.00	10.00	18.00	8.00	12.00	8.00	14.00	11.00	9.00	12.00
Cash Equivalents	-34.7%	1.00	1.00	1.00	1.00	2.00	3.00	4.00	2.00	2.00	2.00	3.00	1.00	1.00	11.00	2.00	0.00	0.00	6.00	2.00	1.00	0.00
Liabilities	5.2%	43.00	41.00	33.00	36.00	45.00	45.00	45.00	46.00	33.00	38.00	35.00	-	-	37.00	-	-	-	-	-	-	-
Current Liabilities	-23.9%	2.00	3.00	2.00	2.00	7.00	11.00	12.00	17.00	10.00	15.00	9.00	5.00	3.00	4.00	4.00	2.00	2.00	3.00	2.00	2.00	3.00
Long Term Debt	6.5%	33.00	31.00	24.00	26.00	33.00	28.00	28.00	24.00	20.00	18.00	20.00	24.00	27.00	27.00	28.00	32.00	35.00	35.00	42.00	44.00	42.00
LT Debt, Non Current	6.5%	33.00	31.00	24.00	26.00	33.00	28.00	28.00	24.00	20.00	18.00	20.00	24.00	27.00	27.00	28.00	32.00	35.00	35.00	42.00	44.00	42.00
Shareholder's Equity	1.3%	123	122	120	120	110	108	98.00	85.00	88.00	79.00	75.00	62.00	62.00	63.00	57.00	60.00	80.00	79.00	137	135	139
Retained Earnings	1.8%	80.00	79.00	78.00	78.00	69.00	67.00	59.00	51.00	55.00	49.00	53.00	54.00	55.00	56.00	58.00	62.00	82.00	82.00	139	135	137
Additional Paid-In Capital	-5.8%	42.00	44.00	44.00	43.00	43.00	44.00	43.00	38.00	37.00	33.00	26.00	11.00	11.00	11.00	3.00	3.00	3.00	3.00	3.00	3.00	3.00
Shares Outstanding	0.4%	36.00	36.00	36.00	36.00	36.00	36.00	35.00	34.00	33.00	33.00	24.00	23.00	-	-	-	-	-	-	-	-	-
Float	-	-	-	92.00	-	-	-	-	67.00	-	-	-	63.00	-	-	-	57.00	-	-	-	246	-

Cashflow (Last 12 Months)

(In Thousands)

(*) denotes actual numbers (not divided by Thousands)
Cashflow (Quarterly)																					(In Thousands)
Description	(%) Q/Q	2023Q4	2023Q3	2023Q2	2023Q1	2022Q4	2022Q3	2022Q2	2022Q1	2021Q4	2021Q3	2021Q2	2021Q1	2020Q4	2020Q3	2020Q2	2020Q1	2019Q4	2019Q3	2019Q2	2019Q1	2018Q4
Cashflow From Operations	-51.7%	3,361	6,960	4,916	8,933	10,142	13,193	8,405	7,296	8,638	-6,298	5,563	4,206	471	1,281	3,717	4,010	2,098	6,673	5,272	5,051	4,010
Share Based Compensation	11.1%	62.00	56.00	56.00	54.00	45.00	45.00	44.00	35.00	68.00	67.00	67.00	56.00	45.00	44.00	44.00	54.00	86.00	75.00	66.00	52.00	80.00
Cashflow From Investing	67.4%	-4,298	-13,182	-1,748	-1,217	-12,633	-8,488	-8,054	-7,066	-7,250	-868	-11,162	-340	-7,997	580	-24.96	-115	-6,901	5,682	1,516	-4,100	7,228
Cashflow From Financing	-91.8%	508	6,190	-3,061	-8,670	1,210	-5,796	2,436	-85.37	-2,267	6,697	7,237	-3,758	-2,000	6,805	-2,166	-3,663	-1,088	-7,724	-5,762	-901	-11,314
Dividend Payments	34.4%	1,090	810	810	810	726	717	691	517	332	303	303	229	226	166	166	664	656	661	665	674	674
Buy Backs	-	402	-	-51.79	-	52.00	-	-	-	-	-	-	-	-	-	-	-	8.00	989	2,498	2,827	1,141

PHX Income Statement

2023-12-31

Statements Of Income - USD ($)	3 Months Ended	12 Months Ended
Statements Of Income - USD ($)	Dec. 31, 2022	Dec. 31, 2023	Sep. 30, 2022
Revenues:
Natural gas, oil and NGL sales	$ 14,888,674	$ 36,536,285	$ 69,860,631
Lease bonuses and rental income	34,482	1,068,022	467,502
Gains (losses) on derivative contracts	3,347,002	6,859,589	(16,833,078)
Revenues	18,270,158	44,463,896	53,495,055
Costs and expenses:
Lease operating expenses	977,165	1,598,944	3,945,706
Transportation, gathering and marketing	1,455,260	3,674,832	5,890,390
Production and ad valorem taxes	656,764	1,881,737	3,332,581
Depreciation, depletion and amortization	1,802,114	8,566,185	7,278,118
Provision for impairment	6,100,696	38,533	14,565
Interest expense	637,698	2,362,393	1,164,992
General and administrative	3,137,401	11,970,182	11,500,594
Losses (gains) on asset sales and other	(824,073)	(4,285,170)	(4,243,163)
Total costs and expenses	13,943,025	25,807,636	28,883,783
Income before provision (benefit) for income taxes	4,327,133	18,656,260	24,611,272
Provision for income taxes	981,000	4,735,460	4,202,000
Net income	$ 3,346,133	$ 13,920,800	$ 20,409,272
Basic earnings (loss) per common share	$ 0.09	$ 0.39	$ 0.59
Diluted earnings (loss) per common share	$ 0.09	$ 0.39	$ 0.59
Weighted average shares outstanding:
Basic	35,679,740	35,980,309	34,403,498
Diluted	36,489,353	35,980,309	34,560,310
Dividends declared per share of common stock and paid in period	$ 0.02	$ 0.0975	$ 0.065
Dividends declared per share of common stock and to be paid in period ended March 31	$ 0.0225

PHX Balance Sheet

2023-12-31

Balance Sheets - USD ($)	Dec. 31, 2023	Sep. 30, 2022
Current Assets:
Cash and cash equivalents	$ 806,254	$ 3,396,809
Natural gas, oil and NGL sales receivables (net of $0 allowance for uncollectable accounts)	4,900,126	13,152,274
Refundable income taxes	455,931
Derivative contracts, net	3,120,607
Other	878,659	1,372,847
Total current assets	10,161,577	17,921,930
Properties and equipment at cost, based on successful efforts accounting:
Producing natural gas and oil properties	209,082,847	248,978,928
Non-producing natural gas and oil properties	58,820,445	51,779,336
Other	1,360,614	1,085,056
Gross properties and equipment, at cost, based on successful efforts accounting	269,263,906	301,843,320
Less accumulated depreciation, depletion and amortization	(114,139,423)	(168,759,385)
Net properties and equipment	155,124,483	133,083,935
Derivative contracts, net	162,980
Operating lease right-of-use assets	572,610	739,131
Other, net	486,630	757,116
Total assets	166,508,280	152,502,112
Current Liabilities:
Accounts payable	562,607	647,217
Derivative contracts, net		7,873,979
Current portion of operating lease liability	233,390	213,355
Income taxes payable		495,858
Accrued liabilities and other	1,215,275	2,032,275
Total current liabilities	2,011,272	11,262,684
Long-term debt	32,750,000	28,300,000
Deferred income taxes	6,757,637	1,585,906
Asset retirement obligations	1,062,139	1,901,904
Derivative contracts, net		687,212
Operating lease liability, net of current portion	695,818	985,887
Total liabilities	43,276,866	44,723,593
Stockholders' equity:
Voting common stock, par value $0.01666 per share: 54,000,500 shares authorized and 36,121,723 shares issued and outstanding at December 31, 2023; 54,000,500 shares authorized and 35,776,752 shares issued and outstanding at September 30, 2022	601,788	596,041
Capital in excess of par value	41,676,417	44,177,051
Deferred directors' compensation	1,487,590	1,496,243
Retained earnings	80,022,839	67,117,791
Stockholders' Equity	123,788,634	113,387,126
Treasury stock, at cost: 131,477 shares at December 31, 2023; 377,232 shares at September 30, 2022	(557,220)	(5,608,607)
Total stockholders' equity	123,231,414	107,778,519
Total liabilities and stockholders' equity	$ 166,508,280	$ 152,502,112

About Panhandle Oil and Gas Inc

PHX Minerals Inc. operates as a natural gas and oil mineral company in the United States. The company produces and sells natural gas, crude oil, and natural gas liquids. Its principal properties are located in Oklahoma, Texas, Louisiana, North Dakota, and Arkansas. It sells its products to various purchasers, including pipeline and marketing companies. The company was formerly known as Panhandle Oil and Gas Inc. and changed its name to PHX Minerals Inc. in October 2020. PHX Minerals Inc. was founded in 1926 and is based in Fort Worth, Texas.

CEO	Mr. Chad L. Stephens III
WEBSITE	https://phxmin.com
INDUSTRY	Oil - E&P
EMPLOYEES	22

Panhandle Oil and Gas Inc Frequently Asked Questions

What is the ticker symbol for Panhandle Oil and Gas Inc? What does PHX stand for in stocks?

PHX is the stock ticker symbol of Panhandle Oil and Gas Inc. Every public company that trades on a stock exchange gets a ticker symbol.

What is the market capital of Panhandle Oil and Gas Inc (PHX)?

As of Tue Apr 23 2024, market cap of Panhandle Oil and Gas Inc is 124.67 Million. The market capitalization is calculated by multiplying the stock price with the number of shares outstanding.

What is the fair value of PHX stock?

You can check PHX's fair value in chart for subscribers.

What is the fair value of PHX stock?

You can check PHX's fair value in chart for subscribers. The fair value of Panhandle Oil and Gas Inc is provided for various growth and macro-economic scenarios from very pessimiatic to very optimistic assumptions. These fair values are estimates from Grufity's Fair Value model based on company's past performance. However, past performance of Panhandle Oil and Gas Inc is no guarantee of future performance. These fairvalue estimates should only be used as one of the inputs in your stock analysis. We provide model's historical fair value estimates for PHX so that you know how good or bad the model has been in the past so you can discard it if needed. There are others that provide fair values of stocks such as wallmine, finbox, gurufocus and finviz. Most provide point in time estimates. We provide a history of our models fair value estimates so that you can get a sense of it's usefulness. Otherwise this data point is of little use.

Is Panhandle Oil and Gas Inc a good stock to buy?

The fair value guage provides a quick view whether PHX is over valued or under valued. Whether Panhandle Oil and Gas Inc is cheap or expensive depends on the assumptions which impact Panhandle Oil and Gas Inc's fair value. We provide several scenarios of inflation and growth to encompass these range of assumptions for PHX.

What is Panhandle Oil and Gas Inc's Price to Earnings (PE) and Price to sales (PS) ratio?

As of Tue Apr 23 2024, PHX's PE ratio (Price to Earnings) is 8.96 and Price to Sales (PS) ratio is 3.23. The price to earnings and price to sales ratio are two most important valuation metrics for any company. PE ratio tell us the number of years of earnings investors are ready to pay for owning the company. Historically, S&P500 price to earnings ratio has fallen below 12 during periods of gloom and gone past 30 during periods of euphoria. PHX PE ratio will change depending on the future growth rate expectations of investors.

What is 5 year return on Panhandle Oil and Gas Inc's stock?

In the past 10 years, Panhandle Oil and Gas Inc has provided -0.169 (multiply by 100 for percentage) rate of return.