Texas Pacific Land (NYSE:TPL) CAO Stephanie Buffington Sells 1,608 Shares

Texas Pacific Land Corporation (NYSE:TPL) CAO Stephanie Buffington sold 1,608 shares of the company’s stock in a transaction on Tuesday, February 24th. The stock was sold at an average price of $503.00, for a total value of $808,824.00. Following the transaction, the chief accounting officer directly owned 2,133 shares in the company, valued at $1,072,899. This represents a 42.98% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link.

Texas Pacific Land Stock Performance

Texas Pacific Land stock traded down $11.72 during midday trading on Thursday, reaching $498.58. The company’s stock had a trading volume of 88,612 shares, compared to its average volume of 499,599. Texas Pacific Land Corporation has a fifty-two week low of $269.23 and a fifty-two week high of $547.20. The stock’s 50 day simple moving average is $353.91 and its 200 day simple moving average is $322.52. The firm has a market capitalization of $34.37 billion, a PE ratio of 71.09 and a beta of 0.95.

Texas Pacific Land (NYSE:TPL) last posted its quarterly earnings results on Wednesday, February 18th. The financial services provider reported $1.79 earnings per share for the quarter, topping analysts’ consensus estimates of $1.73 by $0.06. The business had revenue of $211.60 million for the quarter, compared to analysts’ expectations of $204.00 million. Texas Pacific Land had a net margin of 60.31% and a return on equity of 36.18%.

Texas Pacific Land Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, March 16th. Shareholders of record on Monday, March 2nd will be issued a $0.60 dividend. This represents a $2.40 dividend on an annualized basis and a yield of 0.5%. This is a boost from Texas Pacific Land’s previous quarterly dividend of $0.53. The ex-dividend date of this dividend is Monday, March 2nd. Texas Pacific Land’s dividend payout ratio is 30.52%.

Hedge Funds Weigh In On Texas Pacific Land

A number of institutional investors have recently made changes to their positions in TPL. Swiss National Bank lifted its position in Texas Pacific Land by 7.4% during the second quarter. Swiss National Bank now owns 59,151 shares of the financial services provider’s stock worth $62,487,000 after buying an additional 4,100 shares during the period. Prudential Financial Inc. increased its stake in shares of Texas Pacific Land by 8.8% during the 2nd quarter. Prudential Financial Inc. now owns 10,966 shares of the financial services provider’s stock valued at $11,584,000 after acquiring an additional 884 shares during the last quarter. Titleist Asset Management LLC increased its stake in shares of Texas Pacific Land by 262.4% during the 2nd quarter. Titleist Asset Management LLC now owns 1,573 shares of the financial services provider’s stock valued at $1,662,000 after acquiring an additional 1,139 shares during the last quarter. Westerkirk Capital Inc. purchased a new position in shares of Texas Pacific Land during the 2nd quarter worth about $2,229,000. Finally, Strs Ohio lifted its holdings in shares of Texas Pacific Land by 103.7% during the 2nd quarter. Strs Ohio now owns 1,306 shares of the financial services provider’s stock worth $1,380,000 after acquiring an additional 665 shares during the period. 59.94% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several equities research analysts have recently commented on TPL shares. Zacks Research raised Texas Pacific Land to a “hold” rating in a research note on Wednesday, December 3rd. KeyCorp lifted their price objective on Texas Pacific Land from $350.00 to $639.00 and gave the stock an “overweight” rating in a report on Monday. Finally, Weiss Ratings reiterated a “hold (c)” rating on shares of Texas Pacific Land in a research report on Monday, December 29th. One investment analyst has rated the stock with a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target 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.