Texas Pacific Land Stock Rallies on News of S&P 500 Inclusion | Global News Avenue

Texas Pacific Land (TPL) shares rose in premarket trading on Friday, a day after S&P Dow Jones Indices said the real estate operator would replace Marathon Petroleum Corp.Maintenance, repair and overhaul)exist S&P 500 Index.

TPL shares closed at $1,515.53 on Thursday, having hit an all-time high of $1,526.04 during the session, before soaring a further 6% on Friday morning.

S&P Dow Jones Indices said the change will take effect before the start of trading on Tuesday, noting Marathon Oil Be acquired By ConocoPhillips (COP) is expected to close on Friday.

known as “Standard & Poor’s Phenomenon”, membership announcements tend to cause a temporary rise in a company’s stock, as the index is widely tracked by institutional investors.

TPL is one of the largest landowners in Texas, with much of its ownership concentrated in the Permian Basin, the state’s booming oil and gas field. Marathon Petroleum’s assets, meanwhile, include properties in the Permian.

As of Thursday’s close, TPL shares have soared nearly 200% year to date.