Texas Pacific Land Corporation (TPL) To Go Ex-Dividend on March 2nd

Texas Pacific Land Corporation (NYSE:TPL) announced a quarterly dividend on Tuesday, February 10th. Investors of record on Monday, March 2nd will be paid a dividend of 0.60 per share by the financial services provider on Monday, March 16th. This represents a c) dividend on an annualized basis and a dividend yield of 0.5%. The ex-dividend date is Monday, March 2nd. This is a 12.5% increase from Texas Pacific Land’s previous quarterly dividend of $0.53.

Texas Pacific Land has decreased its dividend by an average of 0.1%per year over the last three years and has increased its dividend annually for the last 3 consecutive years. Texas Pacific Land has a payout ratio of 7.9% indicating that its dividend is sufficiently covered by earnings.

Texas Pacific Land Stock Performance

NYSE:TPL traded up $11.74 during trading hours on Friday, hitting $524.28. The stock had a trading volume of 794,850 shares, compared to its average volume of 635,769. The business’s 50 day moving average is $362.67 and its 200-day moving average is $325.50. The company has a market cap of $36.14 billion, a price-to-earnings ratio of 75.15 and a beta of 0.95. Texas Pacific Land has a one year low of $269.23 and a one year high of $547.20.

Texas Pacific Land (NYSE:TPL) last announced its quarterly earnings results on Wednesday, February 18th. The financial services provider reported $1.79 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.73 by $0.06. Texas Pacific Land had a net margin of 60.31% and a return on equity of 36.18%. The company had revenue of $211.60 million during the quarter, compared to analyst estimates of $204.00 million.

Insider Buying and Selling

In other Texas Pacific Land news, CAO Stephanie Buffington sold 1,608 shares of the company’s stock in a transaction on Tuesday, February 24th. The shares were sold at an average price of $503.00, for a total transaction of $808,824.00. Following the sale, the chief accounting officer directly owned 2,133 shares of the company’s stock, valued at approximately $1,072,899. This represents a 42.98% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Donna E. Epps purchased 895 shares of the business’s stock in a transaction on Wednesday, February 25th. The stock was purchased at an average price of $510.45 per share, with a total value of $456,852.75. Following the purchase, the director owned 2,921 shares of the company’s stock, valued at approximately $1,491,024.45. The trade was a 44.18% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Corporate insiders own 6.90% of the company’s stock.

Institutional Investors Weigh In On Texas Pacific Land

Several hedge funds have recently bought and sold shares of TPL. Swiss National Bank lifted its stake in shares of Texas Pacific Land by 7.4% in the second quarter. Swiss National Bank now owns 59,151 shares of the financial services provider’s stock valued at $62,487,000 after buying an additional 4,100 shares in the last quarter. Prudential Financial Inc. boosted its position in shares of Texas Pacific Land by 8.8% during the second quarter. Prudential Financial Inc. now owns 10,966 shares of the financial services provider’s stock valued at $11,584,000 after buying an additional 884 shares during the last quarter. Titleist Asset Management LLC grew its holdings in Texas Pacific Land by 262.4% during the second quarter. Titleist Asset Management LLC now owns 1,573 shares of the financial services provider’s stock worth $1,662,000 after buying an additional 1,139 shares in the last quarter. Westerkirk Capital Inc. purchased a new stake in Texas Pacific Land in the 2nd quarter valued at $2,229,000. Finally, Strs Ohio grew its stake in shares of Texas Pacific Land by 103.7% in the 2nd quarter. Strs Ohio now owns 1,306 shares of the financial services provider’s stock worth $1,380,000 after acquiring an additional 665 shares in the last quarter. 59.94% of the stock is currently owned by institutional investors and hedge funds.

About Texas Pacific Land

Texas Pacific Land Corporation (NYSE: TPL) is a Texas-based land management company that derives revenue from the ownership and stewardship of large tracts of land and associated mineral rights in West Texas. The company’s origins trace to 19th century land grants associated with the Texas and Pacific Railway; over time those grant holdings have been retained and managed as a standalone corporate asset base. Texas Pacific Land is publicly listed and operates as a landowner and resource manager rather than as a traditional oil and gas producer.

The company’s primary activities include management of surface rights and leasing of land for energy and other commercial uses, administration of mineral royalty interests, and provision of water and related services to industrial customers.