TXO Partners (NYSE:TXO) Trading 6.7% Higher After Dividend Announcement

TXO Partners, L.P. (NYSE:TXO)’s share price rose 6.7% during mid-day trading on Wednesday following a dividend announcement from the company. The company traded as high as $19.10 and last traded at $19.00. 81,516 shares changed hands 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 $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 dividend yield of 13.67%. TXO Partners’s dividend payout ratio (DPR) is -69.88%.

Wall Street Analyst Weigh In

TXO has been the subject of a number of recent research reports. 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 research note on Tuesday, January 23rd. Raymond James reduced their price objective 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 Up 6.8 %

The firm has a market capitalization of $584.87 million, a price-to-earnings ratio of -5.73 and a beta of -0.18. The firm has a fifty day moving average price of $18.32 and a 200 day moving average price of $18.16. 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 released its earnings results on Tuesday, March 5th. The company reported $0.98 earnings per share for the quarter, topping analysts’ consensus estimates of $0.26 by $0.72. TXO Partners had a positive return on equity of 6.89% and a negative net margin of 27.31%. The company had revenue of $91.97 million during the quarter, compared to the consensus estimate of $70.76 million. Sell-side analysts anticipate that TXO Partners, L.P. will post 1.34 EPS for the current fiscal year.

Insider Activity

In other TXO Partners news, major shareholder Global Endowment Management, L sold 41,978 shares of the company’s stock in a transaction on Monday, May 6th. The shares were sold at an average price of $18.03, for a total transaction of $756,863.34. Following the sale, the insider now directly owns 1,089,868 shares of the company’s stock, valued at $19,650,320.04. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders have sold a total of 117,878 shares of company stock valued at $2,149,284 in the last 90 days.

Hedge Funds Weigh In On TXO Partners

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Pin Oak Investment Advisors Inc. bought a new position in shares of TXO Partners in the 4th quarter valued at $4,346,000. Hsbc Holdings PLC bought a new stake in shares of TXO Partners in the 4th quarter valued at $2,685,000. Raymond James Financial Services Advisors Inc. grew its stake in TXO Partners by 418.8% in the fourth quarter. Raymond James Financial Services Advisors Inc. now owns 52,688 shares of the company’s stock valued at $958,000 after acquiring an additional 42,533 shares during the period. Empirical Financial Services LLC d.b.a. Empirical Wealth Management purchased a new stake in shares of TXO Partners in the fourth quarter worth approximately $690,000. Finally, King Luther Capital Management Corp boosted its position 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 valued at $47,114,000 after buying an additional 15,000 shares during the last quarter. 27.44% of the stock is owned by institutional investors and hedge funds.

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.