Texas Pacific Land Stock Scheduled to Split on Tuesday, December 23rd (NYSE:TPL)

Shares of Texas Pacific Land Corporation (NYSE:TPL) are going to split on the morning of Tuesday, December 23rd. The 3-1 split was announced on Tuesday, December 2nd. The newly minted shares will be issued to shareholders after the closing bell on Monday, December 22nd.

Texas Pacific Land Stock Up 0.5%

NYSE:TPL opened at $924.42 on Friday. The business’s 50-day moving average price is $929.17 and its 200 day moving average price is $978.16. The firm has a market cap of $21.24 billion, a P/E ratio of 44.66 and a beta of 0.96. Texas Pacific Land has a 52-week low of $838.27 and a 52-week high of $1,462.78.

Texas Pacific Land (NYSE:TPL) last released its earnings results on Wednesday, November 5th. The financial services provider reported $5.27 EPS for the quarter, missing analysts’ consensus estimates of $5.77 by ($0.50). The business had revenue of $203.10 million during the quarter, compared to the consensus estimate of $175.00 million. Texas Pacific Land had a return on equity of 38.15% and a net margin of 61.68%.

Texas Pacific Land Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, December 15th. Investors of record on Monday, December 1st will be given a $1.60 dividend. The ex-dividend date is Monday, December 1st. This represents a $6.40 dividend on an annualized basis and a dividend yield of 0.7%. Texas Pacific Land’s dividend payout ratio (DPR) is 30.92%.

Analyst Ratings Changes

A number of research firms have commented on TPL. Tudor Pickering raised shares of Texas Pacific Land to a “strong sell” rating in a research note on Tuesday, October 21st. Zacks Research raised shares of Texas Pacific Land to a “hold” rating in a research note on Wednesday. KeyCorp set a $1,050.00 target price on Texas Pacific Land and gave the stock an “overweight” rating in a research report on Monday, December 1st. Finally, Weiss Ratings reiterated a “hold (c)” rating on shares of Texas Pacific Land in a report on Monday, December 1st. One analyst has rated the stock with a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $1,050.00.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of the company. Allworth Financial LP raised its stake in shares of Texas Pacific Land by 141.4% during the 3rd quarter. Allworth Financial LP now owns 70 shares of the financial services provider’s stock worth $65,000 after purchasing an additional 41 shares in the last quarter. Swiss Life Asset Management Ltd grew its stake in shares of Texas Pacific Land by 10.4% in the 3rd quarter. Swiss Life Asset Management Ltd now owns 4,025 shares of the financial services provider’s stock valued at $3,758,000 after buying an additional 379 shares in the last quarter. Cambria Investment Management L.P. acquired a new position in Texas Pacific Land in the third quarter worth approximately $237,000. CIBC Bancorp USA Inc. bought a new position in Texas Pacific Land during the third quarter valued at approximately $2,495,000. Finally, Captrust Financial Advisors lifted its stake in Texas Pacific Land by 7.2% in the third quarter. Captrust Financial Advisors now owns 1,648 shares of the financial services provider’s stock valued at $1,538,000 after acquiring an additional 110 shares during the last quarter. 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.