Insider Selling: Texas Pacific Land Co. (NYSE:TPL) CFO Sells $281,193.86 in Stock

Texas Pacific Land Co. (NYSE:TPL) CFO Chris Steddum sold 214 shares of the company’s stock in a transaction on Friday, March 14th. The stock was sold at an average price of $1,313.99, for a total transaction of $281,193.86. Following the completion of the transaction, the chief financial officer now directly owns 3,502 shares of the company’s stock, valued at approximately $4,601,592.98. The trade was a 5.76 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website.

Texas Pacific Land Price Performance

TPL stock opened at $1,382.86 on Thursday. The stock has a market capitalization of $31.78 billion, a P/E ratio of 70.12 and a beta of 1.69. Texas Pacific Land Co. has a fifty-two week low of $553.33 and a fifty-two week high of $1,769.14. The business has a 50-day moving average of $1,349.38 and a 200-day moving average of $1,216.65.

Texas Pacific Land (NYSE:TPL) last released its quarterly earnings results on Wednesday, February 19th. The financial services provider reported $5.14 earnings per share for the quarter. Texas Pacific Land had a return on equity of 40.23% and a net margin of 64.32%. The firm had revenue of $185.78 million during the quarter.

Texas Pacific Land Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, March 17th. Shareholders of record on Monday, March 3rd were paid a $1.60 dividend. The ex-dividend date of this dividend was Monday, March 3rd. This represents a $6.40 annualized dividend and a yield of 0.46%. Texas Pacific Land’s payout ratio is currently 32.45%.

Hedge Funds Weigh In On Texas Pacific Land

A number of large investors have recently modified their holdings of TPL. KBC Group NV raised its holdings in Texas Pacific Land by 41.4% during the third quarter. KBC Group NV now owns 1,455 shares of the financial services provider’s stock worth $1,288,000 after acquiring an additional 426 shares in the last quarter. Metis Global Partners LLC acquired a new position in shares of Texas Pacific Land during the 3rd quarter worth approximately $219,000. CIBC Asset Management Inc increased its position in shares of Texas Pacific Land by 5.4% during the 3rd quarter. CIBC Asset Management Inc now owns 797 shares of the financial services provider’s stock worth $705,000 after purchasing an additional 41 shares during the last quarter. RiverPark Advisors LLC boosted its holdings in shares of Texas Pacific Land by 6.8% in the 3rd quarter. RiverPark Advisors LLC now owns 787 shares of the financial services provider’s stock valued at $696,000 after buying an additional 50 shares during the last quarter. Finally, Gilbert & Cook Inc. grew its stake in shares of Texas Pacific Land by 114.6% in the third quarter. Gilbert & Cook Inc. now owns 3,966 shares of the financial services provider’s stock valued at $3,509,000 after buying an additional 2,118 shares in the last quarter. 59.94% of the stock is currently owned by institutional investors and hedge funds.

Texas Pacific Land Company Profile

Texas Pacific Land Corporation engages in the land and resource management, and water services and operations businesses. The company owns a 1/128th nonparticipating perpetual oil and gas royalty interest (NPRI) under approximately 85,000 acres of land; a 1/16th NPRI under approximately 371,000 acres of land; and approximately 4,000 additional net royalty acres, total of approximately 195,000 NRA located in the western part of Texas.