Texas Pacific Land (NYSE:TPL) Stock Price Up 3.3% – Still a Buy?

Texas Pacific Land Co. (NYSE:TPL) shares shot up 3.3% on Wednesday . The company traded as high as $1,409.83 and last traded at $1,406.89. 17,656 shares traded hands during trading, a decline of 87% from the average session volume of 140,972 shares. The stock had previously closed at $1,362.36.

Texas Pacific Land Stock Performance

The company has a 50-day moving average of $1,350.96 and a 200-day moving average of $1,235.78. The stock has a market capitalization of $30.63 billion, a price-to-earnings ratio of 67.58 and a beta of 1.69.

Texas Pacific Land (NYSE:TPL) last issued its quarterly earnings data on Wednesday, February 19th. The financial services provider reported $5.14 earnings per share (EPS) for the quarter. The business had revenue of $185.78 million for 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 company also recently declared a quarterly dividend, which was paid on Monday, March 17th. Shareholders of record on Monday, March 3rd were paid a dividend of $1.60 per share. The ex-dividend date of this dividend was Monday, March 3rd. This represents a $6.40 annualized dividend and a dividend yield of 0.48%. Texas Pacific Land’s dividend payout ratio is currently 32.45%.

Insider Transactions at Texas Pacific Land

In other Texas Pacific Land news, VP Micheal W. Dobbs sold 1,150 shares of Texas Pacific Land stock in a transaction dated Thursday, March 13th. The stock was sold at an average price of $1,271.52, for a total value of $1,462,248.00. Following the completion of the sale, the vice president now owns 1,393 shares in the company, valued at $1,771,227.36. The trade was a 45.22 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CFO Chris Steddum sold 214 shares of the stock in a transaction dated 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 transaction, the chief financial officer now owns 3,502 shares in the company, valued at approximately $4,601,592.98. The trade was a 5.76 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders bought a total of 65 shares of company stock worth $86,911 over the last ninety days. 6.50% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Texas Pacific Land

A number of institutional investors have recently bought and sold shares of the stock. Vanguard Group Inc. boosted its holdings in shares of Texas Pacific Land by 12.5% in the 4th quarter. Vanguard Group Inc. now owns 2,350,380 shares of the financial services provider’s stock valued at $2,599,426,000 after purchasing an additional 260,278 shares during the last quarter. State Street Corp increased its holdings in shares of Texas Pacific Land by 3.8% during the 3rd quarter. State Street Corp now owns 762,627 shares of the financial services provider’s stock worth $674,727,000 after buying an additional 27,884 shares during the last quarter. Geode Capital Management LLC raised its position in shares of Texas Pacific Land by 34.5% in the 4th quarter. Geode Capital Management LLC now owns 622,115 shares of the financial services provider’s stock worth $693,023,000 after buying an additional 159,597 shares during the period. Invesco Ltd. boosted its holdings in Texas Pacific Land by 203.4% in the fourth quarter. Invesco Ltd. now owns 299,578 shares of the financial services provider’s stock valued at $331,321,000 after acquiring an additional 200,841 shares during the last quarter. Finally, Northern Trust Corp grew its position in 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 valued at $248,584,000 after acquiring an additional 40,185 shares during the period. 59.94% of the stock is currently owned by hedge funds and other institutional investors.

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.