TXO Partners (NYSE:TXO) Stock Price Up 6.7% Following Dividend Announcement

TXO Partners, L.P. (NYSE:TXO) rose 6.7% on Wednesday following a dividend announcement from the company. The stock traded as high as $19.10 and last traded at $19.00. Approximately 81,516 shares were traded during mid-day trading, an increase of 95% from the average daily volume of 41,775 shares. The stock had previously closed at $17.81.

The newly announced dividend which will be paid on Wednesday, May 29th. Stockholders of record on Monday, May 20th will be issued a dividend of $0.65 per share. This represents a $2.60 annualized dividend and a dividend yield of 13.10%. The ex-dividend date of this dividend is Friday, May 17th. This is a boost from TXO Partners’s previous quarterly dividend of $0.58. TXO Partners’s dividend payout ratio is presently -39.66%.

Wall Street Analysts Forecast Growth

A number of research firms recently issued reports on TXO. Stifel Nicolaus cut their price target on TXO Partners from $27.00 to $26.00 and set a “buy” rating for the company in a report on Tuesday, January 23rd. Raymond James dropped their target price on shares of TXO Partners from $30.00 to $26.00 and set a “strong-buy” rating for the company in a research note on Wednesday, January 24th.

TXO Partners Stock Performance

The firm has a fifty day moving average of $18.38 and a 200-day moving average of $18.17. The company has a quick ratio of 1.41, a current ratio of 1.41 and a debt-to-equity ratio of 0.06. The firm has a market cap of $610.39 million, a P/E ratio of -3.39 and a beta of -0.18.

TXO Partners (NYSE:TXO) last released its earnings results on Tuesday, March 5th. The company reported $0.98 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.26 by $0.72. TXO Partners had a negative net margin of 27.31% and a positive return on equity of 6.89%. The company had revenue of $91.97 million for the quarter, compared to the consensus estimate of $70.76 million. Research analysts predict that TXO Partners, L.P. will post 1.34 earnings per share for the current fiscal year.

Insider Activity at TXO Partners

In other TXO Partners news, major shareholder Global Endowment Management, L sold 24,148 shares of TXO Partners stock in a transaction on Thursday, May 2nd. The shares were sold at an average price of $18.25, for a total transaction of $440,701.00. Following the completion of the sale, the insider now owns 1,112,219 shares of the company’s stock, valued at approximately $20,297,996.75. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Insiders have sold 117,878 shares of company stock worth $2,149,284 over the last ninety days.

Hedge Funds Weigh In On TXO Partners

A number of hedge funds and other institutional investors have recently made changes to their positions in TXO. Raymond James Financial Services Advisors Inc. lifted its holdings in shares of TXO Partners by 35.6% during the 1st quarter. Raymond James Financial Services Advisors Inc. now owns 71,443 shares of the company’s stock valued at $1,282,000 after purchasing an additional 18,755 shares in the last quarter. Pin Oak Investment Advisors Inc. bought a new position in TXO Partners in the fourth quarter valued at approximately $4,346,000. Brown Brothers Harriman & Co. acquired a new position in shares of TXO Partners in the fourth quarter valued at approximately $183,000. Hsbc Holdings PLC bought a new stake in shares of TXO Partners during the fourth quarter worth $2,685,000. Finally, King Luther Capital Management Corp raised its holdings in shares of TXO Partners by 0.6% during the fourth quarter. King Luther Capital Management Corp now owns 2,591,530 shares of the company’s stock worth $47,114,000 after acquiring an additional 15,000 shares during the period. 27.44% of the stock is owned by institutional investors.

TXO Partners Company Profile

TXO Partners, L.P., an oil and natural gas company, focuses on the acquisition, development, optimization, and exploitation of conventional oil, natural gas, and natural gas liquid reserves in North America. Its acreage positions are concentrated in the Permian Basin of West Texas and New Mexico and the San Juan Basin of New Mexico and Colorado.