Texas Pacific Land (NYSE:TPL) Shares Gap Up – Time to Buy?

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 trading hands.

Analyst Ratings Changes

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

Texas Pacific Land Stock Performance

The company has a market capitalization of $38.48 billion, a price-to-earnings ratio of 84.27 and a beta of 1.56. The stock’s 50-day moving average price is $1,101.71 and its 200-day moving average price is $868.60.

Texas Pacific Land Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, December 16th. Stockholders of record on Monday, December 2nd will be paid a dividend of $1.60 per share. This represents a $6.40 dividend on an annualized basis and a dividend yield of 0.38%. This is a boost from Texas Pacific Land’s previous quarterly dividend of $1.17. The ex-dividend date of this dividend is Monday, December 2nd. Texas Pacific Land’s dividend payout ratio (DPR) is 24.01%.

Insider Transactions at Texas Pacific Land

In other Texas Pacific Land news, CAO Stephanie Buffington sold 210 shares of Texas Pacific Land stock in a transaction dated Tuesday, November 12th. The stock was sold at an average price of $1,388.33, for a total value of $291,549.30. Following the completion of the sale, the chief accounting officer now owns 584 shares in the company, valued at $810,784.72. The trade was a 26.45 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Insiders purchased a total of 114 shares of company stock valued at $119,165 over the last three months. 6.50% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of TPL. Capital Performance Advisors LLP acquired a new position in Texas Pacific Land during the 3rd quarter worth approximately $25,000. American National Bank bought a new position in shares of Texas Pacific Land during the second quarter valued at approximately $42,000. Thurston Springer Miller Herd & Titak Inc. bought a new position in shares of Texas Pacific Land during the second quarter worth about $44,000. Compagnie Lombard Odier SCmA bought a new position in Texas Pacific Land in the 3rd quarter worth about $44,000. Finally, Quest Partners LLC acquired a new position in shares of Texas Pacific Land during the third quarter valued at $50,000. Hedge funds and other institutional investors own 59.94% of the company’s stock.

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.