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

TXO Partners, L.P. (NYSE:TXO) was up 6.7% on Wednesday following a dividend announcement from the company. The stock traded as high as $19.10 and last traded at $19.00. Approximately 81,516 shares were traded during 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. Shareholders of record on Monday, May 20th will be issued a dividend of $0.65 per share. The ex-dividend date of this dividend is Friday, May 17th. This represents a $2.60 dividend on an annualized basis and a yield of 13.10%. This is a boost from TXO Partners’s previous quarterly dividend of $0.58. TXO Partners’s dividend payout ratio (DPR) is presently -39.66%.

Analysts Set New Price Targets

A number of analysts have recently commented on TXO shares. Raymond James cut their target price on TXO Partners from $30.00 to $26.00 and set a “strong-buy” rating on the stock in a research report on Wednesday, January 24th. Stifel Nicolaus dropped their price objective on shares of 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 Trading Up 4.4 %

The firm has a market capitalization of $610.39 million, a price-to-earnings ratio of -3.39 and a beta of -0.18. The business’s 50 day moving average price is $18.38 and its 200-day moving average price is $18.17. The company has a debt-to-equity ratio of 0.06, a current ratio of 1.41 and a quick ratio of 1.41.

TXO Partners (NYSE:TXO) last released its earnings results on Tuesday, March 5th. The company reported $0.98 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.26 by $0.72. The company had revenue of $91.97 million for 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%. Equities analysts forecast that TXO Partners, L.P. will post 1.34 EPS for the current fiscal year.

Insider Activity at TXO Partners

In other TXO Partners news, major shareholder Global Endowment Management, L sold 24,148 shares of the stock in a transaction 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 transaction, the insider now owns 1,112,219 shares in the company, valued at $20,297,996.75. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Insiders have sold a total of 117,878 shares of company stock worth $2,149,284 over the last three months.

Institutional Inflows and Outflows

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

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.