Texas Pacific Land (NYSE:TPL) Shares Gap Down – Here’s Why

Texas Pacific Land Co. (NYSE:TPL)’s stock price gapped down before the market opened on Wednesday . The stock had previously closed at $1,367.44, but opened at $1,330.00. Texas Pacific Land shares last traded at $1,323.82, with a volume of 13,799 shares traded.

Texas Pacific Land Price Performance

The stock has a 50 day moving average price of $1,314.60 and a two-hundred day moving average price of $1,181.69. The firm has a market capitalization of $30.75 billion, a price-to-earnings ratio of 67.93 and a beta of 1.68.

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

Texas Pacific Land Announces Dividend

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

Institutional Trading of Texas Pacific Land

Large investors have recently made changes to their positions in the company. Hilltop Holdings Inc. lifted its position in shares of Texas Pacific Land by 290.3% during the 3rd quarter. Hilltop Holdings Inc. now owns 1,815 shares of the financial services provider’s stock worth $1,606,000 after purchasing an additional 1,350 shares during the last quarter. Quantinno Capital Management LP lifted its holdings in Texas Pacific Land by 63.5% during the 3rd quarter. Quantinno Capital Management LP now owns 2,976 shares of the financial services provider’s stock worth $2,634,000 after buying an additional 1,156 shares during the last quarter. Nomura Asset Management Co. Ltd. boosted its position in shares of Texas Pacific Land by 5.1% during the 3rd 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 in the last quarter. Biltmore Family Office LLC acquired a new stake in shares of Texas Pacific Land during the 3rd quarter worth about $337,000. Finally, Everence Capital Management Inc. purchased a new stake in shares of Texas Pacific Land during the 4th quarter worth approximately $641,000. 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.