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

Texas Pacific Land Corporation (NYSE:TPL - Get Free Report) announced a quarterly dividend on Wednesday, May 6th. Shareholders of record on Monday, June 1st will be paid a dividend of 0.60 per share by the financial services provider on Monday, June 15th. This represents a c) dividend on an annualized basis and a yield of 0.6%. The ex-dividend date of this dividend is Monday, June 1st.

Texas Pacific Land has decreased its dividend payment by an average of 0.1%annually over the last three years and has increased its dividend annually for the last 3 consecutive years. Texas Pacific Land has a dividend payout ratio of 7.9% indicating that its dividend is sufficiently covered by earnings. Analysts expect Texas Pacific Land to earn $10.24 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 23.4%.

Texas Pacific Land Price Performance

Shares of NYSE:TPL opened at $420.41 on Thursday. The business's fifty day moving average price is $478.50 and its two-hundred day moving average price is $380.43. Texas Pacific Land has a fifty-two week low of $269.23 and a fifty-two week high of $547.20. The stock has a market capitalization of $28.98 billion, a price-to-earnings ratio of 60.26 and a beta of 0.66.

Texas Pacific Land (NYSE:TPL - Get Free Report) last announced its quarterly earnings results on Wednesday, May 6th. The financial services provider reported $2.07 earnings per share for the quarter, beating analysts' consensus estimates of $2.03 by $0.04. Texas Pacific Land had a return on equity of 36.18% and a net margin of 60.31%.The firm had revenue of $236.80 million for the quarter, compared to analysts' expectations of $233.00 million. Research analysts expect that Texas Pacific Land will post 9.27 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on the company. Weiss Ratings upgraded Texas Pacific Land from a "hold (c)" rating to a "hold (c+)" rating in a research report on Friday, May 1st. Wall Street Zen raised Texas Pacific Land from a "sell" rating to a "hold" rating in a research note on Sunday, March 15th. KeyCorp boosted their price objective on Texas Pacific Land from $350.00 to $639.00 and gave the stock an "overweight" rating in a research note on Monday, February 23rd. Finally, Zacks Research raised Texas Pacific Land from a "hold" rating to a "strong-buy" rating in a research note on Thursday, April 16th. One investment analyst has rated the stock with a Strong Buy rating, one has given a Buy rating, one has given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average target price of $639.00.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.