Texas Pacific Land (NYSE:TPL) Hits New 1-Year High – Here’s Why

Texas Pacific Land Co. (NYSE:TPL) shares hit a new 52-week high on Monday . The stock traded as high as $1,769.14 and last traded at $1,754.95, with a volume of 76452 shares trading hands. The stock had previously closed at $1,730.00.

Wall Street Analyst Weigh In

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

Texas Pacific Land Stock Up 4.1 %

The business has a 50 day moving average price of $1,149.73 and a 200 day moving average price of $894.75. The stock has a market cap of $37.61 billion, a P/E ratio of 82.27 and a beta of 1.56.

Texas Pacific Land Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, December 16th. Shareholders of record on Monday, December 2nd will be given a $1.60 dividend. This represents a $6.40 annualized dividend and a yield of 0.39%. The ex-dividend date is Monday, December 2nd. This is an increase from Texas Pacific Land’s previous quarterly dividend of $1.17. Texas Pacific Land’s dividend payout ratio is 24.01%.

Insider Transactions at Texas Pacific Land

In other Texas Pacific Land news, CAO Stephanie Buffington sold 210 shares of the company’s stock in a transaction dated Tuesday, November 12th. The shares were sold at an average price of $1,388.33, for a total value of $291,549.30. Following the transaction, the chief accounting officer now directly owns 584 shares in the company, valued at $810,784.72. This represents a 26.45 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Over the last ninety days, insiders acquired 114 shares of company stock worth $123,503. 6.50% of the stock is currently owned by insiders.

Institutional Trading of Texas Pacific Land

Large investors have recently modified their holdings of the company. Biltmore Family Office LLC bought a new stake in Texas Pacific Land during the 3rd quarter valued at $337,000. Wealth Enhancement Advisory Services LLC grew its holdings in Texas Pacific Land by 56.9% during the 2nd quarter. Wealth Enhancement Advisory Services LLC now owns 14,497 shares of the financial services provider’s stock worth $10,645,000 after acquiring an additional 5,255 shares in the last quarter. Marietta Wealth Management LLC purchased a new position in Texas Pacific Land during the 2nd quarter valued at about $2,926,000. Public Employees Retirement Association of Colorado raised its holdings in shares of Texas Pacific Land by 179.1% in the 1st quarter. Public Employees Retirement Association of Colorado now owns 2,040 shares of the financial services provider’s stock valued at $1,180,000 after purchasing an additional 1,309 shares in the last quarter. Finally, Price T Rowe Associates Inc. MD lifted its position in shares of Texas Pacific Land by 197.6% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 10,885 shares of the financial services provider’s stock worth $6,298,000 after purchasing an additional 7,228 shares during the period. Hedge funds and other 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.