Texas Pacific Land (NYSE:TPL) Shares Gap Up – What’s Next?

Texas Pacific Land Co. (NYSE:TPL) shares gapped up prior to trading on Friday . The stock had previously closed at $1,515.53, but opened at $1,608.99. Texas Pacific Land shares last traded at $1,608.00, with a volume of 101,154 shares.

Wall Street Analyst Weigh In

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

Texas Pacific Land Stock Up 14.2 %

The business’s fifty day moving average price is $1,120.26 and its 200 day moving average price is $878.83. The firm has a market capitalization of $39.76 billion, a PE ratio of 88.76 and a beta of 1.56.

Texas Pacific Land Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, December 16th. Investors of record on Monday, December 2nd will be issued a dividend of $1.60 per share. This is a boost from Texas Pacific Land’s previous quarterly dividend of $1.17. This represents a $6.40 annualized dividend and a yield of 0.37%. The ex-dividend date is Monday, December 2nd. Texas Pacific Land’s dividend payout ratio is currently 24.01%.

Insider Buying and Selling

In other Texas Pacific Land news, CAO Stephanie Buffington sold 210 shares of the 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 completion of the transaction, the chief accounting officer now directly owns 584 shares of the company’s stock, valued at approximately $810,784.72. This trade represents a 26.45 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Insiders bought 117 shares of company stock valued at $123,524 over the last ninety days. Corporate insiders own 6.50% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the business. Teachers Retirement System of The State of Kentucky boosted its position in Texas Pacific Land by 17.8% during the third quarter. Teachers Retirement System of The State of Kentucky now owns 6,050 shares of the financial services provider’s stock worth $5,353,000 after acquiring an additional 915 shares during the last quarter. Coldstream Capital Management Inc. acquired a new stake in Texas Pacific Land during the third quarter worth approximately $211,000. Geode Capital Management LLC boosted its position in Texas Pacific Land by 21.5% during the third quarter. Geode Capital Management LLC now owns 462,518 shares of the financial services provider’s stock worth $411,943,000 after acquiring an additional 81,974 shares during the last quarter. M&T Bank Corp boosted its position in Texas Pacific Land by 6.2% during the third quarter. M&T Bank Corp now owns 922 shares of the financial services provider’s stock worth $815,000 after acquiring an additional 54 shares during the last quarter. Finally, Barclays PLC boosted its holdings in shares of Texas Pacific Land by 6.1% in the 3rd quarter. Barclays PLC now owns 19,892 shares of the financial services provider’s stock valued at $17,600,000 after purchasing an additional 1,152 shares during the last quarter. 59.94% of the stock is owned by hedge funds and other institutional investors.

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.