Texas Pacific Land Co. (NYSE:TPL) Announces Quarterly Dividend of $1.60

Texas Pacific Land Co. (NYSE:TPL) declared a quarterly dividend on Monday, November 4th,NASDAQ Dividends reports. Shareholders of record on Monday, December 2nd will be paid 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 is Monday, December 2nd. This is a boost from Texas Pacific Land’s previous quarterly dividend of $1.17.

Texas Pacific Land has raised its dividend by an average of 9.1% per year over the last three years. Texas Pacific Land has a payout ratio of 28.8% indicating that its dividend is sufficiently covered by earnings.

Texas Pacific Land Stock Down 2.2 %

Shares of NYSE TPL opened at $1,600.09 on Friday. The stock has a market cap of $36.77 billion, a P/E ratio of 82.10 and a beta of 1.56. The firm’s 50-day simple moving average is $1,192.55 and its 200 day simple moving average is $911.96. Texas Pacific Land has a fifty-two week low of $467.62 and a fifty-two week high of $1,769.14.

Insider Activity at Texas Pacific Land

In other news, CAO Stephanie Buffington sold 210 shares of the business’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 sale, the chief accounting officer now directly owns 584 shares of the company’s stock, valued at $810,784.72. The trade was a 26.45 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Insiders acquired a total of 114 shares of company stock valued at $125,642 over the last ninety days. Insiders own 6.50% of the company’s stock.

Analysts Set New Price Targets

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

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.