Texas Pacific Land (NYSE:TPL) Shares Down 3.4% - Here's What Happened

Texas Pacific Land Corporation (NYSE:TPL - Get Free Report) shares dropped 3.4% during mid-day trading on Monday . The stock traded as low as $1,082.90 and last traded at $1,081.13. Approximately 60,097 shares were traded during mid-day trading, a decline of 62% from the average daily volume of 156,963 shares. The stock had previously closed at $1,119.58.

Texas Pacific Land Trading Down 0.7%

The stock has a market capitalization of $24.82 billion, a P/E ratio of 54.01 and a beta of 1.12. The stock's 50 day simple moving average is $1,250.85 and its 200 day simple moving average is $1,280.97.

Texas Pacific Land (NYSE:TPL - Get Free Report) last issued its earnings results on Wednesday, May 7th. The financial services provider reported $5.24 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $5.27 by ($0.03). Texas Pacific Land had a net margin of 63.24% and a return on equity of 40.04%. The company had revenue of $195.98 million during the quarter, compared to analyst estimates of $211.00 million.

Texas Pacific Land Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, June 16th. Shareholders of record on Monday, June 2nd were paid a dividend of $1.60 per share. The ex-dividend date of this dividend was Monday, June 2nd. This represents a $6.40 annualized dividend and a yield of 0.59%. Texas Pacific Land's payout ratio is 32.02%.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in TPL. GAMMA Investing LLC boosted its stake in Texas Pacific Land by 241,048.0% during the 1st quarter. GAMMA Investing LLC now owns 361,722 shares of the financial services provider's stock valued at $479,278,000 after purchasing an additional 361,572 shares during the period. Vanguard Group Inc. raised its holdings in shares of Texas Pacific Land by 12.5% during the fourth quarter. Vanguard Group Inc. now owns 2,350,380 shares of the financial services provider's stock valued at $2,599,426,000 after buying an additional 260,278 shares during the last quarter. Invesco Ltd. boosted its position in shares of Texas Pacific Land by 203.4% during the fourth quarter. Invesco Ltd. now owns 299,578 shares of the financial services provider's stock worth $331,321,000 after buying an additional 200,841 shares during the period. Geode Capital Management LLC grew its holdings in Texas Pacific Land by 34.5% in the 4th quarter. Geode Capital Management LLC now owns 622,115 shares of the financial services provider's stock worth $693,023,000 after buying an additional 159,597 shares in the last quarter. Finally, Price T Rowe Associates Inc. MD grew its holdings in Texas Pacific Land by 943.6% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 121,055 shares of the financial services provider's stock worth $133,883,000 after buying an additional 109,455 shares in the last quarter. 59.94% of the stock is currently owned by institutional investors.

About Texas Pacific Land

Texas Pacific Land Corporation engages in the land and resource management, and water services and operations businesses. The company owns a 1/128th nonparticipating perpetual oil and gas royalty interest (NPRI) under approximately 85,000 acres of land; a 1/16th NPRI under approximately 371,000 acres of land; and approximately 4,000 additional net royalty acres, total of approximately 195,000 NRA located in the western part of Texas.