TXO Partners, L.P. (NYSE:TXO) Raises Dividend to $0.65 Per Share

TXO Partners, L.P. (NYSE:TXO) announced a quarterly dividend on Tuesday, May 7th, Wall Street Journal reports. Stockholders of record on Monday, May 20th will be paid a dividend of 0.65 per share on Wednesday, May 29th. This represents a $2.60 annualized dividend and a dividend yield of 13.09%. 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 has a payout ratio of 107.9% meaning the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Research analysts expect TXO Partners to earn $2.15 per share next year, which means the company may not be able to cover its $2.32 annual dividend with an expected future payout ratio of 107.9%.

TXO Partners Stock Performance

TXO Partners stock traded up $0.85 during trading hours on Thursday, hitting $19.87. The stock had a trading volume of 45,578 shares, compared to its average volume of 42,467. TXO Partners has a fifty-two week low of $17.20 and a fifty-two week high of $23.57. 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 company has a market cap of $611.00 million, a PE ratio of -3.31 and a beta of -0.18. The company has a 50-day moving average of $18.32 and a two-hundred day moving average of $18.16.

TXO Partners (NYSE:TXO) last issued its quarterly earnings data on Tuesday, March 5th. The company reported $0.98 EPS for the quarter, topping 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 firm had revenue of $91.97 million for the quarter, compared to analyst estimates of $70.76 million. On average, equities research analysts anticipate that TXO Partners will post 1.34 EPS for the current fiscal year.

Insider Transactions at TXO Partners

In other 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 stock was sold at an average price of $18.25, for a total value of $440,701.00. Following the completion of the sale, the insider now directly 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 a total of 117,878 shares of company stock worth $2,149,284 in the last three months.

Wall Street Analysts Forecast Growth

TXO has been the topic of several analyst reports. Stifel Nicolaus cut their target price 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. Raymond James cut their price target on shares of TXO Partners from $30.00 to $26.00 and set a “strong-buy” rating on the stock in a research note on Wednesday, January 24th.

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.