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

Texas Pacific Land Corporation (NYSE:TPL)’s stock is scheduled to split on Tuesday, December 23rd. The 3-1 split was announced on Tuesday, December 2nd. The newly issued shares will be distributed to shareholders after the market closes on Monday, December 22nd.

Texas Pacific Land Stock Performance

NYSE TPL opened at $890.26 on Thursday. The firm’s fifty day moving average is $926.38 and its two-hundred day moving average is $969.47. Texas Pacific Land has a one year low of $838.27 and a one year high of $1,462.78. The firm has a market cap of $20.46 billion, a PE ratio of 43.01 and a beta of 0.96.

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

Texas Pacific Land Announces Dividend

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

Analyst Upgrades and Downgrades

A number of research firms have recently issued reports on TPL. Weiss Ratings reissued a “hold (c)” rating on shares of Texas Pacific Land in a report on Monday. Zacks Research upgraded shares of Texas Pacific Land to a “hold” rating in a research report on Wednesday, December 3rd. Tudor Pickering raised shares of Texas Pacific Land to a “strong sell” rating in a research note on Tuesday, October 21st. Finally, KeyCorp set a $1,050.00 target price on shares of Texas Pacific Land and gave the stock an “overweight” rating in a research note on Monday, December 1st. One analyst has rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $1,050.00.

Institutional Investors Weigh In On Texas Pacific Land

Several institutional investors have recently modified their holdings of TPL. Zions Bancorporation National Association UT acquired a new position in Texas Pacific Land during the first quarter worth $28,000. Quarry LP purchased a new position in shares of Texas Pacific Land in the third quarter valued at $29,000. CX Institutional acquired a new position in shares of Texas Pacific Land during the 3rd quarter worth $30,000. Silicon Valley Capital Partners purchased a new stake in shares of Texas Pacific Land in the 3rd quarter worth about $33,000. Finally, Triumph Capital Management acquired a new stake in Texas Pacific Land in the 3rd quarter valued at about $36,000. Hedge funds and other institutional investors own 59.94% of the company’s stock.

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.