Insider Selling: Texas Pacific Land (NYSE:TPL) CAO Sells $808,824.00 in Stock

Texas Pacific Land Corporation (NYSE:TPL) CAO Stephanie Buffington sold 1,608 shares of the firm’s stock in a transaction dated Tuesday, February 24th. The shares were sold at an average price of $503.00, for a total transaction of $808,824.00. Following the completion of the sale, the chief accounting officer owned 2,133 shares of the company’s stock, valued at $1,072,899. The trade was a 42.98% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this link.

Texas Pacific Land Stock Performance

Shares of TPL opened at $524.28 on Friday. The business’s fifty day moving average price is $362.67 and its two-hundred day moving average price is $325.50. The firm has a market capitalization of $36.14 billion, a price-to-earnings ratio of 75.15 and a beta of 0.95. Texas Pacific Land Corporation has a 52 week low of $269.23 and a 52 week high of $547.20.

Texas Pacific Land (NYSE:TPL) last announced its quarterly earnings data on Wednesday, February 18th. The financial services provider reported $1.79 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.73 by $0.06. The firm had revenue of $211.60 million for the quarter, compared to analysts’ expectations of $204.00 million. Texas Pacific Land had a net margin of 60.31% and a return on equity of 36.18%.

Texas Pacific Land Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, March 16th. Investors of record on Monday, March 2nd will be issued a dividend of $0.60 per share. The ex-dividend date is Monday, March 2nd. This is a positive change from Texas Pacific Land’s previous quarterly dividend of $0.53. This represents a $2.40 dividend on an annualized basis and a dividend yield of 0.5%. Texas Pacific Land’s dividend payout ratio (DPR) is 30.52%.

Institutional Trading of Texas Pacific Land

Institutional investors and hedge funds have recently bought and sold shares of the stock. Quarry LP acquired a new position in shares of Texas Pacific Land during the 3rd quarter worth approximately $29,000. CX Institutional acquired a new stake in shares of Texas Pacific Land in the 3rd quarter valued at approximately $30,000. Silicon Valley Capital Partners bought a new position in shares of Texas Pacific Land in the third quarter valued at $33,000. Triumph Capital Management acquired a new position in Texas Pacific Land during the third quarter worth $36,000. Finally, Versant Capital Management Inc raised its position in Texas Pacific Land by 75.0% during the third quarter. Versant Capital Management Inc now owns 42 shares of the financial services provider’s stock worth $39,000 after acquiring an additional 18 shares in the last quarter. Institutional investors own 59.94% of the company’s stock.

Analyst Ratings Changes

TPL has been the subject of a number of research reports. Zacks Research upgraded Texas Pacific Land to a “hold” rating in a report on Wednesday, December 3rd. Weiss Ratings reiterated a “hold (c)” rating on shares of Texas Pacific Land in a report on Monday, December 29th. Finally, KeyCorp lifted their target price on Texas Pacific Land from $350.00 to $639.00 and gave the company an “overweight” rating in a research report on Monday, February 23rd. One equities research analyst has rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $639.00.

About Texas Pacific Land

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.