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

Key Points

• Texas Pacific Land declared a quarterly dividend of $0.60 per share, payable September 15 to shareholders of record September 1. The $2.40 annualized dividend carries a reported 0.6% yield and is supported by a 7.9% payout ratio.
• The company reported quarterly EPS of $2.23, exceeding analysts’ $2.18 estimate, while revenue of $246.1 million fell short of the $249.5 million consensus forecast.
• TPL shares opened at $380.74, down 3.7%, below both their 50-day moving average of $394.55 and 200-day moving average of $422.16. Institutional investors own approximately 59.94% of the company.

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

Texas Pacific Land has decreased its dividend payment by an average of 0.1%annually 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% meaning its dividend is sufficiently covered by earnings. Research 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 Trading Down 3.7%

TPL stock opened at $380.74 on Thursday. The company's 50 day moving average is $394.55 and its 200 day moving average is $422.16. The stock has a market cap of $26.26 billion, a price-to-earnings ratio of 52.16 and a beta of 0.60. Texas Pacific Land 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 announced its earnings results on Wednesday, August 5th. The financial services provider reported $2.23 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.18 by $0.05. Texas Pacific Land had a net margin of 60.03% and a return on equity of 35.52%. The business had revenue of $246.10 million during the quarter, compared to analyst estimates of $249.50 million. As a group, sell-side analysts forecast that Texas Pacific Land will post 8.88 EPS for the current fiscal year.

Insider Transactions at Texas Pacific Land

In other Texas Pacific Land news, CFO Chris Steddum sold 830 shares of the company's stock in a transaction that occurred on Monday, June 8th. The stock was sold at an average price of $400.33, for a total value of $332,273.90. Following the completion of the sale, the chief financial officer owned 12,040 shares of the company's stock, valued at $4,819,973.20. This represents a 6.45% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 6.90% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Texas Pacific Land

A number of institutional investors have recently made changes to their positions in TPL. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in Texas Pacific Land by 39.1% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 1,940 shares of the financial services provider's stock valued at $2,570,000 after buying an additional 545 shares during the period. NewEdge Advisors LLC lifted its stake in shares of Texas Pacific Land by 74.1% in the 1st quarter. NewEdge Advisors LLC now owns 914 shares of the financial services provider's stock valued at $1,211,000 after acquiring an additional 389 shares during the last quarter. Woodline Partners LP boosted its holdings in Texas Pacific Land by 40.8% during the 1st quarter. Woodline Partners LP now owns 1,592 shares of the financial services provider's stock valued at $2,109,000 after acquiring an additional 461 shares during the period. EverSource Wealth Advisors LLC boosted its holdings in Texas Pacific Land by 21.4% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 68 shares of the financial services provider's stock valued at $72,000 after acquiring an additional 12 shares during the period. Finally, Marshall Wace LLP grew its position in Texas Pacific Land by 2,177.5% during the 2nd quarter. Marshall Wace LLP now owns 4,555 shares of the financial services provider's stock worth $4,812,000 after acquiring an additional 4,355 shares during the last quarter. Hedge funds and other institutional investors own 59.94% of the company's stock.

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.

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