Texas Pacific Land (NYSE:TPL) Downgraded to “Sell” Rating by Wall Street Zen

Texas Pacific Land (NYSE:TPL) was downgraded by Wall Street Zen from a “hold” rating to a “sell” rating in a report released on Saturday.

A number of other research firms have also recently weighed in on TPL. Zacks Research upgraded shares of Texas Pacific Land to a “hold” rating in a research note on Wednesday, December 3rd. KeyCorp raised their price target on Texas Pacific Land from $350.00 to $639.00 and gave the company an “overweight” rating in a report on Monday, February 23rd. Finally, Weiss Ratings restated a “hold (c)” rating on shares of Texas Pacific Land in a research report on Monday, December 29th. One analyst has rated the stock with a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $639.00.

Texas Pacific Land Price Performance

Shares of NYSE:TPL opened at $526.28 on Friday. Texas Pacific Land has a 1-year low of $269.23 and a 1-year high of $547.20. The company has a market capitalization of $36.28 billion, a P/E ratio of 75.43 and a beta of 0.83. The firm’s 50 day simple moving average is $385.90 and its two-hundred day simple moving average is $333.56.

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

Insiders Place Their Bets

In other Texas Pacific Land news, CAO Stephanie Buffington sold 1,608 shares of the stock in a transaction on Tuesday, February 24th. The shares were sold at an average price of $503.00, for a total transaction of $808,824.00. Following the completion of the transaction, the chief accounting officer owned 2,133 shares in the company, valued at $1,072,899. This trade represents a 42.98% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Donna E. Epps acquired 895 shares of the company’s stock in a transaction on Wednesday, February 25th. The stock was acquired at an average cost of $510.45 per share, with a total value of $456,852.75. Following the completion of the purchase, the director directly owned 2,921 shares in the company, valued at approximately $1,491,024.45. This represents a 44.18% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. 6.90% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Texas Pacific Land

Several institutional investors have recently modified their holdings of TPL. Citizens Financial Group Inc. RI boosted its holdings in shares of Texas Pacific Land by 1.7% in the 3rd quarter. Citizens Financial Group Inc. RI now owns 704 shares of the financial services provider’s stock worth $657,000 after purchasing an additional 12 shares during the period. EverSource Wealth Advisors LLC lifted its position in Texas Pacific Land by 21.4% in the second quarter. EverSource Wealth Advisors LLC now owns 68 shares of the financial services provider’s stock worth $72,000 after buying an additional 12 shares during the last quarter. Assetmark Inc. boosted its stake in Texas Pacific Land by 33.3% during the second quarter. Assetmark Inc. now owns 52 shares of the financial services provider’s stock worth $55,000 after buying an additional 13 shares during the period. PFG Investments LLC boosted its stake in Texas Pacific Land by 3.6% during the third quarter. PFG Investments LLC now owns 373 shares of the financial services provider’s stock worth $348,000 after buying an additional 13 shares during the period. Finally, Truist Financial Corp increased its position in Texas Pacific Land by 0.6% during the third quarter. Truist Financial Corp now owns 2,195 shares of the financial services provider’s stock valued at $2,050,000 after acquiring an additional 14 shares during the last quarter. 59.94% of the stock is owned by institutional investors.

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.