Stephanie Buffington, the Chief Accounting Officer of Texas Pacific Land Corp (NYSE:TPL), recently executed a sale of company stock, according to a filing with the Securities and Exchange Commission. On November 12, Buffington sold a total of 210 shares of common stock, with prices ranging from $1,388.14 to $1,390.08 per share. The total value of the shares sold amounted to $291,550.
Following these transactions, Buffington holds 584 shares of Texas Pacific Land Corp common stock. The transactions were part of a series of trades and holdings reported in the Form 4 filing, which provides transparency on insider trading activities within the company.
In other recent news, Texas Pacific Land Corporation (TPL) has reported significant growth in its Q3 2024 earnings, with consolidated revenues reaching $174 million and adjusted EBITDA at $144 million. The company's water sales revenues saw a 37% year-over-year increase, largely due to enhanced fracking techniques. TPL also announced a 37% increase in its quarterly dividend to $1.60 per share.
The company's recent developments include strategic acquisitions in the Permian Basin and a record increase in oil and gas royalty production. Despite an 8% decline in realized oil prices and a 65% drop in natural gas prices, TPL maintains a strong balance sheet with zero debt.
In addition, TPL is on track to complete a desalination facility by mid-2025 and is exploring non-oil and gas revenue opportunities. The company also made significant amendments to its corporate governance structure, including changes to the bylaws that grant more power to a collective of stockholders. These are among the recent developments for Texas Pacific Land Corporation.
InvestingPro Insights
As Stephanie Buffington's recent stock sale draws attention to Texas Pacific Land Corp (NYSE:TPL), it's worth examining some key financial metrics and insights provided by InvestingPro to gain a broader perspective on the company's current position.
TPL's stock has shown remarkable performance, with InvestingPro data revealing a staggering 145.73% total return over the past year. This impressive gain is further emphasized by the stock trading near its 52-week high, at 96.14% of that peak. Such strong performance aligns with the company's robust financials, including a gross profit margin of 93.27% for the last twelve months as of Q3 2024, which InvestingPro Tips highlight as "impressive."
However, investors should note that the stock's current valuation metrics suggest it may be trading at a premium. The P/E ratio stands at 69.93, which InvestingPro Tips indicate is "high relative to near-term earnings growth." Additionally, the PEG ratio of 4.9 further supports this view of potentially rich valuation.
Despite the high valuation, TPL maintains a solid financial foundation. An InvestingPro Tip points out that the company "holds more cash than debt on its balance sheet," which could provide financial flexibility and stability. This is particularly relevant given the cyclical nature of the land and resource sector in which TPL operates.
For those interested in a deeper analysis, InvestingPro offers 20 additional tips for Texas Pacific Land Corp, providing a comprehensive view of the company's financial health and market position. These insights can be invaluable for investors looking to make informed decisions in light of recent insider transactions.
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