Texas Pacific Land Co. (NYSE:TPL – Get Rating) announced a quarterly dividend on Tuesday, May 3rd, Zacks reports. Investors of record on Wednesday, June 8th will be given a dividend of 23.00 per share by the financial services provider on Wednesday, June 15th. This represents a $92.00 dividend on an annualized basis and a yield of 5.48%. The ex-dividend date is Tuesday, June 7th. This is a positive change from Texas Pacific Land’s previous quarterly dividend of $3.00.
Texas Pacific Land has raised its dividend by an average of 39.5% annually over the last three years and has increased its dividend annually for the last 1 consecutive years. Texas Pacific Land has a payout ratio of 19.2% meaning its dividend is sufficiently covered by earnings. Analysts expect Texas Pacific Land to earn $67.26 per share next year, which means the company should continue to be able to cover its $12.00 annual dividend with an expected future payout ratio of 17.8%.
NYSE TPL opened at $1,677.86 on Friday. The stock has a 50-day simple moving average of $1,426.36 and a 200 day simple moving average of $1,278.04. The company has a market capitalization of $12.99 billion, a PE ratio of 40.89 and a beta of 2.07. Texas Pacific Land has a 12 month low of $946.29 and a 12 month high of $1,684.06.
Texas Pacific Land (NYSE:TPL – Get Rating) last posted its earnings results on Wednesday, May 4th. The financial services provider reported $12.64 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $13.82 by ($1.18). The business had revenue of $147.34 million during the quarter, compared to analysts’ expectations of $156.60 million. On average, equities research analysts predict that Texas Pacific Land will post 58.99 EPS for the current year.
TPL has been the subject of a number of research analyst reports. StockNews.com initiated coverage on Texas Pacific Land in a research note on Thursday, March 31st. They issued a “hold” rating for the company. Zacks Investment Research cut Texas Pacific Land from a “hold” rating to a “sell” rating in a research note on Wednesday.
In other news, Director Dana F. Mcginnis sold 1,000 shares of the company’s stock in a transaction dated Monday, March 7th. The stock was sold at an average price of $1,261.75, for a total transaction of $1,261,750.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Insiders have bought 108 shares of company stock valued at $151,677 over the last ninety days. 3.80% of the stock is owned by insiders.
Hedge funds have recently bought and sold shares of the business. Vanguard Group Inc. raised its stake in shares of Texas Pacific Land by 8.2% during the 1st quarter. Vanguard Group Inc. now owns 629,117 shares of the financial services provider’s stock worth $850,635,000 after purchasing an additional 47,484 shares in the last quarter. BlackRock Inc. raised its position in Texas Pacific Land by 10.3% during the first quarter. BlackRock Inc. now owns 300,942 shares of the financial services provider’s stock worth $406,906,000 after acquiring an additional 28,028 shares in the last quarter. State Street Corp raised its position in Texas Pacific Land by 17.0% during the first quarter. State Street Corp now owns 153,483 shares of the financial services provider’s stock worth $207,526,000 after acquiring an additional 22,265 shares in the last quarter. First Trust Advisors LP raised its position in shares of Texas Pacific Land by 462.6% in the first quarter. First Trust Advisors LP now owns 16,215 shares of the financial services provider’s stock valued at $21,924,000 after purchasing an additional 13,333 shares during the period. Finally, Invesco Ltd. raised its position in shares of Texas Pacific Land by 102.5% in the first quarter. Invesco Ltd. now owns 15,965 shares of the financial services provider’s stock valued at $21,586,000 after purchasing an additional 8,080 shares during the period. Hedge funds and other institutional investors own 56.25% of the company’s stock.
Texas Pacific Land Company Profile (Get Rating)
Texas Pacific Land Corporation engages in the land and resource management, and water services and operations businesses. The company’s Land and Resource Management segment manages approximately 880,000 acres of land. This segment also holds own 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 located in the western part of Texas.
This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat’s editorial team prior to publication. Please send any questions or comments about this story to [email protected]
Should you invest $1,000 in Texas Pacific Land right now?
Before you consider Texas Pacific Land, you’ll want to hear this.
MarketBeat keeps track of Wall Street’s top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on… and Texas Pacific Land wasn’t on the list.
While Texas Pacific Land currently has a “Sell” rating among analysts, top-rated analysts believe these five stocks are better buys.
View The 5 Stocks Here