Texas Pacific Land Co. (NYSE:TPL) CFO Chris Steddum Sells 214 Shares

Texas Pacific Land Co. (NYSE:TPL) CFO Chris Steddum sold 214 shares of the business’s stock in a transaction on Friday, March 14th. The stock was sold at an average price of $1,313.99, for a total transaction of $281,193.86. Following the completion of the transaction, the chief financial officer now owns 3,502 shares in the company, valued at $4,601,592.98. This represents a 5.76 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink.

Texas Pacific Land Stock Performance

Shares of NYSE:TPL traded up $14.92 during trading on Monday, hitting $1,335.99. The company’s stock had a trading volume of 81,503 shares, compared to its average volume of 139,131. Texas Pacific Land Co. has a fifty-two week low of $553.33 and a fifty-two week high of $1,769.14. The stock’s 50-day moving average price is $1,345.70 and its two-hundred day moving average price is $1,212.14. The company has a market capitalization of $30.71 billion, a PE ratio of 67.75 and a beta of 1.69.

Texas Pacific Land (NYSE:TPL) last released its earnings results on Wednesday, February 19th. The financial services provider reported $5.14 EPS for the quarter. The company 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 Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, March 17th. Stockholders of record on Monday, March 3rd will be paid a $1.60 dividend. The ex-dividend date is Monday, March 3rd. This represents a $6.40 dividend on an annualized basis and a dividend yield of 0.48%. Texas Pacific Land’s dividend payout ratio (DPR) is presently 32.45%.

Hedge Funds Weigh In On Texas Pacific Land

Several large investors have recently modified their holdings of TPL. Vanguard Group Inc. raised its stake in Texas Pacific Land by 12.5% during the fourth quarter. Vanguard Group Inc. now owns 2,350,380 shares of the financial services provider’s stock valued at $2,599,426,000 after buying an additional 260,278 shares in the last quarter. State Street Corp lifted its stake in Texas Pacific Land by 3.8% during the third quarter. State Street Corp now owns 762,627 shares of the financial services provider’s stock worth $674,727,000 after purchasing an additional 27,884 shares during the last quarter. Geode Capital Management LLC boosted its holdings in Texas Pacific Land by 34.5% in the fourth quarter. Geode Capital Management LLC now owns 622,115 shares of the financial services provider’s stock worth $693,023,000 after purchasing an additional 159,597 shares during the period. Invesco Ltd. increased its stake in Texas Pacific Land by 203.4% during the fourth quarter. Invesco Ltd. now owns 299,578 shares of the financial services provider’s stock valued at $331,321,000 after purchasing an additional 200,841 shares during the last quarter. Finally, Northern Trust Corp raised its holdings in shares of Texas Pacific Land by 21.8% during the fourth quarter. Northern Trust Corp now owns 224,768 shares of the financial services provider’s stock worth $248,584,000 after purchasing an additional 40,185 shares during the period. 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.