William H. Adams III, Principal at TXO Partners, LP (NASDAQ:TXO), recently purchased 14,000 common units of the company. The transaction, executed on December 30, 2024, was completed at a weighted average price of $16.9284 per share, for a total of approximately $236,997. The purchase comes as the company maintains an attractive dividend yield of ~14%, according to InvestingPro data. Following this acquisition, Adams directly holds 92,784 shares. The stock was bought in multiple trades at prices ranging from $16.75 to $17.00. With analyst price targets ranging from $25 to $26, indicating significant upside potential, and shares currently trading near a 52-week low of $15.22, this insider buy agrees with InvestingProanalysis shows that the stock is undervalued. With a subscription to InvestingPro, you get access to 8 more exclusive InvestingPro tips and comprehensive insider trading analysis.
In other recent news, TXO Partners, LP made significant progress in its business. The company recently reported that its president of manufacturing and development, Gary D. Simpson, has established a prearranged trading plan to sell company stock to cover tax liabilities associated with the acquisition of phantom units. The plan, established under Rule 10b5-1 of the Securities Exchange Act of 1934, will remain in effect until the phantom units are finally vested or forfeited.
In addition, TXO Partners completed the significant acquisition of oil and gas assets in the Williston Basin in Montana and North Dakota from EMEP Acquisitions, LLC and VR4-ELM, LP. The property was purchased for $241.8 million in cash and 2,500,000 common units in TXO Partners.
At the same time, the company amended its existing credit agreement, increasing the total available commitments from USD 165.0 million to USD 275.0 million and extending the maturity date to the end of 2028. In connection with the acquisition of the assets, TXO Partners and the sellers entered into a rights agreement to registration, facilitating the resale of equity under the Securities Act of 1933.
Furthermore, the company raised $19.5 million before taking discounts and commissions by selling an additional 975,000 common units at $20.00. Raymond (NS:) James has been appointed as the sole book manager for the offering. These are among recent developments at TXO Partners, highlighting its strategic growth and investments in its core business areas.
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