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

TXO Partners, L.P. (NYSE:TXO) announced a quarterly dividend on Wednesday, May 8th, Wall Street Journal reports. Investors of record on Monday, May 20th will be given 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 13.67%. The ex-dividend date is Friday, May 17th. This is an increase 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. 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 NYSE TXO opened at $19.02 on Thursday. The company’s fifty day moving average is $18.32 and its two-hundred day 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. The firm has a market capitalization of $584.87 million, a P/E ratio of -5.73 and a beta of -0.18. TXO Partners has a one year low of $17.20 and a one year high of $23.57.

TXO Partners (NYSE:TXO) last issued 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 negative net margin of 27.31% and a positive return on equity of 6.89%. The company had revenue of $91.97 million for the quarter, compared to analyst estimates of $70.76 million. Analysts forecast that TXO Partners will post 1.34 EPS for the current fiscal year.

Analyst Ratings Changes

Several research firms recently weighed in on TXO. Stifel Nicolaus dropped their price objective on TXO Partners from $27.00 to $26.00 and set a “buy” rating for the company in a research note on Tuesday, January 23rd. Raymond James dropped their price target on TXO Partners from $30.00 to $26.00 and set a “strong-buy” rating for the company in a research report on Wednesday, January 24th.

Insider Buying and Selling at TXO Partners

In other news, major shareholder Global Endowment Management, L sold 51,752 shares of TXO Partners stock in a transaction dated Tuesday, April 30th. The shares were sold at an average price of $18.39, for a total transaction of $951,719.28. Following the completion of the sale, the insider now directly owns 1,120,778 shares in the company, valued at $20,611,107.42. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. In the last ninety days, insiders have 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.