Keith Hutton, a director at TXO Partners, LP (NASDAQ:TXO), recently acquired a significant amount of the company’s common units. According to the latest SEC filing, Hutton bought a total of 120,000 shares over a three-day period, from December 17 to December 19, 2024. The timing is notable as TXO is currently trading near its 52-week low of $15.22, according to InvestingPro analysis. indicating that the stock is currently undervalued.
The acquisitions were made at prices ranging from $15.6366 to $16.0426 per share, resulting in a total transaction value of approximately $1.9 million. Following this transaction, Hutton now owns 4,120,215 shares directly. The company, with a market capitalization of $657 million, offers a high dividend yield of 14.4%, while analysts maintain a price range of $25-26 per share.
The transaction highlights Hutton’s continued investment in TXO Partners, a crude oil and operations company. For in-depth information on TXO’s valuation metrics and additional analysis, including 10 exclusive ProTips, visit InvestingPro.
In other recent news, TXO Partners, LP announced that Gary D. Simpson, President of Manufacturing and Development, has begun a pre-planned trading plan to sell the company’s stock. The measure is designed to cover tax liabilities associated with the offering of phantom units after February 6, 2025. The plan, established under Rule 10b5-1 of the Securities Exchange Act of 1934, will remain in effect until the last phantom offering is completed or terminated. . units.
In addition to these developments, TXO Partners recently expanded its operations with significant oil and gas acquisitions in the Williston Basin of Montana and North Dakota. The assets, purchased from EMEP Acquisitions, LLC and VR4-ELM, LP, were acquired for $241.8 million in cash and 2,500,000 common units from TXO Partners.
The Company also amended its existing credit agreement, increasing the aggregate existing obligations from $165.0 million to $275.0 million and extending the maturity date to late 2028. This comes with a registration rights agreement signed in conjunction with the acquisition.
In addition, TXO Partners raised $19.5 million before underwriting discounts and commissions from the sale of an additional 975,000 common units. This follows the company’s recent public offering of 5 million common units, intended to partially fund its acquisition. Raymond (NS:) James is the only manager holding the book in the dedication. These are the latest developments in the company’s strategic growth and investment in its core business areas.
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