Texas Pacific Land (NYSE:TPL) Shares Pass Above Two Hundred Day Moving Average - Here's What Happened

Texas Pacific Land Co. (NYSE:TPL - Get Free Report)'s share price passed above its 200-day moving average during trading on Tuesday . The stock has a 200-day moving average of $1,005.65 and traded as high as $1,138.33. Texas Pacific Land shares last traded at $1,105.96, with a volume of 129,417 shares trading hands.

Texas Pacific Land Stock Down 0.1 %

The company has a market cap of $25.41 billion, a PE ratio of 56.75 and a beta of 1.62. The stock has a 50-day simple moving average of $1,300.90 and a 200 day simple moving average of $1,008.15.

Texas Pacific Land Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, December 16th. Stockholders of record on Monday, December 2nd were given a dividend of $1.60 per share. This represents a $6.40 annualized dividend and a dividend yield of 0.58%. The ex-dividend date was Monday, December 2nd. This is a boost from Texas Pacific Land's previous quarterly dividend of $1.17. Texas Pacific Land's dividend payout ratio is currently 32.84%.

Insider Buying and Selling at Texas Pacific Land

In related news, CAO Stephanie Buffington sold 210 shares of the company's stock in a transaction 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 transaction, the chief accounting officer now owns 584 shares of the company's stock, valued at $810,784.72. This represents a 26.45 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Insiders have purchased 99 shares of company stock valued at $124,992 in the last quarter. Corporate insiders own 6.50% of the company's stock.

Institutional Investors Weigh In On Texas Pacific Land

Several institutional investors and hedge funds have recently made changes to their positions in the business. Signaturefd LLC boosted 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 purchasing an additional 13 shares during the last quarter. Glenmede Trust Co. NA boosted its position in Texas Pacific Land by 3.0% in the 3rd quarter. Glenmede Trust Co. NA now owns 441 shares of the financial services provider's stock valued at $390,000 after buying an additional 13 shares during the last quarter. First Financial Bankshares Inc grew its stake in Texas Pacific Land by 2.2% during 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 in the last quarter. BOKF NA increased its stake in shares of 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 buying an additional 17 shares during the last quarter. Finally, CIBC Asset Management Inc raised its stake in shares of Texas Pacific Land by 2.9% in the 2nd quarter. CIBC Asset Management Inc now owns 756 shares of the financial services provider's stock valued at $555,000 after purchasing an additional 21 shares in the last quarter. 59.94% of the stock is currently owned by hedge funds and other institutional investors.

Texas Pacific Land Company Profile

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.