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

Texas Pacific Land Co. (NYSE:TPL - Get Free Report) shares gapped up prior to trading 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 changing hands.

Wall Street Analysts Forecast Growth

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

Texas Pacific Land Price Performance

The company has a 50-day simple moving average of $1,120.26 and a two-hundred day simple moving average of $878.83. The stock has a market capitalization of $39.76 billion, a price-to-earnings ratio of 88.76 and a beta of 1.56.

Texas Pacific Land Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, December 16th. Stockholders of record on Monday, December 2nd will be paid a $1.60 dividend. This is a boost from Texas Pacific Land's previous quarterly dividend of $1.17. The ex-dividend date is Monday, December 2nd. This represents a $6.40 annualized dividend and a dividend yield of 0.37%. Texas Pacific Land's dividend payout ratio is presently 24.01%.

Insider Transactions at Texas Pacific Land

In other 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 completion of the sale, the chief accounting officer now directly 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 document filed with the SEC, which is available at the SEC website. Over the last quarter, insiders acquired 117 shares of company stock valued at $123,524. 6.50% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Texas Pacific Land

Several hedge funds have recently modified their holdings of the stock. Capital Performance Advisors LLP purchased a new stake in Texas Pacific Land in the 3rd quarter worth about $25,000. American National Bank purchased a new stake in shares of Texas Pacific Land during the 2nd quarter worth about $42,000. Thurston Springer Miller Herd & Titak Inc. purchased a new stake in shares of Texas Pacific Land during the 2nd quarter worth about $44,000. Compagnie Lombard Odier SCmA acquired a new position in shares of Texas Pacific Land during the 3rd quarter valued at about $44,000. Finally, Quest Partners LLC acquired a new position in shares of Texas Pacific Land during the 3rd quarter valued at about $50,000. 59.94% of the stock is 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.