Texas Pacific Land (NYSE:TPL) Sets New 1-Year High – Time to Buy?

Texas Pacific Land Co. (NYSE:TPL) shares reached a new 52-week high during mid-day trading on Tuesday . The stock traded as high as $1,421.66 and last traded at $1,418.53, with a volume of 56617 shares trading hands. The stock had previously closed at $1,398.75.

Analyst Ratings Changes

Separately, BWS Financial restated a “buy” rating and set a $917.00 price target on shares of Texas Pacific Land in a research note on Monday, August 12th.

Texas Pacific Land Stock Performance

The stock has a market cap of $32.63 billion, a PE ratio of 71.77 and a beta of 1.56. The stock’s 50-day moving average is $1,061.51 and its two-hundred day moving average is $853.92.

Texas Pacific Land Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 16th. Stockholders of record on Monday, December 2nd will be issued a $1.60 dividend. This represents a $6.40 dividend on an annualized basis and a dividend yield of 0.45%. This is a positive change from Texas Pacific Land’s previous quarterly dividend of $1.17. The ex-dividend date of this dividend is Monday, December 2nd. Texas Pacific Land’s dividend payout ratio (DPR) is presently 24.01%.

Insider Activity at Texas Pacific Land

In other news, CAO Stephanie Buffington sold 210 shares of the business’s stock in a transaction on Tuesday, November 12th. The stock was sold at an average price of $1,388.33, for a total value of $291,549.30. Following the completion of the transaction, the chief accounting officer now directly owns 584 shares of the company’s stock, valued at $810,784.72. The trade was a 26.45 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Insiders acquired 117 shares of company stock valued at $119,938 over the last three months. 6.50% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Texas Pacific Land

A number of institutional investors have recently modified their holdings of TPL. Vanguard Group Inc. increased its holdings in shares of Texas Pacific Land by 199.8% in the 1st quarter. Vanguard Group Inc. now owns 1,901,206 shares of the financial services provider’s stock worth $1,099,867,000 after acquiring an additional 1,267,123 shares during the period. State Street Corp boosted its position in Texas Pacific Land by 3.8% during the 3rd quarter. State Street Corp now owns 762,627 shares of the financial services provider’s stock worth $674,727,000 after acquiring an additional 27,884 shares during the period. Geode Capital Management LLC grew its stake in shares of Texas Pacific Land by 21.5% in the third quarter. Geode Capital Management LLC now owns 462,518 shares of the financial services provider’s stock worth $411,943,000 after purchasing an additional 81,974 shares in the last quarter. Bank of New York Mellon Corp increased its holdings in shares of Texas Pacific Land by 74.2% during the second quarter. Bank of New York Mellon Corp now owns 204,176 shares of the financial services provider’s stock valued at $149,920,000 after purchasing an additional 86,975 shares during the period. Finally, Magnolia Capital Advisors LLC acquired a new stake in shares of Texas Pacific Land in the 2nd quarter worth approximately $131,014,000. 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.