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

Texas Pacific Land Corporation (NYSE:TPL) announced a quarterly dividend on Wednesday, August 5th. Investors of record on Tuesday, September 1st will be given a dividend of 0.60 per share by the financial services provider on Tuesday, September 15th. This represents a c) dividend on an annualized basis and a yield of 0.6%. The ex-dividend date is Tuesday, September 1st.

Texas Pacific Land has decreased its dividend by an average of 0.1%per year over the last three years and has raised its dividend annually for the last 3 consecutive years. Texas Pacific Land has a payout ratio of 7.9% indicating that its dividend is sufficiently covered by earnings. Equities analysts expect Texas Pacific Land to earn $9.64 per share next year, which means the company should continue to be able to cover its $2.40 annual dividend with an expected future payout ratio of 24.9%.

Texas Pacific Land Stock Down 3.7%

Shares of TPL opened at $380.74 on Thursday. The stock has a market capitalization of $26.26 billion, a P/E ratio of 52.16 and a beta of 0.60. Texas Pacific Land has a twelve month low of $269.23 and a twelve month high of $547.20. The firm has a fifty day simple moving average of $394.55 and a two-hundred day simple moving average of $422.16.

Texas Pacific Land (NYSE:TPL) last announced its quarterly earnings results on Wednesday, August 5th. The financial services provider reported $2.23 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.18 by $0.05. Texas Pacific Land had a return on equity of 35.52% and a net margin of 60.03%.The company had revenue of $246.10 million for the quarter, compared to the consensus estimate of $249.50 million. Sell-side analysts expect that Texas Pacific Land will post 8.88 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on the stock. Weiss Ratings reiterated a “hold (c+)” rating on shares of Texas Pacific Land in a report on Wednesday, July 29th. Zacks Research raised shares of Texas Pacific Land from a “strong sell” rating to a “hold” rating in a research report on Wednesday, July 29th. One analyst has rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the company has a consensus rating of “Hold” and a consensus 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.