Texas Pacific Land (NYSE:TPL) Shares Up 3.3% – Here’s Why

Texas Pacific Land Co. (NYSE:TPL)’s share price rose 3.3% during trading on Wednesday . The company traded as high as $1,409.83 and last traded at $1,406.89. Approximately 17,656 shares traded hands during trading, a decline of 87% from the average daily volume of 140,972 shares. The stock had previously closed at $1,362.36.

Texas Pacific Land Trading Down 1.9 %

The company’s 50 day moving average price is $1,350.96 and its 200 day moving average price is $1,235.78. The company has a market cap of $30.63 billion, a price-to-earnings ratio of 67.58 and a beta of 1.69.

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

Texas Pacific Land Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, March 17th. Investors of record on Monday, March 3rd were issued a dividend of $1.60 per share. This represents a $6.40 dividend on an annualized basis and a yield of 0.48%. The ex-dividend date of this dividend was Monday, March 3rd. Texas Pacific Land’s dividend payout ratio is presently 32.45%.

Insiders Place Their Bets

In other Texas Pacific Land news, CFO Chris Steddum sold 214 shares of the company’s stock in a transaction dated Friday, March 14th. The shares were sold at an average price of $1,313.99, for a total transaction of $281,193.86. Following the transaction, the chief financial officer now directly owns 3,502 shares in the company, valued at approximately $4,601,592.98. This represents a 5.76 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, VP Micheal W. Dobbs sold 1,150 shares of the stock in a transaction dated Thursday, March 13th. The shares were sold at an average price of $1,271.52, for a total transaction of $1,462,248.00. Following the completion of the transaction, the vice president now directly owns 1,393 shares of the company’s stock, valued at approximately $1,771,227.36. This trade represents a 45.22 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders acquired 65 shares of company stock worth $86,911. 6.50% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Texas Pacific Land

A number of institutional investors and hedge funds have recently modified their holdings of the company. Vanguard Group Inc. boosted its position in Texas Pacific Land by 12.5% during the fourth quarter. Vanguard Group Inc. now owns 2,350,380 shares of the financial services provider’s stock worth $2,599,426,000 after purchasing an additional 260,278 shares in the last quarter. State Street Corp increased its position in shares of Texas Pacific Land by 3.8% in the third quarter. State Street Corp now owns 762,627 shares of the financial services provider’s stock valued at $674,727,000 after buying an additional 27,884 shares in the last quarter. Geode Capital Management LLC raised its stake in shares of Texas Pacific Land by 34.5% during the 4th quarter. Geode Capital Management LLC now owns 622,115 shares of the financial services provider’s stock worth $693,023,000 after buying an additional 159,597 shares during the last quarter. Invesco Ltd. boosted its position in shares of Texas Pacific Land by 203.4% in the 4th quarter. Invesco Ltd. now owns 299,578 shares of the financial services provider’s stock worth $331,321,000 after buying an additional 200,841 shares in the last quarter. Finally, Northern Trust Corp grew its stake in Texas Pacific Land by 21.8% in the 4th quarter. Northern Trust Corp now owns 224,768 shares of the financial services provider’s stock valued at $248,584,000 after acquiring an additional 40,185 shares during the last quarter. Institutional investors and hedge funds own 59.94% of the company’s stock.

About Texas Pacific Land

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.