Texas Pacific Land (NYSE:TPL) Shares Gap Up – Should You Buy?

Texas Pacific Land Co. (NYSE:TPL) gapped up before the market opened on Friday . The stock had previously closed at $1,515.53, but opened at $1,608.99. Texas Pacific Land shares last traded at $1,608.00, with a volume of 101,154 shares.

Analysts Set New Price Targets

Separately, BWS Financial restated a “buy” rating and set a $917.00 price target on shares of Texas Pacific Land in a report on Monday, August 12th.

Texas Pacific Land Stock Performance

The stock has a 50 day moving average of $1,101.71 and a two-hundred day moving average of $868.60. The firm has a market capitalization of $38.48 billion, a P/E ratio of 84.27 and a beta of 1.56.

Texas Pacific Land Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, December 16th. Shareholders of record on Monday, December 2nd will be issued a $1.60 dividend. The ex-dividend date is Monday, December 2nd. This represents a $6.40 dividend on an annualized basis and a yield of 0.38%. This is a positive change from Texas Pacific Land’s previous quarterly dividend of $1.17. Texas Pacific Land’s dividend payout ratio (DPR) is 24.01%.

Insiders Place Their Bets

In other Texas Pacific Land news, CAO Stephanie Buffington sold 210 shares of Texas Pacific Land stock in a transaction that occurred on Tuesday, November 12th. The stock was sold at an average price of $1,388.33, for a total transaction of $291,549.30. Following the sale, the chief accounting officer now directly owns 584 shares of the company’s stock, valued at approximately $810,784.72. The trade was a 26.45 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In the last quarter, insiders bought 114 shares of company stock worth $119,165. 6.50% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of TPL. Signaturefd LLC increased its holdings in shares of Texas Pacific Land by 16.9% during the third quarter. Signaturefd LLC now owns 90 shares of the financial services provider’s stock worth $80,000 after buying an additional 13 shares in the last quarter. Glenmede Trust Co. NA increased its holdings in Texas Pacific Land by 3.0% during the 3rd quarter. Glenmede Trust Co. NA now owns 441 shares of the financial services provider’s stock valued at $390,000 after purchasing an additional 13 shares in the last quarter. First Financial Bankshares Inc raised its position in Texas Pacific Land by 2.2% in the 3rd quarter. First Financial Bankshares Inc now owns 754 shares of the financial services provider’s stock valued at $667,000 after purchasing an additional 16 shares during the last quarter. BOKF NA boosted its stake in Texas Pacific Land by 1.1% in the second quarter. BOKF NA now owns 1,571 shares of the financial services provider’s stock worth $1,154,000 after purchasing an additional 17 shares in the last quarter. Finally, CIBC Asset Management Inc grew its holdings in shares of Texas Pacific Land by 2.9% during the second quarter. CIBC Asset Management Inc now owns 756 shares of the financial services provider’s stock worth $555,000 after purchasing an additional 21 shares during the last quarter. 59.94% of the stock is currently owned by institutional investors and hedge funds.

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.