Texas Pacific Land Announces Special Dividend Of $10 Per Share And Sees Cash Balance Target Of ~$700M
Portfolio Pulse from Benzinga Newsdesk
Texas Pacific Land Corporation (NYSE:TPL) announced a $10.00 per share special dividend, payable on July 15, 2024, to stockholders of record on July 1, 2024. This is the largest special dividend in TPL's history, representing a 50% increase from the previous special dividend. The company also set a target cash balance of approximately $700 million, with plans to use excess cash for share repurchases and dividends.
June 13, 2024 | 8:17 pm
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Texas Pacific Land Corporation (NYSE:TPL) announced a $10.00 per share special dividend, payable on July 15, 2024, to stockholders of record on July 1, 2024. This is the largest special dividend in TPL's history, representing a 50% increase from the previous special dividend. The company also set a target cash balance of approximately $700 million, with plans to use excess cash for share repurchases and dividends.
The announcement of a $10 per share special dividend, the largest in TPL's history, is likely to positively impact the stock price in the short term. Additionally, the company's plan to use excess cash for share repurchases and dividends further supports a positive outlook.
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