PHX Minerals Inc. (PHX)

The total Delta Exposure (DEX) for PHX across all expirations shows -8.7 net shares that market makers must hedge, with 4.35 from calls and 13.05 from puts. The put-call delta ratio of 3.00 indicates defensive positioning with heavy put protection, which could accelerate downward moves if breached. The largest delta concentration at Nov 21, 25 with -8.7 net DEX represents significant hedging pressure that could fuel downside acceleration. The nearest expiration on Nov 21, 25 carries negative delta forcing market makers to buy shares, potentially providing support.