StockNews.com Initiates Coverage on Texas Pacific Land (NYSE:TPL)

StockNews.com started coverage on shares of Texas Pacific Land (NYSE:TPL – Get Rating) in a report published on Thursday. The firm issued a hold rating on the financial services provider’s stock.

Texas Pacific Land Stock Down 1.6 %

Shares of TPL opened at $1,633.30 on Thursday. The firm has a market cap of $12.58 billion, a PE ratio of 28.27 and a beta of 1.89. The company’s fifty day moving average is $1,901.46 and its two-hundred day moving average is $2,113.28. Texas Pacific Land has a fifty-two week low of $1,250.01 and a fifty-two week high of $2,739.00.

Texas Pacific Land Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, March 15th. Shareholders of record on Wednesday, March 8th were issued a $3.25 dividend. This represents a $13.00 dividend on an annualized basis and a dividend yield of 0.80%. The ex-dividend date was Tuesday, March 7th. This is a positive change from Texas Pacific Land’s previous quarterly dividend of $3.00. Texas Pacific Land’s dividend payout ratio (DPR) is 22.50%.

Hedge Funds Weigh In On Texas Pacific Land

A number of hedge funds have recently made changes to their positions in TPL. Wipfli Financial Advisors LLC acquired a new position in shares of Texas Pacific Land in the 3rd quarter valued at $27,000. VitalStone Financial LLC acquired a new position in shares of Texas Pacific Land during the 4th quarter valued at $30,000. Pacer Advisors Inc. acquired a new position in shares of Texas Pacific Land during the 4th quarter valued at $33,000. Fred Alger Management LLC acquired a new position in shares of Texas Pacific Land during the 3rd quarter valued at $41,000. Finally, Point72 Asset Management L.P. acquired a new position in shares of Texas Pacific Land during the 4th quarter valued at $42,000. Institutional investors and hedge funds own 58.95% of the company’s stock.

Texas Pacific Land Company Profile

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Texas Pacific Land Corp. operates as a landowner in the State of Texas. Its surface and royalty ownership allow revenue generation through the entire value chain of oil and gas development, including through fixed fee payments for use of the firm’s land, revenue for sales of materials used in the construction of infrastructure, providing sourced water and treated produced water, revenue from its oil and gas royalty interests, and revenues related to saltwater disposal on land.