Texas Pacific Land (NYSE:TPL) Stock Price Down 5.3% – Here’s Why

Shares of Texas Pacific Land Corporation (NYSE:TPL) were down 5.3% on Wednesday . The stock traded as low as $351.53 and last traded at $351.9510. Approximately 94,721 shares traded hands during mid-day trading, a decline of 79% from the average daily volume of 442,355 shares. The stock had previously closed at $371.63.

Wall Street Analysts Forecast Growth

TPL has been the subject of several research reports. Zacks Research upgraded Texas Pacific Land from a “strong sell” rating to a “hold” rating in a report on Wednesday, July 29th. Weiss Ratings restated a “hold (c+)” rating on shares of Texas Pacific Land in a report on Wednesday, July 29th. 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. According to data from MarketBeat.com, Texas Pacific Land presently has an average rating of “Hold” and an average target price of $639.00.

Texas Pacific Land Stock Performance

The firm’s 50 day moving average is $380.40 and its 200-day moving average is $414.22. The firm has a market cap of $23.97 billion, a price-to-earnings ratio of 44.29 and a beta of 0.61.

Texas Pacific Land (NYSE:TPL) last issued its quarterly earnings data on Wednesday, August 5th. The financial services provider reported $2.23 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.18 by $0.05. Texas Pacific Land had a net margin of 60.32% and a return on equity of 35.76%. The firm had revenue of $246.10 million during the quarter, compared to analysts’ expectations of $249.50 million. As a group, research analysts predict that Texas Pacific Land Corporation will post 8.88 EPS for the current year.

Texas Pacific Land Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, September 15th. Stockholders of record on Tuesday, September 1st were issued a dividend of $0.60 per share. The ex-dividend date of this dividend was Tuesday, September 1st. This represents a $2.40 dividend on an annualized basis and a dividend yield of 0.7%. Texas Pacific Land’s dividend payout ratio is currently 30.57%.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in TPL. Cherry Tree Wealth Management LLC acquired a new stake in Texas Pacific Land in the 2nd quarter worth approximately $31,000. Bouchey Financial Group Ltd. grew its holdings in Texas Pacific Land by 9.0% during the second quarter. Bouchey Financial Group Ltd. now owns 618 shares of the financial services provider’s stock valued at $270,000 after purchasing an additional 51 shares during the last quarter. WINTON GROUP Ltd raised its position in shares of Texas Pacific Land by 11.3% in the second quarter. WINTON GROUP Ltd now owns 3,167 shares of the financial services provider’s stock valued at $1,386,000 after purchasing an additional 321 shares during the period. Teamwork Financial Advisors LLC raised its position in shares of Texas Pacific Land by 94.0% in the second quarter. Teamwork Financial Advisors LLC now owns 28,709 shares of the financial services provider’s stock valued at $12,564,000 after purchasing an additional 13,914 shares during the period. Finally, RFG Advisory LLC lifted its stake in shares of Texas Pacific Land by 24.0% in the second quarter. RFG Advisory LLC now owns 1,045 shares of the financial services provider’s stock worth $457,000 after buying an additional 202 shares during the last quarter. 59.94% of the stock is owned by institutional investors.

Texas Pacific Land Company Profile

Texas Pacific Land Corporation (NYSE:TPL) is a land and natural resources company focused primarily on properties in the Permian Basin of West Texas. The company owns and manages a large portfolio of land and mineral interests, generating revenue from oil and gas royalties, easements, surface leases, grazing leases, and other land-use arrangements.

Texas Pacific Land also provides water-related services to customers engaged in oil and gas development. Its activities include sourcing, handling, treating, and disposing of water, as well as developing and managing water infrastructure.