Texas Pacific Land Corporation (NYSE:TPL) Announces Quarterly Dividend of $0.60

Texas Pacific Land Corporation (NYSE:TPL) declared a quarterly dividend on Wednesday, February 18th. Investors of record on Monday, March 2nd will be paid a dividend of 0.60 per share by the financial services provider on Monday, March 16th. This represents a c) annualized dividend and a yield of 0.5%. The ex-dividend date is Monday, March 2nd. This is a 12.5% increase from Texas Pacific Land’s previous quarterly dividend of $0.53.

Texas Pacific Land has raised its dividend payment by an average of 0.5%annually over the last three years and has raised its dividend every year for the last 3 years. Texas Pacific Land has a payout ratio of 7.0% meaning its dividend is sufficiently covered by earnings.

Texas Pacific Land Stock Up 3.0%

Shares of NYSE:TPL opened at $439.33 on Thursday. The firm has a market cap of $30.29 billion, a P/E ratio of 63.67 and a beta of 0.95. Texas Pacific Land has a 12 month low of $269.23 and a 12 month high of $487.59. The company’s 50-day moving average price is $331.79 and its two-hundred day moving average price is $315.53.

Texas Pacific Land (NYSE:TPL) last announced its earnings results on Wednesday, February 18th. The financial services provider reported $1.79 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.73 by $0.06. Texas Pacific Land had a net margin of 61.68% and a return on equity of 38.15%. The company had revenue of $211.60 million for the quarter, compared to analyst estimates of $204.00 million.

Analyst Ratings Changes

Several equities analysts have recently issued reports on TPL shares. Zacks Research raised Texas Pacific Land to a “hold” rating in a research note on Wednesday, December 3rd. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Texas Pacific Land in a research note on Monday, December 29th. Finally, KeyCorp set a $350.00 price target on shares of Texas Pacific Land and gave the stock an “overweight” rating in a research report on Monday, December 1st. One analyst has rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $350.00.

Texas Pacific Land Company Profile

Texas Pacific Land Corporation (NYSE: TPL) is a Texas-based land management company that derives revenue from the ownership and stewardship of large tracts of land and associated mineral rights in West Texas. The company’s origins trace to 19th century land grants associated with the Texas and Pacific Railway; over time those grant holdings have been retained and managed as a standalone corporate asset base. Texas Pacific Land is publicly listed and operates as a landowner and resource manager rather than as a traditional oil and gas producer.

The company’s primary activities include management of surface rights and leasing of land for energy and other commercial uses, administration of mineral royalty interests, and provision of water and related services to industrial customers.