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

TXO Partners, L.P. (NYSE:TXO - Get Free Report) announced a quarterly dividend on Wednesday, May 8th, Wall Street Journal reports. Shareholders 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 annualized dividend and a yield of 13.67%. The ex-dividend date of this dividend is Friday, May 17th. This is a positive change from TXO Partners's previous quarterly dividend of $0.58.

TXO Partners has a dividend payout ratio of 107.9% meaning 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

TXO stock traded up $1.21 during trading on Wednesday, hitting $19.02. The company had a trading volume of 139,500 shares, compared to its average volume of 42,467. The business has a 50 day moving average of $18.32 and a 200 day moving average of $18.16. The firm has a market capitalization of $584.87 million, a price-to-earnings ratio of -5.73 and a beta of -0.18. The company has a current ratio of 1.41, a quick ratio of 1.41 and a debt-to-equity ratio of 0.06. TXO Partners has a fifty-two week low of $17.20 and a fifty-two week high of $23.57.

TXO Partners (NYSE:TXO - Get Free Report) last released its quarterly earnings results on Tuesday, March 5th. The company reported $0.98 EPS for the quarter, topping analysts' consensus estimates of $0.26 by $0.72. The company had revenue of $91.97 million for the quarter, compared to the consensus estimate of $70.76 million. TXO Partners had a negative net margin of 27.31% and a positive return on equity of 6.89%. As a group, research analysts predict that TXO Partners will post 1.34 earnings per share for the current year.

Insider Buying and Selling

In related news, major shareholder Global Endowment Management, L sold 41,978 shares of the firm's stock in a transaction that occurred on 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 sale, the insider now directly owns 1,089,868 shares in the company, valued at $19,650,320.04. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Insiders have sold 117,878 shares of company stock worth $2,149,284 in the last ninety days.

Wall Street Analyst Weigh In

TXO has been the subject of a number of research reports. Stifel Nicolaus decreased their price target 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 decreased their target price on TXO Partners from $30.00 to $26.00 and set a "strong-buy" rating for the company in a research note on Wednesday, January 24th.

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.