Texas Pacific Land (NYSE:TPL) Reaches New 12-Month High – Here’s Why

Texas Pacific Land Co. (NYSE:TPL) shares reached a new 52-week high on Tuesday . The stock traded as high as $1,421.66 and last traded at $1,418.53, with a volume of 56617 shares. The stock had previously closed at $1,398.75.

Analysts Set New Price Targets

Separately, BWS Financial reiterated a “buy” rating and issued a $917.00 price target on shares of Texas Pacific Land in a research note on Monday, August 12th.

Texas Pacific Land Stock Performance

The stock has a market capitalization of $32.63 billion, a price-to-earnings ratio of 71.77 and a beta of 1.56. The company has a fifty day simple moving average of $1,061.51 and a 200 day simple moving average of $853.92.

Texas Pacific Land Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, December 16th. Shareholders of record on Monday, December 2nd will be paid a $1.60 dividend. The ex-dividend date is Monday, December 2nd. This is a positive change from Texas Pacific Land’s previous quarterly dividend of $1.17. This represents a $6.40 annualized dividend and a yield of 0.45%. Texas Pacific Land’s payout ratio is 24.01%.

Insider Activity

In related news, CAO Stephanie Buffington sold 210 shares of the stock in a transaction dated 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 sale, the chief accounting officer now owns 584 shares of the company’s stock, valued at approximately $810,784.72. This represents a 26.45 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders purchased 117 shares of company stock worth $119,938 in the last quarter. 6.50% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in TPL. Capital Performance Advisors LLP purchased a new position in shares of Texas Pacific Land during the third quarter valued at approximately $25,000. American National Bank purchased a new stake in shares of Texas Pacific Land during the second quarter worth about $42,000. Thurston Springer Miller Herd & Titak Inc. bought a new position in shares of Texas Pacific Land during the second quarter worth $44,000. Compagnie Lombard Odier SCmA bought a new stake in Texas Pacific Land in the third quarter worth $44,000. Finally, Quest Partners LLC purchased a new position in Texas Pacific Land in the third quarter worth about $50,000. 59.94% of the stock is currently owned by 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.