Texas Pacific Land (NYSE:TPL) Trading Up 3.3% – Here’s What Happened

Shares of Texas Pacific Land Co. (NYSE:TPL) rose 3.3% during trading on Wednesday . The stock traded as high as $1,409.83 and last traded at $1,406.89. Approximately 17,656 shares changed hands during mid-day trading, a decline of 87% from the average daily volume of 140,972 shares. The stock had previously closed at $1,362.36.

Texas Pacific Land Stock Performance

The stock’s 50-day moving average is $1,352.55 and its two-hundred day moving average is $1,234.22. The stock has a market cap of $31.78 billion, a PE ratio of 69.84 and a beta of 1.69.

Texas Pacific Land (NYSE:TPL) last released its quarterly earnings results on Wednesday, February 19th. The financial services provider reported $5.14 EPS for the quarter. The business had revenue of $185.78 million during the quarter. Texas Pacific Land had a return on equity of 40.23% and a net margin of 64.32%.

Texas Pacific Land Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, March 17th. Shareholders of record on Monday, March 3rd were given a $1.60 dividend. This represents a $6.40 annualized dividend and a yield of 0.46%. The ex-dividend date of this dividend was Monday, March 3rd. Texas Pacific Land’s dividend payout ratio is currently 32.45%.

Insiders Place Their Bets

In related news, CFO Chris Steddum sold 214 shares of Texas Pacific Land stock in a transaction that occurred on Friday, March 14th. The shares were sold at an average price of $1,313.99, for a total value of $281,193.86. Following the completion of the transaction, the chief financial officer now owns 3,502 shares in the company, valued at approximately $4,601,592.98. The trade was a 5.76 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, VP Micheal W. Dobbs sold 1,150 shares of the stock in a transaction that occurred on Thursday, March 13th. The stock was sold at an average price of $1,271.52, for a total transaction of $1,462,248.00. Following the sale, the vice president now owns 1,393 shares in the company, valued at approximately $1,771,227.36. This trade represents a 45.22 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have acquired 66 shares of company stock worth $88,062 over the last three months. Company insiders own 6.50% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Hilltop Holdings Inc. boosted its stake in shares of Texas Pacific Land by 290.3% in the 3rd quarter. Hilltop Holdings Inc. now owns 1,815 shares of the financial services provider’s stock valued at $1,606,000 after buying an additional 1,350 shares during the period. Quantinno Capital Management LP raised its holdings in Texas Pacific Land by 63.5% in the third quarter. Quantinno Capital Management LP now owns 2,976 shares of the financial services provider’s stock valued at $2,634,000 after acquiring an additional 1,156 shares in the last quarter. Nomura Asset Management Co. Ltd. lifted its stake in Texas Pacific Land by 5.1% in the third quarter. Nomura Asset Management Co. Ltd. now owns 8,888 shares of the financial services provider’s stock worth $7,864,000 after acquiring an additional 431 shares during the last quarter. Everence Capital Management Inc. acquired a new position in Texas Pacific Land during the 4th quarter worth approximately $641,000. Finally, Miracle Mile Advisors LLC purchased a new stake in shares of Texas Pacific Land in the 4th quarter valued at approximately $8,545,000. 59.94% of the stock is currently owned by hedge funds and other institutional investors.

About Texas Pacific Land

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.