Deroy & Devereaux Private Investment Counsel Inc. Boosts Stake in TXO Partners LP $TXO

Key Points

• Deroy & Devereaux Private Investment Counsel Inc. boosted its stake in TXO Partners LP by 560.6% during Q2, owning 180,000 shares valued at approximately $2.7 million by the quarter's end.
• TXO Partners recently announced a quarterly dividend of $0.45 per share, representing a 13.7% dividend yield despite a high payout ratio of 545.45%.
• Brokerages have varying ratings on TXO Partners, with Raymond James Financial lowering its price objective to $22.00, while Stifel Nicolaus raised theirs to $21.00, indicating differing sentiments on the stock's future performance.

Deroy & Devereaux Private Investment Counsel Inc. increased its position in TXO Partners LP (NYSE:TXO - Free Report) by 560.6% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 180,000 shares of the company's stock after buying an additional 152,750 shares during the period. Deroy & Devereaux Private Investment Counsel Inc. owned 0.44% of TXO Partners worth $2,707,000 at the end of the most recent quarter.

Other hedge funds also recently made changes to their positions in the company. CWM LLC purchased a new stake in shares of TXO Partners in the first quarter worth about $77,000. Apollon Wealth Management LLC bought a new stake in TXO Partners during the second quarter worth approximately $152,000. Cambridge Investment Research Advisors Inc. bought a new stake in TXO Partners during the first quarter worth approximately $216,000. Atria Wealth Solutions Inc. increased its stake in TXO Partners by 25.0% during the second quarter. Atria Wealth Solutions Inc. now owns 15,000 shares of the company's stock worth $229,000 after acquiring an additional 3,000 shares during the last quarter. Finally, Thurston Springer Miller Herd & Titak Inc. bought a new stake in TXO Partners during the second quarter worth approximately $946,000. 27.44% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several brokerages have weighed in on TXO. Raymond James Financial reduced their price objective on TXO Partners from $24.00 to $22.00 and set a "strong-buy" rating on the stock in a research note on Tuesday, September 9th. Weiss Ratings reissued a "hold (c-)" rating on shares of TXO Partners in a research note on Wednesday, October 8th. Wall Street Zen cut TXO Partners from a "hold" rating to a "sell" rating in a research note on Saturday, September 13th. Finally, Stifel Nicolaus boosted their price objective on TXO Partners from $20.00 to $21.00 and gave the stock a "buy" rating in a research note on Thursday, August 14th. One equities research analyst has rated the stock with a Strong Buy rating, one has given a Buy rating and one has assigned a Hold rating to the company. According to data from MarketBeat.com, TXO Partners presently has a consensus rating of "Buy" and an average price target of $21.50.

TXO Partners Trading Down 0.7%

TXO opened at $13.16 on Wednesday. The stock has a market cap of $720.85 million, a price-to-earnings ratio of 39.88 and a beta of 0.09. The stock's 50 day moving average price is $14.02 and its 200-day moving average price is $15.23. TXO Partners LP has a one year low of $13.06 and a one year high of $20.70. The company has a debt-to-equity ratio of 0.03, a quick ratio of 0.97 and a current ratio of 0.97.

TXO Partners Cuts Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, August 22nd. Stockholders of record on Friday, August 15th were paid a dividend of $0.45 per share. The ex-dividend date of this dividend was Friday, August 15th. This represents a $1.80 dividend on an annualized basis and a dividend yield of 13.7%. TXO Partners's dividend payout ratio is currently 545.45%.

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.

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