TXO Partners (NYSE:TXO) Sees Unusually-High Trading Volume – Still a Buy?

TXO Partners, L.P. (NYSE:TXO) shares saw an uptick in trading volume on Monday . 114,310 shares traded hands during mid-day trading, an increase of 62% from the previous session’s volume of 70,420 shares.The stock last traded at $16.81 and had previously closed at $16.57.

TXO Partners Trading Up 2.2 %

The firm’s 50-day simple moving average is $18.09. The company has a market cap of $692.61 million, a price-to-earnings ratio of -2.86 and a beta of 0.08. The company has a current ratio of 1.02, a quick ratio of 1.02 and a debt-to-equity ratio of 0.25.

TXO Partners Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, November 22nd. Stockholders of record on Friday, November 15th were issued a dividend of $0.58 per share. The ex-dividend date was Friday, November 15th. This represents a $2.32 dividend on an annualized basis and a dividend yield of 13.70%. This is a positive change from TXO Partners’s previous quarterly dividend of $0.57. TXO Partners’s payout ratio is currently -39.06%.

Institutional Trading of TXO Partners

Hedge funds have recently modified their holdings of the business. Clear Street Derivatives LLC purchased a new stake in shares of TXO Partners in the third quarter worth approximately $8,059,000. Pin Oak Investment Advisors Inc. increased its stake in TXO Partners by 7.1% in the 3rd quarter. Pin Oak Investment Advisors Inc. now owns 291,061 shares of the company’s stock valued at $5,757,000 after buying an additional 19,241 shares during the period. Glenmede Trust Co. NA lifted its position in TXO Partners by 13.9% in the 3rd quarter. Glenmede Trust Co. NA now owns 47,678 shares of the company’s stock worth $943,000 after buying an additional 5,831 shares in the last quarter. Deroy & Devereaux Private Investment Counsel Inc. acquired a new stake in shares of TXO Partners during the 3rd quarter valued at $559,000. Finally, PFG Investments LLC purchased a new position in shares of TXO Partners during the 3rd quarter valued at $639,000. Hedge funds and other institutional investors 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.