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

TXO Partners, L.P. (NYSE:TXO) declared a quarterly dividend on Wednesday, May 8th, 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 dividend on an annualized basis and a dividend yield of 13.47%. 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 dividend payout ratio of 107.9% indicating that 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 Price Performance

Shares of TXO stock traded up $1.49 during trading hours on Wednesday, hitting $19.30. The company’s stock had a trading volume of 122,870 shares, compared to its average volume of 42,168. The company has a current ratio of 1.41, a quick ratio of 1.41 and a debt-to-equity ratio of 0.06. The business has a fifty day moving average of $18.29 and a 200-day moving average of $18.15. TXO Partners has a twelve month low of $17.20 and a twelve month high of $23.57. The stock has a market cap of $593.48 million, a price-to-earnings ratio of -5.81 and a beta of -0.18.

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 the consensus estimate 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 firm had revenue of $91.97 million for the quarter, compared to the consensus estimate of $70.76 million. As a group, equities research analysts anticipate that TXO Partners will post 1.34 EPS for the current year.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on TXO. Stifel Nicolaus dropped their target price on TXO Partners from $27.00 to $26.00 and set a “buy” rating on the stock in a research report on Tuesday, January 23rd. Raymond James dropped their price objective 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.

Insider Transactions at TXO Partners

In other TXO Partners news, major shareholder Global Endowment Management, L sold 24,148 shares of the company’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 transaction of $440,701.00. Following the completion of the sale, the insider now owns 1,112,219 shares of the company’s stock, valued at $20,297,996.75. 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 worth $2,149,284.

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.