Texas Pacific Land Co. (NYSE:TPL) Plans 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 is Monday, December 2nd. This is an increase from Texas Pacific Land’s previous quarterly dividend of $1.17.

Texas Pacific Land has increased its dividend payment by an average of 9.1% annually over the last three years. Texas Pacific Land has a dividend payout ratio of 28.8% meaning its dividend is sufficiently covered by earnings.

Texas Pacific Land Stock Performance

Shares of NYSE TPL opened at $1,600.09 on Friday. The firm’s 50 day moving average price is $1,179.26 and its 200-day moving average price is $905.05. Texas Pacific Land has a 52-week low of $467.62 and a 52-week high of $1,769.14. The company has a market cap of $36.76 billion, a PE ratio of 82.10 and a beta of 1.56.

Analyst Upgrades and Downgrades

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

Insiders Place Their Bets

In related news, CAO Stephanie Buffington sold 210 shares of the firm’s stock in a transaction that occurred on Tuesday, November 12th. The shares were sold at an average price of $1,388.33, for a total value of $291,549.30. Following the sale, the chief accounting officer now owns 584 shares in the company, valued at approximately $810,784.72. This trade represents a 26.45 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In the last 90 days, insiders acquired 114 shares of company stock valued at $125,642. 6.50% of the stock is owned by insiders.

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.