Texas Pacific Land (NYSE:TPL) Trading 3.3% Higher - Here's Why

Texas Pacific Land Co. (NYSE:TPL - Get Free Report)'s stock price rose 3.3% during mid-day trading on Wednesday . The stock traded as high as $1,409.83 and last traded at $1,406.89. Approximately 17,656 shares were traded during mid-day trading, a decline of 87% from the average daily volume of 140,972 shares. The stock had previously closed at $1,362.36.

Texas Pacific Land Stock Performance

The firm has a fifty day simple moving average of $1,348.93 and a 200 day simple moving average of $1,242.51. The company has a market capitalization of $30.06 billion, a PE ratio of 66.32 and a beta of 1.69.

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

Texas Pacific Land Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, March 17th. Stockholders of record on Monday, March 3rd were paid a dividend of $1.60 per share. The ex-dividend date was Monday, March 3rd. This represents a $6.40 dividend on an annualized basis and a dividend yield of 0.49%. Texas Pacific Land's dividend payout ratio is presently 32.45%.

Insider Activity at Texas Pacific Land

In related news, VP Micheal W. Dobbs sold 1,150 shares of the business's stock in a transaction that occurred on Thursday, March 13th. The shares were sold at an average price of $1,271.52, for a total transaction of $1,462,248.00. Following the completion of the transaction, the vice president now owns 1,393 shares in the company, valued at $1,771,227.36. The trade was a 45.22 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CFO Chris Steddum sold 214 shares of the stock in a transaction that occurred on Friday, March 14th. The shares were sold at an average price of $1,313.99, for a total transaction 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. The trade was a 5.76 % decrease in their position. The disclosure for this sale can be found here. Insiders have acquired a total of 68 shares of company stock valued at $91,008 over the last ninety days. 6.50% of the stock is owned by company insiders.

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Hedge Funds Weigh In On Texas Pacific Land

A number of large investors have recently made changes to their positions in the business. Hilltop Holdings Inc. grew its stake in Texas Pacific Land by 290.3% during the 3rd quarter. Hilltop Holdings Inc. now owns 1,815 shares of the financial services provider's stock worth $1,606,000 after buying an additional 1,350 shares during the last quarter. Quantinno Capital Management LP grew its stake in shares of Texas Pacific Land by 63.5% during the third quarter. Quantinno Capital Management LP now owns 2,976 shares of the financial services provider's stock worth $2,634,000 after acquiring an additional 1,156 shares during the last quarter. Nomura Asset Management Co. Ltd. increased its holdings in shares of Texas Pacific Land by 5.1% during the third quarter. Nomura Asset Management Co. Ltd. now owns 8,888 shares of the financial services provider's stock valued at $7,864,000 after acquiring an additional 431 shares in the last quarter. Everence Capital Management Inc. purchased a new position in shares of Texas Pacific Land in the 4th quarter valued at approximately $641,000. Finally, Miracle Mile Advisors LLC purchased a new position in shares of Texas Pacific Land in the 4th quarter valued at approximately $8,545,000. 59.94% of the stock is owned by institutional investors and hedge funds.

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.