FORT WORTH, Texas—Kevil Phillip R, a director at TXO Partners, L.P. (NASDAQ:TXO), recently increased his stake in the company through a series of transactions. According to a recent SEC filing, Phillip purchased a total of 2,000 common units over two days. The shares were acquired at prices ranging from $15.75 to $16.25 per unit, amounting to a total investment of approximately $32,150. The timing appears strategic, as InvestingPro data shows the stock trading near its 52-week low of $15.22, while offering a substantial 14.7% dividend yield.
Following these transactions, Phillip's direct ownership of TXO Partners' common units rose to 20,484 shares. Additionally, he holds 1,360 shares indirectly through his spouse. With analysts setting price targets between $25-26, suggesting significant upside potential, these insider transactions merit attention. InvestingPro subscribers can access additional insights, including 8 more key tips about TXO's financial health and market position. The transactions highlight ongoing interest and confidence in the company from its board members.
In other recent news, TXO Partners, L.P. has reported a flurry of activity. President of Production and Development, Gary D. Simpson, has established a prearranged trading plan for selling company stock. This plan, set up under Rule 10b5-1 of the Securities Exchange Act of 1934, is designed to facilitate the sale of common units to cover tax liabilities associated with the vesting of phantom units.
In addition, TXO Partners has expanded its operational footprint with a substantial acquisition of oil and gas assets in the Williston Basin of Montana and North Dakota. The assets, purchased from EMEP Acquisitions, LLC and VR4-ELM, LP, cost $241.8 million in cash and 2,500,000 common units.
Simultaneously, the company has amended its existing credit agreement, increasing the aggregate commitments from $165.0 million to $275.0 million and extending the maturity date to late 2028. TXO Partners also raised $19.5 million before underwriting discounts and commissions through the sale of an additional 975,000 common units. These recent developments underscore TXO Partners' strategic growth and investment in its core business areas.
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