Chris Steddum Sells 214 Shares of Texas Pacific Land Co. (NYSE:TPL) Stock

Texas Pacific Land Co. (NYSE:TPL) CFO Chris Steddum sold 214 shares of the stock in a transaction that occurred on Friday, March 14th. The stock was sold at an average price of $1,313.99, for a total transaction of $281,193.86. Following the completion of the sale, the chief financial officer now directly owns 3,502 shares of the company’s stock, valued at $4,601,592.98. This trade represents a 5.76 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink.

Texas Pacific Land Price Performance

NYSE TPL opened at $1,342.44 on Wednesday. The company has a 50 day simple moving average of $1,347.30 and a 200-day simple moving average of $1,215.48. The firm has a market capitalization of $30.86 billion, a price-to-earnings ratio of 68.08 and a beta of 1.69. Texas Pacific Land Co. has a 52-week low of $553.33 and a 52-week high of $1,769.14.

Texas Pacific Land (NYSE:TPL) last issued its quarterly earnings data on Wednesday, February 19th. The financial services provider reported $5.14 earnings per share for the quarter. The firm had revenue of $185.78 million for the quarter. Texas Pacific Land had a net margin of 64.32% and a return on equity of 40.23%.

Texas Pacific Land Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, March 17th. Investors of record on Monday, March 3rd were given a dividend of $1.60 per share. This represents a $6.40 annualized dividend and a yield of 0.48%. The ex-dividend date was Monday, March 3rd. Texas Pacific Land’s payout ratio is presently 32.45%.

Hedge Funds Weigh In On Texas Pacific Land

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Wealth Enhancement Advisory Services LLC raised its position in Texas Pacific Land by 2.5% during the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 12,172 shares of the financial services provider’s stock valued at $13,462,000 after acquiring an additional 301 shares in the last quarter. Lansforsakringar Fondforvaltning AB publ bought a new position in Texas Pacific Land during the fourth quarter valued at approximately $6,920,000. PKO Investment Management Joint Stock Co bought a new position in Texas Pacific Land during the fourth quarter valued at approximately $697,000. Siemens Fonds Invest GmbH bought a new position in Texas Pacific Land during the fourth quarter valued at approximately $1,924,000. Finally, Universal Beteiligungs und Servicegesellschaft mbH bought a new position in Texas Pacific Land during the fourth quarter valued at approximately $5,720,000. 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.