Texas Pacific Land Co. (NYSE:TPL) to Issue Dividend Increase – $1.60 Per Share

Texas Pacific Land Co. (NYSE:TPL) declared a quarterly dividend on Monday, November 4th,NASDAQ Dividends reports. Investors of record on Monday, December 2nd will be given a dividend of 1.60 per share by the financial services provider on Monday, December 16th. This represents a $6.40 dividend on an annualized basis and a dividend yield of 0.40%. The ex-dividend date is Monday, December 2nd. This is a positive change from Texas Pacific Land’s previous quarterly dividend of $1.17.

Texas Pacific Land has raised its dividend payment by an average of 9.1% per year over the last three years. Texas Pacific Land has a payout ratio of 28.8% indicating that its dividend is sufficiently covered by earnings.

Texas Pacific Land Stock Down 2.2 %

Texas Pacific Land stock opened at $1,600.09 on Friday. The stock has a 50-day simple moving average of $1,179.26 and a 200 day simple moving average of $905.05. Texas Pacific Land has a 12-month low of $467.62 and a 12-month high of $1,769.14. The stock has a market capitalization of $36.76 billion, a price-to-earnings ratio of 82.10 and a beta of 1.56.

Analyst Ratings Changes

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

Insider Buying and Selling

In other news, CAO Stephanie Buffington sold 210 shares of the business’s stock in a transaction dated 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 completion of the transaction, the chief accounting officer now directly owns 584 shares in the company, valued at approximately $810,784.72. The trade was a 26.45 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders bought a total of 114 shares of company stock worth $125,642 over the last three months. 6.50% of the stock is currently owned by company insiders.

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.