$10/share dividend and $700MM balance sheet cash target announced. Nice progress.
But I’ll still complain. The $230MM payout could have taken out 2% of the float earlier this year. Save me some taxes and boost my ownership of the assets please.
I also like the idea of a cash target but think it should be much lower. The 5% return on T-Bills is either flat or negative in real return when adjusted for inflation. A company with cash coming in hand over fist doesn’t really need a conventional industrial cap goods-style fortress balance. Low expenses (which TPL has) are the real fortress.
That all being said, it’s easy to pout but the good moves are compounding though maybe they aren’t the exact moves that I would make. Can’t ignore that.
Next move is to use the remaining 3 to 1 authorization for another split. Then we can pack our bags for the S&P500.
The Texas Pacific Land Trust Investor 
Glad to see the special dividend (largest ever) as an olive branch to shareholders. Unless the buybacks result in retiring shares (not keeping them in Treasury), I actually prefer the special dividends.
I’m not sure how much impact management had on TPL’s entry into the S&P 400, but based on the direct surge of the stock price, it would seem that gaining entry into any index should be a part of the strategy going forward. Well done.
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This is a very interesting situation because it combines a hefty special dividend, entry into a major index, and an impending triple witching date (June 21). If I were a bettor, I would wager that this Friday or next Monday will see a dramatic fall in price to something like “normal.” If that does not happen, we might be on a new plateau.
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