Texas Pacific Land Corporation to Issue Quarterly Dividend of $0.60 (NYSE:TPL)

Texas Pacific Land Corporation (NYSE:TPL) declared a quarterly dividend on Wednesday, May 6th. Shareholders of record on Monday, June 1st will be given a dividend of 0.60 per share by the financial services provider on Monday, June 15th. This represents a c) dividend on an annualized basis and a yield of 0.6%. The ex-dividend date of this dividend is Monday, June 1st.

Texas Pacific Land has decreased its dividend by an average of 0.1%annually over the last three years and has raised its dividend every year for the last 3 years. Texas Pacific Land has a payout ratio of 7.9% indicating that its dividend is sufficiently covered by earnings. Equities analysts expect Texas Pacific Land to earn $10.24 per share next year, which means the company should continue to be able to cover its $2.40 annual dividend with an expected future payout ratio of 23.4%.

Texas Pacific Land Stock Down 2.3%

TPL opened at $420.41 on Thursday. The stock has a market cap of $28.98 billion, a price-to-earnings ratio of 60.26 and a beta of 0.66. The company’s 50-day moving average price is $478.50 and its two-hundred day moving average price is $380.43. Texas Pacific Land has a twelve month low of $269.23 and a twelve month high of $547.20.

Texas Pacific Land (NYSE:TPL) last announced its quarterly earnings results on Wednesday, May 6th. The financial services provider reported $2.07 EPS for the quarter, beating analysts’ consensus estimates of $2.03 by $0.04. The company had revenue of $236.80 million for the quarter, compared to analysts’ expectations of $233.00 million. Texas Pacific Land had a net margin of 60.31% and a return on equity of 36.18%. As a group, sell-side analysts anticipate that Texas Pacific Land will post 9.27 earnings per share for the current year.

Analyst Ratings Changes

TPL has been the topic of a number of recent research reports. Zacks Research upgraded shares of Texas Pacific Land from a “hold” rating to a “strong-buy” rating in a research note on Thursday, April 16th. Wall Street Zen upgraded shares of Texas Pacific Land from a “sell” rating to a “hold” rating in a research note on Sunday, March 15th. Weiss Ratings upgraded shares of Texas Pacific Land from a “hold (c)” rating to a “hold (c+)” rating in a research note on Friday, May 1st. Finally, KeyCorp upped their price target on shares of Texas Pacific Land from $350.00 to $639.00 and gave the company an “overweight” rating in a research note on Monday, February 23rd. One research analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, Texas Pacific Land currently has an average rating of “Moderate Buy” and an average target price of $639.00.

Texas Pacific Land Company Profile

Texas Pacific Land Corporation (NYSE: TPL) is a Texas-based land management company that derives revenue from the ownership and stewardship of large tracts of land and associated mineral rights in West Texas. The company’s origins trace to 19th century land grants associated with the Texas and Pacific Railway; over time those grant holdings have been retained and managed as a standalone corporate asset base. Texas Pacific Land is publicly listed and operates as a landowner and resource manager rather than as a traditional oil and gas producer.

The company’s primary activities include management of surface rights and leasing of land for energy and other commercial uses, administration of mineral royalty interests, and provision of water and related services to industrial customers.