Key Points
The company will list its shares on a new stock exchange.
This is NYSE Texas, smack dab on its home turf.
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On the second-to-last trading day of the week, investors cheered the latest move made by Texas Pacific Land Corporation (NYSE: TPL). The storied company’s stock is going to anchor a new regional equities exchange, and market players cheered the expansion. They bid up Texas Pacific’s shares by 4%, a figure well higher than the barely over 0% posted by the S&P 500 index that day.
It’s bigger in…
In what feels like a suitable and symbolic development, Texas Pacific will list some of its equity on the newly formed NYSE Texas exchange. As the name implies, this is a branch of the New York Stock Exchange located in the large state. It offers solely electronic trading, as opposed to the traditional variety. In doing so, Texas Pacific is a founding member of the new bourse.
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The company said its “primary” stock listing would remain on the main NYSE exchange, and the NYSE Texas-listed shares would bear the same ticker symbol (TPL).
In its press release trumpeting the news, the company quoted CEO Tyler Glover as saying that “With the entirety of our employees and virtually all our assets located in Texas, we maintain strong business and community ties here.”
Glover pointed out that Texas Pacific is the longest-listed and Texas-headquartered company on the NYSE.
Positive expansion
It’s important to note that Texas Pacific’s listing on the new exchange, no matter how appropriate, probably won’t change the fundamentals of its business much, if at all. It will, however, raise its profile in its home state, and perhaps rope in new investors who might not be familiar with its operations (despite its longevity). This feels like a small but clear win for the company.
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Eric Volkman has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.
