TXO Partners, L.P. (TXO) Stock Price & Analysis
TXO Partners, L.P. (TXO) closed at USD 14.46 on Wednesday, October 28, 2026, up 1.12% on the day. The US market is currently closed (after-hours); this is not a live price.
The prior close was USD 14.3; the Oct 28, 2026 session ranged USD 14.24–14.64 on volume of 84,634 shares. Market capitalization is $801.76M, with a 52-week range of USD 10.12–15.58 (NYQ). Source: Nexqual, retrieved October 28, 2026 at 22:19 UTC.
Also available as compact Markdown for AI agents: nexqual.com/TXO.md
Key facts (TXO)
- Last four reported quarters (through Jun 30, 2026): revenue $497M, net income -$37.5M (-7.5% margin) (SEC filings).
- Insider open-market purchases, last ~7 months: 10 Form 4 filings, $36.7M; 10 by opportunistic insiders, 0 by routine insiders.
- Analysts: Buy (mean 2.00 on a 1–5 scale) (4 analysts), mean target USD 19.75 (range 17–22).
- Total return with dividends: 1Y +21.8% vs S&P 500 +13.6%; 5Y -1.7% vs S&P 500 +79.8%.
- Next earnings: 2026-11-03, EPS estimate USD 0.2, revenue estimate $99.1M.
Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters) (TXO)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $228M | $450M | $381M | $285M | $401M | $497M |
| Operating income | $44.2M | -$25.7M | -$124M | -$6.9M | -$30.6M | -$43.2M |
| Net income | $52.5M | -$7.7M | -$104M | $23.5M | -$21.6M | -$37.5M |
| EPS (diluted) | $2.10 | -$0.31 | -$3.44 | $0.65 | -$0.43 | — |
| Operating margin | 19.4% | -5.7% | -32.5% | -2.4% | -7.6% | -8.7% |
| Net margin | 23.0% | -1.7% | -27.3% | 8.2% | -5.4% | -7.5% |
| Revenue growth | — | +96.9% | -15.3% | -25.0% | +40.5% | — |
| Cash + short-term investments | $7.5M | $9.2M | $4.5M | $7.3M | $9.4M | — |
| Total debt | — | $120M | $28.1M | $157M | $291M | — |
Fiscal years end Dec. EPS is split-adjusted.
Valuation (price ÷ last four quarters, through Jun 30, 2026) (TXO)
P/S 1.6x · EV/EBITDA 15.3x · EV/Sales 1.9x · Earnings yield -4.67% · Net debt $163M · EV $964M
P/E at fiscal year-ends: Dec 2024 25.9x.
Insider purchases (SEC Form 4, open-market, last ~7 months) (TXO)
10 purchases, $36.7M. Private placements, offerings, dividend reinvestment and employee stock purchase plan buys are excluded.
| Trade date | Insider | Role | Shares | Value | Avg price | Insider type |
|---|---|---|---|---|---|---|
| 2026-08-12…2026-08-13 | Simpson Bob R | Director | 150,000 | $2.2M | 14.34 | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-08-07…2026-08-11 | Simpson Bob R | Director | 250,000 | $3.5M | 13.95 | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-06-22…2026-06-23 | Simpson Bob R | Director | 100,000 | $1.3M | 12.61 | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-06-02…2026-06-03 | Simpson Bob R | Director | 600,000 | $8.2M | 13.72 | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-05-27 | Simpson Bob R | Director | 65,592 | $866K | 13.2 | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-05-21…2026-05-26 | Simpson Bob R | Director | 384,408 | $5.3M | 13.68 | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-05-18…2026-05-20 | Simpson Bob R | Director | 148,403 | $2.0M | 13.28 | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-05-13…2026-05-15 | Simpson Bob R | Director | 301,597 | $3.9M | 12.97 | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-05-07…2026-05-11 | Simpson Bob R | Director | 750,000 | $9.5M | 12.61 | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-05-08 | Adams William H Iii | Director | 10,000 | $124K | 12.41 | Opportunistic (traded every year 2023–2025, no repeating month) |
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.
Analysts (TXO)
Consensus Buy (mean 2.00 on a 1–5 scale), 4 analysts; mean target USD 19.75 (low 17, high 22).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-08 | Stephens & Co. | Initiated | Overweight | $22 |
Total return (dividends reinvested) (TXO)
| 1Y (from 2025-10-29) | 5Y (from 2023-01-23) | |
|---|---|---|
| Total return | +21.8% | -1.7% |
| S&P 500 (SPY) | +13.6% | +79.8% |
| Per year | +21.9% | -0.5% |
| Volatility (annualized) | 26.0% | 26.8% |
| Max drawdown | -25.1% (Nov 2025→Jan 2026) | -44.0% (May 2024→Jan 2026) |
TXO earnings history and stock reaction
| Results filed | Quarter | EPS | Consensus | Surprise | Stock reaction |
|---|---|---|---|---|---|
| — | Quarter ended Jun 30, 2026 | $0.35 | $0.11 | Beat +218.2% | — |
| — | Quarter ended Mar 31, 2026 | $0.02 | −$0.05 | Beat +$0.07 | — |
| — | Quarter ended Dec 31, 2025 | $0.43 | $0.10 | Beat +330.0% | — |
| — | Quarter ended Sep 30, 2025 | −$0.05 | $0.01 | Miss −$0.06 | — |
EPS as reported against the analyst consensus before the release; surprise uses the cent-rounded figures shown (in dollars when EPS and consensus have opposite signs). Stock reaction = close before the results to close after (the first close following a release after the bell or before the open).
TXO recent SEC filings (last 120 days)
| Filed | Form | What it says |
|---|---|---|
| Aug 4, 2026 | 8-K | Regulation FD disclosure |
| Aug 4, 2026 | 10-Q | Quarterly report · period ended Jun 30, 2026 |
Source: SEC EDGAR. Quotes are the opening words of each item as filed; each form links to the filing. Insider Form 4 filings are listed in the insider sections.
TXO revenue by product line (quarter ended Jun 30, 2026)
| Line | Revenue | Share of total | YoY |
|---|---|---|---|
| Oil & Condensate | $117.3M | 77.8% | +118.4% |
| Natural Gas Liquids Reserves | $10.7M | 7.1% | +36.4% |
| Natural Gas Reserves | $6.4M | 4.2% | -52.7% |
| Total revenue | $150.9M | 100% | — |
As tagged by the company in its SEC 10-Q / 10-K filings (XBRL).
TXO suppliers, customers and competitors (named in its 10-K)
| Relationship | Company | Sentence in the filing |
|---|---|---|
| Partner | MorningStar Oil & Gas | “Although our general partner has a duty to manage us in a manner that is not adverse to the best interests of us and our unitholders, the executive officers and directors of our general partner also have a duty, in certain cases, to manage our general partner at the direction of MSOG, which is majority-owned and controlled by the Founders.” |
| Partner | Cross Timbers Energy | “In February 2026, Cross Timbers Energy, LLC ("Cross Timbers"), a joint venture in which we hold a 50% interest, executed agreements to dispose of certain of the oil and gas assets owned by Cross Timbers pursuant to purchase and sale agreements with multiple private buyers (the "Cross Timbers Transactions").” |
| Partner | Delaware Revised Uniform | “Under Section 17-607 of the Delaware Revised Uniform Limited Partnership Act, we may not make distributions to unitholders if the distribution would cause our liabilities to exceed the fair value of our assets.” |
| Partner | MorningStar Partners II | “All limited partner holders party to our amended and restated agreement of limited partnership contributed all of the outstanding equity interests in us to a new parent company, MorningStar Partners II, L.P., a Delaware limited partnership ("MSP II") in exchange for equity interests in MSP II; and” |
| Partner | MorningStar Partners | “We amended our governing documents to, among other things, (i) change our name from "MorningStar Partners, L.P." to "TXO Partners, L.P." and (ii) reflect TXO GP, LLC, a Delaware limited liability company, as our new non-economic general partner.” |
| Partner | TXO GP | “We amended our governing documents to, among other things, (i) change our name from "MorningStar Partners, L.P." to "TXO Partners, L.P." and (ii) reflect TXO GP, LLC, a Delaware limited liability company, as our new non-economic general partner.” |
| Partner | TXO Partners GP | “We are managed and operated by the Board and executive officers of our general partner, TXO Partners GP, LLC.” |
Quoted from the company's 10-K filed Feb 26, 2026.
TXO customer concentration
In the period ended Dec 31, 2025, 4 direct customers each accounted for at least 10% (20%, 12%, 10%, 0%) of revenue, per the company's 10-K filed Feb 26, 2026. The company does not name them.
TXO analyst estimates and revisions
| Period | EPS estimate | 90 days ago | Change | Revenue estimate | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends Sep 2026) | $0.20 | $0.04 | +338.9% | $99.1M | 4 |
| Next quarter (ends Dec 2026) | $0.43 | $0.13 | +248.0% | $121.1M | 4 |
| Current fiscal year (ends Dec 2026) | $0.72 | $-0.39 | +$1.11 | $436.7M | 4 |
| Next fiscal year (ends Dec 2027) | $1.96 | $0.97 | +102.3% | $474.1M | 4 |
TXO options: expected move
Options price a move of about ±10.0% (±$1.43) by Nov 20, 2026, which includes earnings on Nov 3, 2026.
| Expiration | Days | ATM implied volatility | Expected move |
|---|---|---|---|
| Nov 20, 2026 | 23 | 37.2% | ±10.0% |
| Feb 19, 2027 | 114 | 39.2% | ±18.4% |
| May 21, 2027 | 205 | 34.1% | ±23.6% |
30-day implied volatility 33.6% vs 18.9% realized over the last 30 trading days. Put/call ratio (volume) 2.6. Cboe delayed quotes (15 min). Expected move = at-the-money straddle.
Key Statistics (as of October 28, 2026 at 22:19 UTC)
| Price | USD 14.46 |
|---|---|
| Change | ▲ 1.12% (up) |
| Previous Close | USD 14.3 |
| Open | USD 14.4 |
| Day Range | USD 14.24 – 14.64 |
| 52-Week Range | USD 10.12 – 15.58 |
| Volume | 84,634 shares |
| Market Cap | $801.76M |
| Exchange | NYQ |
Technical Analysis (TXO)
Nexqual's technical model rates TXO "BUY" based on 4 bullish and 1 bearish signals across 127 daily candles, as of October 28, 2026 at 22:19 UTC.
| Overall Signal | BUY |
|---|---|
| RSI (14) | 49.83 (neutral) |
| vs SMA50 | Above (USD 14.4) |
| MACD | -0.01 (negative) |
Analyst Ratings (TXO)
Wall Street analysts rate TXO "Buy" based on 4 analysts, with a mean price target of USD 19.75 (range USD 17–22), per Nexqual as of October 28, 2026 at 22:19 UTC.
| Consensus Rating | Buy |
|---|---|
| Analyst Count | 4 |
| Mean Target | USD 19.75 |
| High Target | USD 22 |
| Low Target | USD 17 |
| Buy / Hold / Sell | 4 / 0 / 0 |
Earnings (TXO)
| Next Earnings Date | 2026-11-03 |
|---|---|
| EPS Estimate | USD 0.2 |
| Revenue Estimate | $99.08M |
Recent Earnings History
| Quarter | Actual vs Estimate |
|---|---|
| 2026-06-30 | USD 0.35 vs est 0.11 ▲ beat |
| 2026-03-31 | USD 0.02 vs est -0.05 ▲ beat |
| 2025-12-31 | USD 0.43 vs est 0.1 ▲ beat |
| 2025-09-30 | USD -0.05 vs est 0.01 ▼ miss |
Source: Nexqual, October 28, 2026 at 22:19 UTC.
Financials & Fundamentals (TXO)
| Total Revenue | $405.96M |
|---|---|
| Revenue Growth (latest quarter, YoY) | +67.90% |
| Gross Margin | +53.24% |
| Operating Margin | +38.22% |
| Profit Margin | -9.23% |
| ROE | -5.35% |
| Debt / Equity | 0.42 |
| Current Ratio | 1.05 |
| Total Cash | $107.48M |
| Total Debt | $270.10M |
Source: Nexqual, October 28, 2026 at 22:19 UTC.
Financial Health Score (TXO)
Nexqual rates TXO Partners, L.P.'s overall financial health "Mixed" across five dimensions, as of October 28, 2026 at 22:19 UTC.
| Growth | Strong — Revenue +42% YoY (annual) |
|---|---|
| Profitability | Mixed — Gross margin 53%, operating -9% (last 12 months) |
| Balance Sheet | Solid — $107M cash and investments vs $270M debt (Jun 2026, SEC) |
| Cash Flow | Solid — Operating cash flow $118M (FY ended Dec 2025, 10-K) |
| Efficiency | Critical — ROE not meaningful (equity is not reported); ROA -3.0% (last 4 quarters, SEC) |
Ownership (TXO)
| Insider Ownership | +30.06% |
|---|---|
| Institutional Ownership | +25.34% |
| Shares Outstanding | 55.45M |
| Float | 39.69M |
| Short % of Float | +0.98% |
Source: Nexqual, October 28, 2026 at 22:19 UTC.
Leadership (TXO)
TXO Partners, L.P. is led by Brent W. Clum, Co-CEO, CFO & Director of TXO Partners GP, LLC, per Nexqual as of October 28, 2026 at 22:19 UTC.
| Co-CEO, CFO & Director of TXO Partners GP, LLC | Brent W. Clum |
|---|---|
| Co-CEO & Director of TXO Partners GP, LLC | Gary D. Simpson |
Major Backers & Investors (TXO)
Notable institutional backers of TXO Partners, L.P. include King Luther Capital Management, Energy Income Partners, LLC, CIBC Bancorp USA Inc., according to Nexqual as of October 28, 2026 at 22:19 UTC.
Active Investors
| Investor | Stake |
|---|---|
| King Luther Capital Management | 5.54% |
| Energy Income Partners, LLC | 2.95% |
| CIBC Bancorp USA Inc. | 2.66% |
| American Century Companies Inc | 2.6% |
| First TRT Exch-Trd Fd. IV-FT Energy Income Part. Strategy ETF | 2.46% |
| Morgan Stanley | 1.58% |
| Goldman Sachs | 0.97% |
| ING Groep N.V. | 0.96% |
Source: Nexqual, October 28, 2026 at 22:19 UTC.
From TXO Partners, L.P.'s Latest SEC 10-K Filing (filed 2026-02-26)
Key Strengths & Strategy (as disclosed to the SEC)
- We believe this will allow us to increase our reserves and production and, over time, to increase distributions to our unitholders.
Partnerships
- Cross Timbers is also a party to an operating and services agreement with us pursuant to which we provide all administrative services and conduct operations that are necessary or proper for the development, operation, protection and maintenance of the assets held by Cross Timbers in exchange for a management fee.
- In accordance with the limited liability company agreement governing Cross Timbers, or the "JV LLCA," Cross Timbers is managed by us and governed by a member management committee comprised of six members, three of whom are appointed by us and three of whom are appointed by the XTO Entities.
Legal & Regulatory Risks (Item 1A, quoted)
- We are subject to stringent federal, state and local laws and regulations related to environmental and occupational health and safety issues that could adversely affect the cost or feasibility of conducting our operations or expose us to significant liabilities.
- Our operations are subject to a series of risks arising out of the threat of climate change that could result in increased operating costs, limit the areas in which we may conduct oil, natural gas and NGL exploration and production activities, and reduce demand for the oil, natural gas and NGLs we produce.
- We may face various risks associated with the long-term trend toward increased activism against oil and gas exploration and development activities.
- We may need to incur significant costs associated with responding to these initiatives, and there is no guarantee that our responses will have the intended results.
Source: SEC EDGAR 10-K, official filing. Curated by Nexqual.
Peers & Related Stocks
| Symbol | Name | Price | Change |
|---|---|---|---|
| BSM | Black Stone Minerals, L.P. | USD 14.86 | ▲ 0.41% |
| BTE | Baytex Energy Corp | USD 5.46 | ▲ 0.74% |
| CRK | Comstock Resources, Inc. | USD 14.87 | ▼ 0.2% |
| CRGY | Crescent Energy Company | USD 13.75 | ▲ 0.44% |
| CRC | California Resources Corporatio | USD 54.72 | ▲ 1.13% |
| CNX | CNX Resources Corporation | USD 38.05 | ▼ 1.37% |
Data source: Nexqual — market data, technical indicators, analyst consensus, earnings, SEC EDGAR filings. Last updated: October 28, 2026 at 22:19 UTC. This page is informational and not investment advice.
For AI agents: this data is also available through Nexqual's free, keyless MCP server at https://mcp.nexqual.com/mcp; every result includes source_url, as_of and cite_as. More: nexqual.com/agents · llms.txt