Texas Pacific Land (NYSE:TPL) Announces Quarterly Earnings Results, Beats Expectations By $0.06 EPS

Texas Pacific Land (NYSE:TPL) released its quarterly earnings results on Wednesday. The financial services provider reported $1.79 EPS for the quarter, beating analysts’ consensus estimates of $1.73 by $0.06, FiscalAI reports. Texas Pacific Land had a net margin of 61.68% and a return on equity of 38.15%. The firm had revenue of $211.60 million for the quarter, compared to analyst estimates of $204.00 million.

Texas Pacific Land Price Performance

Texas Pacific Land stock traded up $12.91 during mid-day trading on Wednesday, reaching $439.33. 931,720 shares of the stock traded hands, compared to its average volume of 440,132. The stock has a market capitalization of $30.29 billion, a PE ratio of 63.67 and a beta of 0.95. Texas Pacific Land has a 12-month low of $269.23 and a 12-month high of $487.59. The business’s 50-day moving average is $328.94 and its 200-day moving average is $314.66.

Institutional Trading of Texas Pacific Land

Several hedge funds have recently made changes to their positions in TPL. EverSource Wealth Advisors LLC lifted its holdings 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 period. Sei Investments Co. raised its position in shares of Texas Pacific Land by 1.1% in the 3rd quarter. Sei Investments Co. now owns 1,909 shares of the financial services provider’s stock worth $1,782,000 after acquiring an additional 20 shares in the last quarter. Larson Financial Group LLC lifted its stake in shares of Texas Pacific Land by 5.4% in the 3rd quarter. Larson Financial Group LLC now owns 410 shares of the financial services provider’s stock valued at $383,000 after purchasing an additional 21 shares during the period. Van ECK Associates Corp boosted its position in shares of Texas Pacific Land by 0.5% during the third quarter. Van ECK Associates Corp now owns 4,685 shares of the financial services provider’s stock valued at $4,374,000 after purchasing an additional 24 shares in the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in Texas Pacific Land by 1.3% in the third quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 1,916 shares of the financial services provider’s stock worth $1,789,000 after purchasing an additional 24 shares during the period. 59.94% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of analysts recently commented on TPL shares. Tudor Pickering upgraded shares of Texas Pacific Land to a “strong sell” rating in a research report on Tuesday, October 21st. Zacks Research upgraded shares of Texas Pacific Land to a “hold” rating in a report on Wednesday, December 3rd. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Texas Pacific Land in a research report on Monday, December 29th. Finally, KeyCorp set a $350.00 target price on Texas Pacific Land and gave the stock an “overweight” rating in a research note on Monday, December 1st. One research analyst has rated the stock with a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $350.00.

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.