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

TXO Partners, L.P. (NYSE:TXO) rose 6.7% on Wednesday following a dividend announcement from the company. The company 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. Investors of record on Monday, May 20th will be paid a $0.65 dividend. The ex-dividend date is Friday, May 17th. This is an increase 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 is -69.88%.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on TXO. Raymond James cut 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. Stifel Nicolaus cut their price target on TXO Partners from $27.00 to $26.00 and set a “buy” rating on the stock in a research note on Tuesday, January 23rd.

TXO Partners Stock Performance

The stock has a market cap of $584.87 million, a PE ratio of -5.73 and a beta of -0.18. The company’s 50 day simple moving average is $18.32 and its 200 day simple moving average is $18.16. The company has a debt-to-equity ratio of 0.06, a quick ratio of 1.41 and a current ratio of 1.41.

TXO Partners (NYSE:TXO) last released 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 analyst estimates of $70.76 million. TXO Partners had a negative net margin of 27.31% and a positive return on equity of 6.89%. Analysts expect that TXO Partners, L.P. will post 1.34 earnings per share for the current year.

Insider Activity

In other news, major shareholder Global Endowment Management, L sold 41,978 shares of the firm’s stock in a transaction that occurred on Monday, May 6th. The shares were sold at an average price of $18.03, for a total value of $756,863.34. Following the transaction, the insider now owns 1,089,868 shares in the company, valued at $19,650,320.04. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In the last quarter, insiders sold 117,878 shares of company stock valued at $2,149,284.

Hedge Funds Weigh In On TXO Partners

Hedge funds and other institutional investors have recently modified their holdings of the company. Venturi Wealth Management LLC boosted its stake in shares of 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 purchasing an additional 900 shares in the last quarter. Raymond James & Associates grew its position in shares of TXO Partners by 1.3% in the 3rd quarter. Raymond James & Associates now owns 259,653 shares of the company’s stock worth $5,274,000 after buying an additional 3,331 shares during the period. Brown Brothers Harriman & Co. purchased a new stake in shares of TXO Partners in the 4th quarter worth approximately $183,000. Raymond James Financial Services Advisors Inc. purchased a new stake in shares of TXO Partners during the 3rd quarter valued at about $206,000. Finally, King Luther Capital Management Corp grew its holdings in shares of TXO Partners by 0.6% in 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.

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.