Key Points
- CAO Stephanie Buffington sold 1,608 shares of Texas Pacific Land at an average price of $503.00 for a total of $808,824, leaving her with 2,133 shares (a 42.98% reduction); the transaction was disclosed in an SEC filing.
- Q4 results beat expectations with EPS $1.79 vs. $1.73 and revenue $211.6M vs. $204M, but the stock traded down about 2.3% to $498.58 on lower-than-average volume.
- Dividend increased to $0.60 per share quarterly (annualized $2.40, yield ~0.5%); the ex-dividend date is March 2 and the payment date is March 16.
Texas Pacific Land Corporation (NYSE:TPL - Get Free Report) CAO Stephanie Buffington sold 1,608 shares of Texas Pacific Land stock in a transaction on 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 transaction, the chief accounting officer owned 2,133 shares in the company, valued at approximately $1,072,899. This trade represents a 42.98% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website.
Texas Pacific Land Stock Down 2.3%
Shares of NYSE TPL traded down $11.72 during trading on Thursday, hitting $498.58. 88,612 shares of the company traded hands, compared to its average volume of 499,599. The firm has a market capitalization of $34.37 billion, a P/E ratio of 71.09 and a beta of 0.95. The company has a 50-day moving average price of $353.91 and a 200-day moving average price of $322.52. Texas Pacific Land Corporation has a 1 year low of $269.23 and a 1 year high of $547.20.
Texas Pacific Land (NYSE:TPL - Get Free Report) last issued its earnings results on Wednesday, February 18th. The financial services provider reported $1.79 earnings per share for the quarter, beating analysts' consensus estimates of $1.73 by $0.06. Texas Pacific Land had a return on equity of 36.18% and a net margin of 60.31%.The firm had revenue of $211.60 million for the quarter, compared to analysts' expectations of $204.00 million.
Texas Pacific Land Increases Dividend
The company also recently announced a quarterly dividend, which will be paid on Monday, March 16th. Stockholders of record on Monday, March 2nd will be issued a dividend of $0.60 per share. This represents a $2.40 dividend on an annualized basis and a dividend yield of 0.5%. The ex-dividend date is Monday, March 2nd. This is an increase from Texas Pacific Land's previous quarterly dividend of $0.53. Texas Pacific Land's dividend payout ratio (DPR) is presently 30.52%.
Analyst Ratings Changes
Several research analysts recently commented on the stock. Weiss Ratings restated a "hold (c)" rating on shares of Texas Pacific Land in a report on Monday, December 29th. KeyCorp raised their target price on shares of Texas Pacific Land from $350.00 to $639.00 and gave the company an "overweight" rating in a research note on Monday. Finally, Zacks Research upgraded shares of Texas Pacific Land to a "hold" rating in a report on Wednesday, December 3rd. One equities research analyst has rated the stock with a Buy rating, two have given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the stock has a consensus rating of "Hold" and an average price target of $639.00.
Check Out Our Latest Report on Texas Pacific Land
Institutional Trading of Texas Pacific Land
Several large investors have recently bought and sold shares of the company. Horizon Kinetics Asset Management LLC lifted its position in shares of Texas Pacific Land by 194.9% during the fourth quarter. Horizon Kinetics Asset Management LLC now owns 10,333,762 shares of the financial services provider's stock worth $2,968,063,000 after purchasing an additional 6,829,070 shares in the last quarter. Vanguard Group Inc. increased its stake in Texas Pacific Land by 192.8% during the 4th quarter. Vanguard Group Inc. now owns 7,556,966 shares of the financial services provider's stock worth $2,170,512,000 after buying an additional 4,975,738 shares during the period. State Street Corp increased its stake in Texas Pacific Land by 206.8% during the 4th quarter. State Street Corp now owns 3,587,004 shares of the financial services provider's stock worth $1,030,259,000 after buying an additional 2,417,705 shares during the period. Geode Capital Management LLC lifted its holdings in Texas Pacific Land by 203.7% in the 4th quarter. Geode Capital Management LLC now owns 1,759,107 shares of the financial services provider's stock worth $503,581,000 after buying an additional 1,179,788 shares in the last quarter. Finally, SoftVest Advisors LLC boosted its position in Texas Pacific Land by 200.0% in the 4th quarter. SoftVest Advisors LLC now owns 1,180,800 shares of the financial services provider's stock valued at $339,149,000 after buying an additional 787,200 shares during the last quarter. Institutional investors and hedge funds own 59.94% of the company's stock.
About Texas Pacific Land
(
Get Free Report)
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.
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