Texas Pacific Land Corporation (TPL) to Issue Quarterly Dividend of $0.60 on June 15th

Texas Pacific Land Corporation (NYSE:TPL) announced a quarterly dividend on Tuesday, May 5th. Investors of record on Monday, June 1st will be given a dividend of 0.60 per share by the financial services provider on Monday, June 15th. This represents a c) dividend on an annualized basis and a yield of 0.6%. The ex-dividend date is Monday, June 1st.

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 dividend payout ratio of 7.9% meaning its dividend is sufficiently covered by earnings. Equities analysts expect Texas Pacific Land to earn $10.24 per share next year, which means the company should continue to be able to cover its $2.40 annual dividend with an expected future payout ratio of 23.4%.

Texas Pacific Land Stock Performance

Texas Pacific Land stock opened at $392.54 on Friday. The company’s fifty day moving average price is $434.42 and its 200 day moving average price is $389.99. Texas Pacific Land has a 1 year low of $269.23 and a 1 year high of $547.20. The stock has a market capitalization of $27.07 billion, a P/E ratio of 53.77 and a beta of 0.66.

Texas Pacific Land (NYSE:TPL) last released its quarterly earnings results on Wednesday, May 6th. The financial services provider reported $2.07 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.03 by $0.04. Texas Pacific Land had a net margin of 60.03% and a return on equity of 35.52%. The firm had revenue of $236.80 million for the quarter, compared to analysts’ expectations of $233.00 million. Sell-side analysts predict that Texas Pacific Land will post 9.27 EPS for the current year.

Analyst Ratings Changes

TPL has been the topic of several recent research reports. Weiss Ratings raised shares of Texas Pacific Land from a “hold (c)” rating to a “hold (c+)” rating in a research note on Friday, May 1st. KeyCorp lifted their target price on shares of Texas Pacific Land from $350.00 to $639.00 and gave the stock an “overweight” rating in a research note on Monday, February 23rd. Zacks Research raised shares of Texas Pacific Land from a “hold” rating to a “strong-buy” rating in a research note on Thursday, April 16th. Finally, Wall Street Zen raised shares of Texas Pacific Land from a “sell” rating to a “hold” rating in a research note on Sunday, March 15th. One investment analyst has rated the stock with a Strong Buy rating, one has given a Buy rating, one has given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $639.00.

Texas Pacific Land Company Profile

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.