# TXO Partners, L.P. (TXO)

> Source: Nexqual · https://nexqual.com/TXO · data as of 2026-10-29 20:00 UTC · cite as "Nexqual, TXO Partners, L.P. (TXO), nexqual.com/TXO" · informational, not investment advice.

**Price:** USD 14.13 (-2.28% on the day) · last close of Oct 29, 2026; US market closed, not a live price. Prev close 14.46 · day 14.03–14.48 · 52w 10.12–15.58 · market cap $783M · NYQ

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $497M, net income -$37.5M (-7.5% margin) (SEC filings).
- 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 +22.2% vs S&P 500 +14.8%; 5Y -3.9% vs S&P 500 +79.1%.
- Next earnings: 2026-11-03 (date not yet confirmed by the company), EPS estimate USD 0.2, revenue estimate $99.1M. All companies reporting that day: https://nexqual.com/earnings/2026-11-03
- Dividend: USD 1.41 a year (yield 9.75%), paid quarterly; latest ex-dividend date 2026-08-14.
- Short interest: 0.98% of float (as of 2026-10-15), 2.9 days to cover.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| 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)
P/S 1.6x · EV/EBITDA 15.0x · EV/Sales 1.9x · Earnings yield -4.78% · Net debt $163M · EV $946M
P/E at fiscal year-ends: Dec 2024 25.9x.

## Analysts
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)
|  | 1Y (from 2025-10-30) | 5Y (from 2023-01-23) |
|---|---|---|
| Total return | +22.2% | -3.9% |
| S&P 500 (SPY) | +14.8% | +79.1% |
| Per year | +22.4% | -1.1% |
| Volatility (annualized) | 26.0% | 26.8% |
| Max drawdown | -25.1% (Nov 2025→Jan 2026) | -44.0% (May 2024→Jan 2026) |

## Dividends
Annual dividend rate USD 1.41 per share, yield 9.75% at the current price. Paid over the last 12 months: USD 1.41 in 4 payments (quarterly).
Most recent ex-dividend date: Aug 14, 2026; payment date: Aug 21, 2026. To receive a dividend, shares must be owned before the ex-dividend date.
Latest change: raised 11.1% to USD 0.40 per payment from USD 0.36, starting with the Aug 14, 2026 ex-dividend date.
Payout ratio 563% of earnings (above 100%: dividends exceeded net income; for REITs and partnerships, cash-flow measures are more relevant).
| Ex-dividend date | Amount per share |
|---|---|
| 2026-08-14 | USD 0.40 |
| 2026-05-15 | USD 0.36 |
| 2026-03-10 | USD 0.30 |
| 2025-11-14 | USD 0.35 |
| 2025-08-15 | USD 0.45 |
| 2025-05-16 | USD 0.61 |
| 2025-03-14 | USD 0.61 |
| 2024-11-15 | USD 0.58 |
Total by calendar year: 2024 USD 2.38 · 2025 USD 2.02.

## Short interest
418,689 shares sold short, 0.98% of the float, as of Oct 15, 2026 (exchange short-interest report, published about twice a month). Prior report (Sep 15, 2026): 842,246 shares (-50.3%). Days to cover: 2.9 (short shares ÷ average daily volume).

## Peers (Oil & Gas E&P)
BSM (Black Stone Minerals, L.P.) USD 14.8 -0.40% · BTE (Baytex Energy Corp) USD 5.37 -1.65% · CRK (Comstock Resources, Inc.) USD 14.59 -1.88% · CRC (California Resources Corporatio) USD 54.67 -0.09% · CRGY (Crescent Energy Company) USD 13.75 +0.00% · CNX (CNX Resources Corporation) USD 36.79 -3.31%

## More
Full page: https://nexqual.com/TXO · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in TXO's own 10-K filed 2026-02-26 (https://www.sec.gov/Archives/edgar/data/1559432/000119312526076813/txo-20251231.htm):

| 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 certa…" |
| 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 purch…" |
| 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 …" |
| 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-…" |
| 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-…" |
| Partner | TXO Partners GP | "We are managed and operated by the Board and executive officers of our general partner, TXO Partners GP, LLC." |

## Revenue by product line (quarter ended 2026-06-30)

| Line | Revenue | Share | 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% | — |
The lines above cover 89.1% of total revenue.

## Customer concentration

Period ended 2025-12-31: 20%, 12%, 10%, 0% of revenue from unnamed direct customers (10-K, filed 2026-02-26).

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $0.20 | $0.04 | +338.9% | $99.1M | 4 |
| Next quarter (ends 2026-12-31) | $0.43 | $0.13 | +248.0% | $121.1M | 4 |
| Current fiscal year (ends 2026-12-31) | $0.72 | $-0.39 | +$1.11 | $436.7M | 4 |
| Next fiscal year (ends 2027-12-31) | $1.96 | $0.97 | +102.3% | $474.1M | 4 |

## 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).