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

TXO Partners, L.P. (NYSE:TXO) shares rose 6.7% on Wednesday after the company announced a dividend. The company traded as high as $19.10 and last traded at $19.00. Approximately 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. Investors of record on Monday, May 20th will be paid a dividend of $0.65 per share. This is a boost from TXO Partners’s previous quarterly dividend of $0.58. The ex-dividend date of this dividend is Friday, May 17th. This represents a $2.60 annualized dividend and a yield of 13.67%. TXO Partners’s payout ratio is presently -69.88%.

Analyst Upgrades and Downgrades

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

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 stock has a fifty day simple moving average of $18.32 and a two-hundred day simple moving average of $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 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. 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 the consensus estimate of $70.76 million. Equities analysts anticipate that TXO Partners, L.P. will post 1.34 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, major shareholder Global Endowment Management, L sold 41,978 shares of the firm’s stock in a transaction dated Monday, May 6th. The shares were sold at an average price of $18.03, for a total transaction of $756,863.34. Following the completion of the transaction, the insider now owns 1,089,868 shares in the company, valued at approximately $19,650,320.04. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Insiders sold 117,878 shares of company stock worth $2,149,284 over the last ninety days.

Institutional Investors Weigh In On TXO Partners

Hedge funds have recently modified their holdings of the stock. Venturi Wealth Management LLC boosted its holdings in shares of TXO Partners by 64.3% in the third quarter. Venturi Wealth Management LLC now owns 2,300 shares of the company’s stock worth $47,000 after buying an additional 900 shares during the period. Brown Brothers Harriman & Co. purchased a new position in TXO Partners during the 4th quarter worth approximately $183,000. Raymond James Financial Services Advisors Inc. acquired a new stake in TXO Partners during the 3rd quarter valued at $206,000. Empirical Financial Services LLC d.b.a. Empirical Wealth Management purchased a new stake in shares of TXO Partners in the fourth quarter valued at $690,000. Finally, Hsbc Holdings PLC purchased a new position in shares of TXO Partners during the fourth quarter valued at $2,685,000. 27.44% of the stock is owned by hedge funds and other 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.