TXO Energy Partners (NYSE: TXO) said this week its Board of Directors had authorized a quarterly cash dividend of $0.65 per share of common stock.
The dividend will be paid on May 29th to shareholders of record as of the close of business on May 20th 2024, the company said.
“Our first quarter performance highlights the effectiveness of our unique financial enterprise in the energy sector,” Bob R. Simpson, Chairman and CEO of TXO Energy Partners, said in a press release.
“As a production and distribution company, we manage our cash flow and maintain our vision on the long term,” the CEO added.
“We have made great strides both financially and operationally as we allocate capital to the parts of our portfolio with the best return attributes,” Brent Clum, President of Business Operations and CFO, commented.
“We continue to direct the business with an eye on the volatility in the commodity markets by focusing more of our opportunity and resources towards our oil portfolio. Our $25 million development budget is designed for relatively flat production in 2024, but we look forward to prudently allocating additional resources as both commodity prices improve and opportunities allow.”
Stock Performance
The shares of TXO Energy Partners (TXO) closed 6.79% ($1.21) higher at $19.02 in New York on Wednesday, as they snapped a four-day streak of losses.
The company’s total market cap now stands at $584.865 million.
The shares of TXO Energy Partners (TXO) went down 17.36% in 2023, compared with a 10.99% gain for the benchmark index, NYSE Composite (NYA).
The company’s shares have risen 4.62% so far this year.
Analyst stock price forecast and recommendation
According to TipRanks, the 1 surveyed investment analyst offering 12-month price target for TXO Energy Partners’ stock had rated the latter as “Buy”. The median price target on the stock stands at $31.00, which translates into a 62.99% upside compared to the closing price on Wednesday.
The high point of the analyst forecast range stands at $31.00.
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