TXO
TXO Partners, L.P.Energy·Oil & Gas Exploration & Production
$12.72
$703M market cap
Revenue
$164.7M
Free Cash Flow
$70.4M
Rev Growth
+0.0%
FCF Margin
42.8%
P/FCF
10.0x
EV/FCF
13.8x
Fwd EV/EBITDA
--
Fair Value
--
Upside
--
TXO Energy Partners, L.P. engages in the acquisition, development, optimization, and exploitation of conventional oil, natural gas, and natural gas liquid reserves in North America. As of July 31, 2022, it had working interest in the 850,009 gross acres located in the United States primarily in the San Juan Basin of New Mexico and Colorado, and the Permian Basin of West Texas and New Mexico. The company was founded in 2012 and is based in Fort Worth, Texas.
2-Year Price History
$13.71-18.6%
Quarterly Financials & Projections
Quarterly Waterfall ($ M)
| Period | Rev | EBITDA | OpIn | NI | OCF | FCF | CapEx | Cash | Debt | Shares | ROIC | IntCov | EV/EBITDA | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Act | 2026-Q1 | 28.3 | -48.7 | -77.6 | -74.3 | 33.4 | 32.2 | -1.2 | 7.9 | 277.1 | 55.1 | -62.9% | -8.5x | -- |
| Act | 2025-Q4 | 136.4 | 21.3 | 25.8 | -28.3 | 32.5 | 38.2 | -5.8 | 9.4 | 291.1 | 49.8 | 17.6% | 0.8x | -- |
Valuation & Metrics
Market Stats
Price$12.72
Market Cap$703M
Enterprise Value$972M
P/S Ratio4.3x
P/FCF10.0x
EV/FCF13.8x
FCF Margin (TTM)42.8%
FCF Yield10.0%
Dividend Yield (TTM)11.5%
Annual Dilution0.0%
CurrencyUSD
TTM Financial Snapshot
Revenue$164.7M
Net Income$-102.6M
Free Cash Flow$70.4M
Revenue Growth (YoY)+0.0%
EBITDA Margin-16.7%
Net Margin-62.3%
FCF Margin42.8%
CapEx % of Revenue4.3%
SBC % of Revenue4.3%
ROIC-22.7%
WC Change % Rev3.0%
Interest Coverage-0.8x
Forward Outlook & Risk
Short Interest
Short % of Float--
Short Shares0.9M
Days to Cover5.6
Change (vs Prior)+0.7%
Need at least 2 settlement dates for chart
Employees
Headcount201
Revenue / Employee$819,139
Gross Profit / Employee$-467,532
Institutional Ownership
Headline & net flow
NEUTRAL
Net flow · —still filing
No float data — flow unavailable.
Ownership composition
Active
25.8%(-2.2% YoY)
56 filers
hedge / family / endowment
Retail funds
—
Fidelity, Schwab, 401(k)
Passive
0.0%(+0.0% YoY)
0 filers
Vanguard, iShares, SPDR
Market makers
0.3%(+0.2% YoY)
3 filers
Citadel, Susquehanna
Insiders
—
Form 4 — latest per insider
ActiveRetail fundsPassiveMarket makersRetail direct
Top holders
| Fund | $ value | Cost basis | Δ QoQ | Δ YoY | α life | Fund AUM |
|---|---|---|---|---|---|---|
| KING LUTHER CAPITAL MANAGEMENT CORP | $38.6M | $16.02 | +$0 | +$6.4M | -0.5% | $23.14B |
| CIBC Bancorp USA Inc. | $25.8M | $12.92 | +$3.0M | +$25.8M | +2.7% | $74.02B |
| AMERICAN CENTURY COMPANIES INC | $18.7M | $15.44 | −$789K | +$5.4M | +0.7% | $193.48B |
| Energy Income Partners, LLC | $18.2M | $14.44 | +$3.8M | +$8.4M | +1.4% | $6.22B |
| MORGAN STANLEY | $13.1M | $12.99 | +$4.0M | +$11.1M | -0.3% | $1.65T |
| GOLDMAN SACHS GROUP INC | $9.4M | $15.59 | −$1.9M | +$2.4M | -0.2% | $760.93B |
| CUSHING ASSET MANAGEMENT, LP | $7.3M | $14.77 | +$0 | +$5.7M | +0.9% | $2.01B |
| FIRST TRUST ADVISORS LP | $6.5M | $13.01 | +$133K | +$6.5M | +0.1% | $139.72B |
| ING GROEP NV | $6.3M | $12.59 | +$0 | +$6.3M | -0.2% | $16.35B |
| JPMORGAN CHASE & CO | $6.2M | $10.35 | −$512K | +$6.0M | -0.2% | $1.47T |
| BANK OF AMERICA CORP /DE/ | $4.7M | $14.41 | +$3.3M | +$4.6M | -0.1% | $1.36T |
| PIN OAK INVESTMENT ADVISORS INC | $4.5M | $14.06 | +$64K | +$966K | +0.0% | $141M |
| CITADEL ADVISORS LLC | $4.3M | $12.49 | +$1.3M | +$3.5M | -0.4% | $138.22B |
| STIFEL FINANCIAL CORP | $4.2M | $13.73 | +$2.2M | +$2.7M | -0.3% | $108.17B |
| Global Endowment Management, LP | $4.2M | $14.68 | −$18.8M | −$20.8M | -0.0% | $896M |
| RAYMOND JAMES FINANCIAL INC | $4.2M | $13.90 | +$1.2M | +$1.4M | -0.0% | $322.69B |
| SANDERS MORRIS HARRIS LLC | $3.5M | $13.08 | +$595K | +$3.5M | +0.2% | $630M |
| DEROY & DEVEREAUX PRIVATE INVESTMENT COUNSEL INC | $2.6M | $13.75 | +$495K | +$2.3M | +0.4% | $2.09B |
| WELLS FARGO & COMPANY/MN | $2.0M | $15.10 | −$193K | +$1.2M | -0.2% | $497.71B |
| UBS Group AG | $2.0M | $13.22 | +$1.6M | +$2.0M | -0.3% | $562.11B |
Cost basis is a volume-weighted estimate from accumulation periods within our 13F history; holders who built their position before our window started will show a stale basis. % above the cost basis is the unrealized gain at the current price.
Trading behavior
Smart-money alpha (lifetime, %/qtr)NEUTRAL
Holders
+0.39%
avg per quarter
Holders (ex-self)
+0.40%
excl. this stock
Buyers (this Q)
+0.03%
30 buyers · $0.03B in
Sellers (this Q)
+0.04%
15 sellers · $0.02B out
alpha coverage: 100% of $ has a lifetime-alpha record
Holder behavior on this stocksource: stock
On big dips (−10%+)
+19.0%
how holders react when this stock falls
On quiet Qs
-6.5%
−10% to +10% baseline
On rallies (+10%+)
-1.4%
how they react when this stock rises
Holders' portfolio flow this Q
+39.4%
inflows — adds are organic
Sellers' portfolio flow this Q
+23.0%
Sellers grew AUM elsewhere — opinionated cut of this stock.
▸ Compare to holder-profile behavior (across all their stocks)
Holder dip (any stock)
+3.4%
Holder mid (any stock)
+5.0%
Holder rally (any stock)
-3.2%
Biggest decreases this quarter
Global Endowment Management, LP−$18.8Mα-0.0GOLDMAN SACHS GROUP INC−$1.9Mα-0.2AMERICAN CENTURY COMPANIES INC−$789Kα+0.7JANE STREET GROUP, LLC−$586Kα-0.1JPMORGAN CHASE & CO−$512Kα-0.2Boston Partnersexited−$271KWELLS FARGO & COMPANY/MN−$193Kα-0.2Alpine Global Management, LLCexited−$182KFund Advisors of America Inc/FLexited−$115KKestra Advisory Services, LLCexited−$49K
Top-5 holders · 57.4%
KING LUTHER CAPITAL MANAGEMENT CORP--
CIBC Bancorp USA Inc.--
AMERICAN CENTURY COMPANIES INC--
Energy Income Partners, LLC--
MORGAN STANLEY--
Top Holders Over Time
5-year share-count history (top 10 holders by peak, incl. exited) + price
hover the chart for per-quarter detailprice (right axis)
Global Endowment Management, LP334KKING LUTHER CAPITAL MANAGEMENT CORP3.1MGOLDMAN SACHS GROUP INC744KCIBC Private Wealth Group, LLC—CIBC Bancorp USA Inc.2.1MAMERICAN CENTURY COMPANIES INC1.5MEnergy Income Partners, LLC1.4MMORGAN STANLEY1.0MMIRAE ASSET GLOBAL ETFS HOLDINGS Ltd.—KIM, LLC—
Analyst Coverage
Analyst Coverage
Price Targets
Last Year (4 analysts)$20.005720.0%
Current Price$12.72
Analyst Ratings
1
1
Strong Buy: 1Buy: 1Consensus: Strong Buy
Corporate
Insider Trading (last 12mo)
Open-market only (Form 4 P-Purchase + S-Sale). Excludes grants, option exercises, tax withholding, gifts.
Officers & directors
Buys ($, 12mo)
$148K
2 txns · 2 insiders · 12,000 sh
Sells ($, 12mo)
$1.14M
5 txns · 3 insiders · 92,854 sh
Major holders (≥10% beneficial owners)
Buys ($, 12mo)
$15.34M
8 txns · 1 insider · 1,200,000 sh
Sells ($, 12mo)
$0
0 txns · 0 insiders · 0 sh
Recent transactions
| Date | Side | Insider | Title | Shares | Price | Dollars | Owned $ |
|---|---|---|---|---|---|---|---|
| 2026-05-20 | BUY | SIMPSON BOB R | director, 10 percent owner: | 90,152 | $13.35 | $1.20M | $106.14M |
| 2026-05-18 | BUY | SIMPSON BOB R | director, 10 percent owner: | 58,251 | $13.17 | $767K | $103.50M |
| 2026-05-15 | BUY | SIMPSON BOB R | director, 10 percent owner: | 151,597 | $12.95 | $1.96M | $101.00M |
| 2026-05-14 | BUY | SIMPSON BOB R | director, 10 percent owner: | 64,475 | $13.02 | $839K | $99.57M |
| 2026-05-13 | BUY | SIMPSON BOB R | director, 10 percent owner: | 85,525 | $12.98 | $1.11M | $98.47M |
| 2026-05-11 | BUY | SIMPSON BOB R | director, 10 percent owner: | 500,000 | $12.67 | $6.34M | $95.05M |
| 2026-05-08 | BUY | ADAMS WILLIAM H III | director | 10,000 | $12.41 | $124K | $1.60M |
| 2026-05-08 | BUY | SIMPSON BOB R | director, 10 percent owner: | 162,365 | $12.50 | $2.03M | $87.52M |
| 2026-05-07 | BUY | SIMPSON BOB R | director, 10 percent owner: | 87,635 | $12.43 | $1.09M | $85.02M |
| 2026-04-01 | SELL | Clum Brent W. | director, officer: Co-CEO and CFO | 27,234 | $12.38 | $337K | $9.91M |
| 2026-04-01 | SELL | Simpson Gary D. | director, officer: Co-Chief Executive Officer | 27,234 | $12.38 | $337K | $7.19M |
| 2026-01-31 | SELL | Agosta Scott T. | officer: Chief Accounting Officer | 10,689 | $12.07 | $129K | $2.48M |
| 2026-01-31 | SELL | Clum Brent W. | director, officer: Co-CEO and CFO | 19,571 | $12.07 | $236K | $9.99M |
| 2026-01-31 | SELL | Simpson Gary D. | director, officer: Co-Chief Executive Officer | 8,126 | $12.07 | $98K | $7.34M |
| 2025-12-11 | BUY | KEVIL PHILLIP R | director | 2,000 | $11.90 | $24K | $350K |
Order Flow (FINRA, ~3w lag)
36.6%retail-1.1pp
15.0%dark+5.2pp
week of 2026-04-13
Off-exchange volume from FINRA. Retail = non-ATS (wholesaler PFOF + broker internalization). Dark = ATS (dark-pool crossing networks, institutional). Lit-exchange = remainder.
Filing Risk Analysis
Filing Risk Scores
TXO Partners: Acquisition-Fueled Growth Masking Aggressive Dilution and Unsustainable Distributions
Overall Risk
7/10
Fraud
3/10
Dilution
9/10
Insolvency
5/10
Earnings Overstated
6/10
Hidden Liabilities
8/10
Legal
2/10
Audit Warnings
1/10
Hidden Upside
4/10
Contextually Acceptable
4/10