Texas Pacific Land Trust hikes dividend by 471.4% and pays special dividend
Texas Pacific Land Trust (TPL) will raise its annual dividend by 471.4 percent to $10.0 per share. Also a $6.00 per share special dividend will be paid. Last year the royalty company paid a $4.25 per share special dividend. This is the 17th consecutive year that the declared dividend has increased.
Both dividends, for a total of $14.25 per share, are payable on March 16, 2020, to common stockholders of record on March 9, 2020. At the current stock price of $710 the total dividend payment yields about 2.3%. The regular dividend of $10.0 per share yields 1.4%.
Texas Pacific Land Trust was created in 1888 as a result of a reorganization of the Texas and Pacific Railway Company following receivership. Holders of Texas and Pacific Railway Company bonds received 3.5 million acres of land in Texas which had been earned by the railroad and pledged as security against bonds. The bondholders created the Trust and converted bonds to shares of proprietary interest in the Trust. The Trust was created to manage and sell the land. Today the Trust is one of the largest landowners in Texas. Texas Pacific Land Trust derives revenue from all avenues of managing the land, i.e. oil and gas royalties, grazing leases, easements, sundry and specialty leases, and land sales.
Both dividends, for a total of $14.25 per share, are payable on March 16, 2020, to common stockholders of record on March 9, 2020. At the current stock price of $710 the total dividend payment yields about 2.3%. The regular dividend of $10.0 per share yields 1.4%.
Texas Pacific Land Trust was created in 1888 as a result of a reorganization of the Texas and Pacific Railway Company following receivership. Holders of Texas and Pacific Railway Company bonds received 3.5 million acres of land in Texas which had been earned by the railroad and pledged as security against bonds. The bondholders created the Trust and converted bonds to shares of proprietary interest in the Trust. The Trust was created to manage and sell the land. Today the Trust is one of the largest landowners in Texas. Texas Pacific Land Trust derives revenue from all avenues of managing the land, i.e. oil and gas royalties, grazing leases, easements, sundry and specialty leases, and land sales.
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