Texas Pacific Land (NYSE:TPL) Lowered to Hold Rating by Zacks Research

Texas Pacific Land (NYSE:TPL) was downgraded by stock analysts at Zacks Research from a “strong-buy” rating to a “hold” rating in a research note issued on Monday,Zacks.com reports.

Several other analysts also recently issued reports on TPL. Weiss Ratings raised Texas Pacific Land from a “hold (c)” rating to a “hold (c+)” rating in a research note on Friday, May 1st. KeyCorp lifted their price target on Texas Pacific Land from $350.00 to $639.00 and gave the company an “overweight” rating in a research note on Monday, February 23rd. Finally, Wall Street Zen raised shares of Texas Pacific Land from a “sell” rating to a “hold” rating in a research report on Sunday, March 15th. One analyst has rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, Texas Pacific Land currently has a consensus rating of “Hold” and an average target price of $639.00.

Texas Pacific Land Price Performance

TPL opened at $371.87 on Monday. The business’s 50-day moving average price is $431.12 and its two-hundred day moving average price is $390.68. 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 $25.65 billion, a price-to-earnings ratio of 50.94 and a beta of 0.61.

Texas Pacific Land (NYSE:TPL) last released its quarterly earnings results on Wednesday, May 6th. The financial services provider reported $2.07 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.03 by $0.04. Texas Pacific Land had a return on equity of 35.52% and a net margin of 60.03%.The firm had revenue of $236.80 million for the quarter, compared to the consensus estimate of $233.00 million. Sell-side analysts anticipate that Texas Pacific Land will post 9.27 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Texas Pacific Land

Several institutional investors and hedge funds have recently added to or reduced their stakes in TPL. Bar Harbor Wealth Management boosted its stake in shares of Texas Pacific Land by 195.1% during the 4th quarter. Bar Harbor Wealth Management now owns 36,873 shares of the financial services provider’s stock worth $10,591,000 after acquiring an additional 24,379 shares during the period. Stratos Wealth Partners LTD. raised its stake in Texas Pacific Land by 212.9% in the 4th quarter. Stratos Wealth Partners LTD. now owns 18,211 shares of the financial services provider’s stock valued at $5,231,000 after acquiring an additional 12,390 shares during the period. Schwartz Investment Counsel Inc. raised its stake in Texas Pacific Land by 209.7% in the 4th quarter. Schwartz Investment Counsel Inc. now owns 475,104 shares of the financial services provider’s stock valued at $136,459,000 after acquiring an additional 321,683 shares during the period. New York State Teachers Retirement System lifted its holdings in Texas Pacific Land by 184.1% during the 4th quarter. New York State Teachers Retirement System now owns 38,841 shares of the financial services provider’s stock valued at $11,156,000 after purchasing an additional 25,170 shares during the last quarter. Finally, Sumitomo Mitsui Trust Group Inc. boosted its position in Texas Pacific Land by 192.8% during the fourth quarter. Sumitomo Mitsui Trust Group Inc. now owns 133,731 shares of the financial services provider’s stock worth $38,410,000 after purchasing an additional 88,053 shares during the period. 59.94% of the stock is owned by institutional investors.

Texas Pacific Land Company Profile

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.