Texas Pacific Land Co. (NYSE:TPL) Declares Dividend Increase – $1.60 Per Share

Texas Pacific Land Co. (NYSE:TPL) announced a quarterly dividend on Monday, November 4th,NASDAQ Dividends reports. Investors 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 annualized dividend and a yield of 0.40%. The ex-dividend date of this dividend 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 payment by an average of 9.1% per year 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 Trading Down 2.2 %

Shares of Texas Pacific Land stock opened at $1,600.09 on Friday. The stock has a 50-day moving average price of $1,179.26 and a 200 day moving average price of $905.05. The company has a market cap of $36.76 billion, a P/E ratio of 82.10 and a beta of 1.56. Texas Pacific Land has a 1 year low of $467.62 and a 1 year high of $1,769.14.

Insider Buying and Selling

In other news, CAO Stephanie Buffington sold 210 shares of the firm’s stock in a transaction dated 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 completion of the sale, the chief accounting officer now directly owns 584 shares of the company’s stock, valued at $810,784.72. This trade represents a 26.45 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In the last ninety days, insiders acquired 114 shares of company stock valued at $125,642. Corporate insiders own 6.50% of the company’s stock.

Wall Street Analyst Weigh In

Separately, BWS Financial reissued a “buy” rating and issued a $917.00 price objective on shares of Texas Pacific Land in a research note on Monday, August 12th.

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.