Texas Pacific Land (NYSE:TPL) Hits New 52-Week High – Still a Buy?

Shares of Texas Pacific Land Co. (NYSE:TPL) hit a new 52-week high during mid-day trading on Monday . The company traded as high as $1,769.14 and last traded at $1,754.95, with a volume of 76452 shares. The stock had previously closed at $1,730.00.

Wall Street Analyst Weigh In

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

Texas Pacific Land Stock Performance

The firm has a market capitalization of $37.61 billion, a PE ratio of 82.27 and a beta of 1.56. The business’s fifty day simple moving average is $1,149.73 and its 200-day simple moving average is $894.75.

Texas Pacific Land Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, December 16th. Shareholders of record on Monday, December 2nd will be issued a $1.60 dividend. This is an increase from Texas Pacific Land’s previous quarterly dividend of $1.17. This represents a $6.40 dividend on an annualized basis and a yield of 0.39%. The ex-dividend date of this dividend is Monday, December 2nd. Texas Pacific Land’s payout ratio is currently 24.01%.

Insider Buying and Selling at Texas Pacific Land

In other news, CAO Stephanie Buffington sold 210 shares of the company’s stock in a transaction that occurred 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 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 position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders purchased 114 shares of company stock valued at $123,503 in the last 90 days. Insiders own 6.50% of the company’s stock.

Institutional Investors Weigh In On Texas Pacific Land

Hedge funds have recently bought and sold shares of the business. Franklin Resources Inc. raised its position in shares of Texas Pacific Land by 74.0% during the 3rd quarter. Franklin Resources Inc. now owns 14,367 shares of the financial services provider’s stock valued at $12,711,000 after buying an additional 6,109 shares in the last quarter. Synovus Financial Corp bought a new stake in Texas Pacific Land during the third quarter worth approximately $208,000. Tidal Investments LLC increased its stake in Texas Pacific Land by 143.8% during the third quarter. Tidal Investments LLC now owns 5,319 shares of the financial services provider’s stock worth $4,706,000 after acquiring an additional 3,137 shares during the last quarter. Teachers Retirement System of The State of Kentucky lifted its stake in shares of Texas Pacific Land by 17.8% in the 3rd quarter. Teachers Retirement System of The State of Kentucky now owns 6,050 shares of the financial services provider’s stock valued at $5,353,000 after purchasing an additional 915 shares during the last quarter. Finally, Coldstream Capital Management Inc. purchased a new position in shares of Texas Pacific Land in the 3rd quarter worth approximately $211,000. Hedge funds and other institutional investors 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.