Texas Pacific Land (NYSE:TPL) Trading Down 5.6% – What’s Next?

Texas Pacific Land Co. (NYSE:TPL)’s share price dropped 5.6% on Monday . The company traded as low as $1,508.40 and last traded at $1,508.40. Approximately 72,753 shares changed hands during mid-day trading, a decline of 43% from the average daily volume of 128,054 shares. The stock had previously closed at $1,598.49.

Analyst Ratings Changes

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

Texas Pacific Land Stock Performance

The firm has a fifty day simple moving average of $1,216.05 and a 200-day simple moving average of $929.31. The firm has a market cap of $31.89 billion, a price-to-earnings ratio of 75.42 and a beta of 1.62.

Texas Pacific Land Increases Dividend

The firm also recently announced 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 dividend on an annualized basis and a yield of 0.46%. The ex-dividend date is Monday, December 2nd. This is a boost from Texas Pacific Land’s previous quarterly dividend of $1.17. Texas Pacific Land’s payout ratio is currently 32.84%.

Insider Buying and Selling

In other news, CAO Stephanie Buffington sold 210 shares of the firm’s stock in a transaction on Tuesday, November 12th. The stock was sold at an average price of $1,388.33, for a total transaction of $291,549.30. Following the completion of the sale, the chief accounting officer now directly owns 584 shares of the company’s stock, valued at $810,784.72. This trade represents a 26.45 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Insiders have purchased a total of 117 shares of company stock valued at $132,677 over the last ninety days. 6.50% of the stock is owned by company insiders.

Hedge Funds Weigh In On Texas Pacific Land

A number of large investors have recently bought and sold shares of the stock. Signaturefd LLC boosted its holdings in Texas Pacific Land by 16.9% in the third quarter. Signaturefd LLC now owns 90 shares of the financial services provider’s stock worth $80,000 after acquiring an additional 13 shares in the last quarter. Glenmede Trust Co. NA increased its position in Texas Pacific Land by 3.0% during the third quarter. Glenmede Trust Co. NA now owns 441 shares of the financial services provider’s stock valued at $390,000 after acquiring an additional 13 shares during the last quarter. First Financial Bankshares Inc increased its position in Texas Pacific Land by 2.2% in the third quarter. First Financial Bankshares Inc now owns 754 shares of the financial services provider’s stock worth $667,000 after buying an additional 16 shares in the last quarter. BOKF NA increased its position in Texas Pacific Land by 1.1% in the second quarter. BOKF NA now owns 1,571 shares of the financial services provider’s stock worth $1,154,000 after buying an additional 17 shares in the last quarter. Finally, CIBC Asset Management Inc boosted its stake in shares of Texas Pacific Land by 2.9% in the second quarter. CIBC Asset Management Inc now owns 756 shares of the financial services provider’s stock worth $555,000 after acquiring an additional 21 shares during the period. 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.