Texas Pacific Land Stock Set to Split on Tuesday, December 23rd (NYSE:TPL)

Texas Pacific Land Corporation (NYSE:TPL) shares are set to split on the morning of Tuesday, December 23rd. The 3-1 split was announced on Tuesday, December 2nd. The newly created shares will be payable to shareholders after the market closes on Monday, December 22nd.

Texas Pacific Land Stock Up 1.5%

Shares of TPL opened at $895.98 on Friday. Texas Pacific Land has a twelve month low of $807.70 and a twelve month high of $1,462.78. The stock has a market cap of $20.59 billion, a PE ratio of 43.28 and a beta of 0.96. The business’s 50-day moving average price is $915.56 and its 200-day moving average price is $956.59.

Texas Pacific Land (NYSE:TPL) last announced its quarterly earnings results on Wednesday, November 5th. The financial services provider reported $5.27 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $5.77 by ($0.50). The firm had revenue of $203.10 million during the quarter, compared to analysts’ expectations of $175.00 million. Texas Pacific Land had a return on equity of 38.15% and a net margin of 61.68%.

Texas Pacific Land Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, December 15th. Shareholders of record on Monday, December 1st were issued a $1.60 dividend. This represents a $6.40 annualized dividend and a yield of 0.7%. The ex-dividend date of this dividend was Monday, December 1st. Texas Pacific Land’s dividend payout ratio (DPR) is presently 30.92%.

Analyst Upgrades and Downgrades

TPL has been the topic of several research analyst reports. KeyCorp set a $1,050.00 price target on shares of Texas Pacific Land and gave the stock an “overweight” rating in a report on Monday, December 1st. Tudor Pickering upgraded Texas Pacific Land to a “strong sell” rating in a research report on Tuesday, October 21st. Zacks Research upgraded Texas Pacific Land to a “hold” rating in a research note on Wednesday, December 3rd. Finally, Weiss Ratings reaffirmed a “hold (c)” rating on shares of Texas Pacific Land in a report on Monday. One analyst has rated the stock with a Buy rating, two have given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, Texas Pacific Land has a consensus rating of “Hold” and an average target price of $1,050.00.

Hedge Funds Weigh In On Texas Pacific Land

Several institutional investors and hedge funds have recently made changes to their positions in TPL. Aptus Capital Advisors LLC boosted its position in Texas Pacific Land by 4.2% during the first quarter. Aptus Capital Advisors LLC now owns 898 shares of the financial services provider’s stock valued at $1,190,000 after buying an additional 36 shares during the period. Korea Investment CORP increased its holdings in shares of Texas Pacific Land by 22.3% in the first quarter. Korea Investment CORP now owns 11,732 shares of the financial services provider’s stock worth $15,545,000 after buying an additional 2,140 shares during the period. Hsbc Holdings PLC lifted its stake in shares of Texas Pacific Land by 11.0% in the 1st quarter. Hsbc Holdings PLC now owns 28,103 shares of the financial services provider’s stock valued at $36,924,000 after acquiring an additional 2,795 shares during the last quarter. BI Asset Management Fondsmaeglerselskab A S boosted its holdings in Texas Pacific Land by 504.5% during the 1st quarter. BI Asset Management Fondsmaeglerselskab A S now owns 2,974 shares of the financial services provider’s stock valued at $3,941,000 after acquiring an additional 2,482 shares during the period. Finally, Banco Bilbao Vizcaya Argentaria S.A. boosted its holdings in Texas Pacific Land by 4.7% during the 1st quarter. Banco Bilbao Vizcaya Argentaria S.A. now owns 405 shares of the financial services provider’s stock valued at $537,000 after acquiring an additional 18 shares during the period. Institutional investors own 59.94% of the company’s stock.

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.