Texas Pacific Land (NYSE:TPL) Coverage Initiated at KeyCorp

Equities researchers at KeyCorp assumed coverage on shares of Texas Pacific Land (NYSE:TPL) in a note issued to investors on Monday, MarketBeat reports. The brokerage set an “overweight” rating on the financial services provider’s stock.

Other analysts also recently issued reports about the company. Weiss Ratings reissued a “hold (c)” rating on shares of Texas Pacific Land in a report on Monday. Tudor Pickering raised Texas Pacific Land to a “strong sell” rating in a report on Tuesday, October 21st. One equities research analyst has rated the stock with a Strong Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $1,050.00.

Texas Pacific Land Price Performance

Shares of NYSE TPL traded up $33.28 during midday trading on Monday, hitting $897.95. 43,892 shares of the company’s stock were exchanged, compared to its average volume of 135,697. The firm’s fifty day simple moving average is $930.38 and its 200-day simple moving average is $985.26. The company has a market cap of $20.63 billion, a PE ratio of 43.48 and a beta of 0.96. Texas Pacific Land has a twelve month low of $838.27 and a twelve month high of $1,565.00.

Texas Pacific Land (NYSE:TPL) last released its quarterly earnings data on Wednesday, November 5th. The financial services provider reported $5.27 earnings per share for the quarter, missing analysts’ consensus estimates of $5.77 by ($0.50). Texas Pacific Land had a return on equity of 38.15% and a net margin of 61.68%.The company had revenue of $203.10 million for the quarter, compared to analyst estimates of $175.00 million.

Institutional Investors Weigh In On Texas Pacific Land

A number of institutional investors and hedge funds have recently bought and sold shares of TPL. Hemington Wealth Management grew its stake in Texas Pacific Land by 66.7% in the 1st quarter. Hemington Wealth Management now owns 20 shares of the financial services provider’s stock worth $26,000 after acquiring an additional 8 shares during the period. Chicago Partners Investment Group LLC raised its holdings in shares of Texas Pacific Land by 2.2% during the 1st quarter. Chicago Partners Investment Group LLC now owns 461 shares of the financial services provider’s stock valued at $619,000 after buying an additional 10 shares during the period. Evergreen Capital Management LLC lifted its position in Texas Pacific Land by 0.7% during the 1st quarter. Evergreen Capital Management LLC now owns 1,351 shares of the financial services provider’s stock worth $1,790,000 after acquiring an additional 10 shares in the last quarter. Insight Wealth Partners LLC boosted its stake in shares of Texas Pacific Land by 5.6% in the second quarter. Insight Wealth Partners LLC now owns 208 shares of the financial services provider’s stock valued at $220,000 after purchasing an additional 11 shares during the period. Finally, Wealthspire Advisors LLC lifted its stake in shares of Texas Pacific Land by 1.5% in the first quarter. Wealthspire Advisors LLC now owns 806 shares of the financial services provider’s stock worth $1,068,000 after acquiring an additional 12 shares in the last quarter. Hedge funds and other institutional investors own 59.94% of the company’s stock.

About Texas Pacific Land

Texas Pacific Land Corporation engages in the land and resource management, and water services and operations businesses. The company owns a 1/128th nonparticipating perpetual oil and gas royalty interest (NPRI) under approximately 85,000 acres of land; a 1/16th NPRI under approximately 371,000 acres of land; and approximately 4,000 additional net royalty acres, total of approximately 195,000 NRA located in the western part of Texas.