KeyCorp Forecasts Strong Price Appreciation for Texas Pacific Land (NYSE:TPL) Stock

Texas Pacific Land (NYSE:TPL) had its price objective lifted by investment analysts at KeyCorp from $350.00 to $639.00 in a report issued on Monday,Benzinga reports. The firm currently has an “overweight” rating on the financial services provider’s stock. KeyCorp’s price target suggests a potential upside of 27.96% from the company’s current price.

TPL has been the topic of a number of other reports. Weiss Ratings restated a “hold (c)” rating on shares of Texas Pacific Land in a report on Monday, December 29th. Zacks Research raised Texas Pacific Land to a “hold” rating in a research report on Wednesday, December 3rd. One research analyst has rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, Texas Pacific Land has an average rating of “Hold” and a consensus target price of $639.00.

Texas Pacific Land Trading Up 2.6%

NYSE:TPL opened at $499.37 on Monday. Texas Pacific Land has a 1 year low of $269.23 and a 1 year high of $518.79. The stock has a 50-day moving average price of $339.97 and a two-hundred day moving average price of $317.98. The stock has a market cap of $34.43 billion, a price-to-earnings ratio of 71.58 and a beta of 0.95.

Texas Pacific Land (NYSE:TPL) last released its quarterly earnings results on Wednesday, February 18th. The financial services provider reported $1.79 EPS for the quarter, topping analysts’ consensus estimates of $1.73 by $0.06. The company had revenue of $211.60 million for the quarter, compared to analyst estimates of $204.00 million. Texas Pacific Land had a return on equity of 36.18% and a net margin of 60.31%.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in the company. Swiss National Bank increased its stake in shares of Texas Pacific Land by 7.4% in the 2nd quarter. Swiss National Bank now owns 59,151 shares of the financial services provider’s stock valued at $62,487,000 after purchasing an additional 4,100 shares during the last quarter. Prudential Financial Inc. boosted its stake in Texas Pacific Land by 8.8% in the second quarter. Prudential Financial Inc. now owns 10,966 shares of the financial services provider’s stock valued at $11,584,000 after buying an additional 884 shares in the last quarter. Titleist Asset Management LLC grew its position in Texas Pacific Land by 262.4% in the second quarter. Titleist Asset Management LLC now owns 1,573 shares of the financial services provider’s stock valued at $1,662,000 after acquiring an additional 1,139 shares during the last quarter. Westerkirk Capital Inc. acquired a new position in Texas Pacific Land during the second quarter worth about $2,229,000. Finally, Strs Ohio raised its stake in Texas Pacific Land by 103.7% during the second quarter. Strs Ohio now owns 1,306 shares of the financial services provider’s stock worth $1,380,000 after acquiring an additional 665 shares in the last quarter. Institutional investors own 59.94% of the company’s stock.

About Texas Pacific Land

Texas Pacific Land Corporation (NYSE: TPL) is a Texas-based land management company that derives revenue from the ownership and stewardship of large tracts of land and associated mineral rights in West Texas. The company’s origins trace to 19th century land grants associated with the Texas and Pacific Railway; over time those grant holdings have been retained and managed as a standalone corporate asset base. Texas Pacific Land is publicly listed and operates as a landowner and resource manager rather than as a traditional oil and gas producer.

The company’s primary activities include management of surface rights and leasing of land for energy and other commercial uses, administration of mineral royalty interests, and provision of water and related services to industrial customers.