Texas Pacific Land Co. (NYSE:TPL) Increases Dividend to $1.60 Per Share

Texas Pacific Land Co. (NYSE:TPL) declared a quarterly dividend on Monday, November 4th,NASDAQ Dividends reports. Investors of record on Monday, December 2nd will be given a dividend of 1.60 per share by the financial services provider on Monday, December 16th. This represents a $6.40 dividend on an annualized basis and a yield of 0.40%. The ex-dividend date of this dividend is Monday, December 2nd. This is a positive change from Texas Pacific Land’s previous quarterly dividend of $1.17.

Texas Pacific Land has raised its dividend payment by an average of 9.1% annually over the last three years. Texas Pacific Land has a payout ratio of 28.8% meaning its dividend is sufficiently covered by earnings.

Texas Pacific Land Stock Performance

NYSE:TPL opened at $1,600.09 on Friday. The stock’s 50 day moving average price is $1,179.26 and its 200 day moving average price is $905.05. Texas Pacific Land has a 52 week low of $467.62 and a 52 week high of $1,769.14. The company has a market capitalization of $36.76 billion, a P/E ratio of 82.10 and a beta of 1.56.

Analyst Ratings Changes

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

Insider Buying and Selling at Texas Pacific Land

In other news, CAO Stephanie Buffington sold 210 shares of the firm’s stock in a transaction on 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 sale, the chief accounting officer now owns 584 shares in the company, 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 legal filing with the SEC, which is accessible through this hyperlink. Insiders have purchased a total of 114 shares of company stock worth $125,642 over the last 90 days. Insiders own 6.50% 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.