Texas Pacific Land (NYSE:TPL) Stock Price Down 6% – What’s Next?

Shares of Texas Pacific Land Co. (NYSE:TPL) dropped 6% during trading on Wednesday . The stock traded as low as $1,211.29 and last traded at $1,218.73. Approximately 111,643 shares traded hands during trading, a decline of 15% from the average daily volume of 130,698 shares. The stock had previously closed at $1,296.09.

Texas Pacific Land Price Performance

The firm’s 50-day moving average price is $1,260.26 and its 200 day moving average price is $954.92. The firm has a market cap of $27.74 billion, a P/E ratio of 66.60 and a beta of 1.62.

Texas Pacific Land Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, December 16th. Stockholders of record on Monday, December 2nd will be given a dividend of $1.60 per share. 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 0.53%. Texas Pacific Land’s dividend payout ratio (DPR) is presently 32.84%.

Insider Buying and Selling

In related news, CAO Stephanie Buffington sold 210 shares of the stock in a transaction dated Tuesday, November 12th. The shares were sold at an average price of $1,388.33, for a total transaction of $291,549.30. Following the sale, the chief accounting officer now owns 584 shares in the company, valued at $810,784.72. This represents a 26.45 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders have acquired a total of 117 shares of company stock worth $138,190 over the last quarter. 6.50% of the stock is owned by company insiders.

Institutional Investors Weigh In On Texas Pacific Land

Several large investors have recently made changes to their positions in the company. Signaturefd LLC increased its stake in shares of Texas Pacific Land by 16.9% in the third quarter. Signaturefd LLC now owns 90 shares of the financial services provider’s stock valued at $80,000 after purchasing an additional 13 shares during the period. Glenmede Trust Co. NA increased its stake in shares of Texas Pacific Land by 3.0% during the third quarter. Glenmede Trust Co. NA now owns 441 shares of the financial services provider’s stock valued at $390,000 after acquiring an additional 13 shares during the period. First Financial Bankshares Inc increased its stake in shares of Texas Pacific Land by 2.2% during the third quarter. First Financial Bankshares Inc now owns 754 shares of the financial services provider’s stock valued at $667,000 after acquiring an additional 16 shares during the period. BOKF NA increased its stake in shares of Texas Pacific Land by 1.1% during the second quarter. BOKF NA now owns 1,571 shares of the financial services provider’s stock valued at $1,154,000 after acquiring an additional 17 shares during the period. Finally, CIBC Asset Management Inc increased its stake in shares of Texas Pacific Land by 2.9% during the second quarter. CIBC Asset Management Inc now owns 756 shares of the financial services provider’s stock valued at $555,000 after acquiring an additional 21 shares during the period. Institutional investors and hedge funds own 59.94% of the company’s stock.

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.