Chris Steddum Sells 214 Shares of Texas Pacific Land Co. (NYSE:TPL) Stock

Texas Pacific Land Co. (NYSE:TPL - Get Free Report) CFO Chris Steddum sold 214 shares of Texas Pacific Land stock in a transaction on Friday, March 14th. The stock was sold at an average price of $1,313.99, for a total value of $281,193.86. Following the sale, the chief financial officer now directly owns 3,502 shares of the company's stock, valued at $4,601,592.98. This represents a 5.76 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink.

Texas Pacific Land Trading Down 7.0 %

Shares of NYSE:TPL traded down $96.16 on Friday, reaching $1,275.33. 395,101 shares of the company's stock were exchanged, compared to its average volume of 140,730. Texas Pacific Land Co. has a twelve month low of $555.71 and a twelve month high of $1,769.14. The company has a fifty day moving average of $1,351.26 and a 200-day moving average of $1,217.74. The company has a market capitalization of $29.31 billion, a price-to-earnings ratio of 64.67 and a beta of 1.69.

Texas Pacific Land (NYSE:TPL - Get Free Report) last issued its quarterly earnings results on Wednesday, February 19th. The financial services provider reported $5.14 earnings per share (EPS) for the quarter. Texas Pacific Land had a return on equity of 40.23% and a net margin of 64.32%. The business had revenue of $185.78 million during the quarter.

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Texas Pacific Land Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, March 17th. Shareholders of record on Monday, March 3rd were paid a dividend of $1.60 per share. The ex-dividend date of this dividend was Monday, March 3rd. This represents a $6.40 dividend on an annualized basis and a yield of 0.50%. Texas Pacific Land's payout ratio is 32.45%.

Hedge Funds Weigh In On Texas Pacific Land

Several hedge funds have recently bought and sold shares of TPL. Hilltop Holdings Inc. raised its position in Texas Pacific Land by 290.3% during the third quarter. Hilltop Holdings Inc. now owns 1,815 shares of the financial services provider's stock valued at $1,606,000 after purchasing an additional 1,350 shares in the last quarter. Quantinno Capital Management LP raised its holdings in shares of Texas Pacific Land by 63.5% during the 3rd quarter. Quantinno Capital Management LP now owns 2,976 shares of the financial services provider's stock worth $2,634,000 after buying an additional 1,156 shares in the last quarter. Nomura Asset Management Co. Ltd. lifted its position in shares of Texas Pacific Land by 5.1% during the 3rd quarter. Nomura Asset Management Co. Ltd. now owns 8,888 shares of the financial services provider's stock worth $7,864,000 after buying an additional 431 shares during the last quarter. Biltmore Family Office LLC acquired a new stake in Texas Pacific Land in the third quarter valued at about $337,000. Finally, Everence Capital Management Inc. bought a new position in Texas Pacific Land in the fourth quarter valued at about $641,000. 59.94% of the stock is 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.