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

TXO Partners, L.P. (NYSE:TXO)’s share price traded up 6.7% during mid-day trading on Wednesday following a dividend announcement from the company. The stock traded as high as $19.10 and last traded at $19.00. 81,516 shares traded hands during trading, an increase of 95% from the average session 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. Shareholders of record on Monday, May 20th will be issued a $0.65 dividend. 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. This represents a $2.60 annualized dividend and a yield of 13.10%. TXO Partners’s payout ratio is -39.66%.

Analyst Ratings Changes

Several equities research analysts recently weighed in on TXO shares. Stifel Nicolaus reduced their price target on shares of TXO Partners from $27.00 to $26.00 and set a “buy” rating for the company in a research report on Tuesday, January 23rd. Raymond James decreased their price target on 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 business’s 50 day simple moving average is $18.38 and its two-hundred day simple moving average is $18.17. The firm has a market capitalization of $610.39 million, a PE ratio of -3.39 and a beta of -0.18. The company has a current ratio of 1.41, a quick ratio of 1.41 and a debt-to-equity ratio of 0.06.

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

Insider Activity

In related news, major shareholder Global Endowment Management, L sold 24,148 shares of the firm’s stock in a transaction that occurred on Thursday, May 2nd. The shares were sold at an average price of $18.25, for a total value of $440,701.00. Following the transaction, the insider now owns 1,112,219 shares of the company’s stock, valued at $20,297,996.75. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders sold 117,878 shares of company stock valued at $2,149,284 in the last quarter.

Hedge Funds Weigh In On TXO Partners

Large investors have recently added to or reduced their stakes in the company. Venturi Wealth Management LLC grew its holdings in TXO Partners by 64.3% during the 3rd quarter. Venturi Wealth Management LLC now owns 2,300 shares of the company’s stock valued at $47,000 after buying an additional 900 shares in the last quarter. Brown Brothers Harriman & Co. bought a new stake in TXO Partners in the 4th quarter valued at $183,000. Raymond James Financial Services Advisors Inc. purchased a new stake in TXO Partners in the 3rd quarter worth $206,000. Empirical Financial Services LLC d.b.a. Empirical Wealth Management bought a new position in shares of TXO Partners during the 4th quarter valued at about $690,000. Finally, Hsbc Holdings PLC purchased a new position in shares of TXO Partners during the fourth quarter valued at about $2,685,000. Hedge funds and other institutional investors own 27.44% of the company’s stock.

About TXO Partners

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.