Texas Pacific Land (NYSE:TPL) Shares Climb 4.1% – Here’s What Happened

Texas Pacific Land Corporation (NYSE:TPL)’s stock price rose 4.1% during trading on Friday. The stock traded as high as $288.88 and last traded at $292.7180. 19,183 shares changed hands during trading, a decline of 96% from the average session volume of 435,314 shares. The stock had previously closed at $281.18.

Analyst Upgrades and Downgrades

TPL has been the topic of a number of 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 downgraded shares of Texas Pacific Land from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Wednesday. One analyst has rated the stock with a Buy rating and two have assigned a Hold rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $639.00.

Texas Pacific Land Stock Performance

The firm has a market cap of $20.17 billion, a price-to-earnings ratio of 34.36 and a beta of 0.58. The company’s fifty day moving average is $338.69 and its two-hundred day moving average is $398.65.

Texas Pacific Land (NYSE:TPL) last announced its quarterly earnings results on Wednesday, November 4th. The financial services provider reported $2.42 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.33 by $0.09. Texas Pacific Land had a return on equity of 36.22% and a net margin of 60.71%. The firm had revenue of $273.40 million during the quarter, compared to the consensus estimate of $251.00 million. As a group, analysts forecast that Texas Pacific Land Corporation will post 8.88 earnings per share for the current fiscal year.

Texas Pacific Land Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, December 15th. Stockholders of record on Tuesday, December 1st will be paid a $0.60 dividend. The ex-dividend date is Tuesday, December 1st. This represents a $2.40 dividend on an annualized basis and a dividend yield of 0.8%. Texas Pacific Land’s dividend payout ratio (DPR) is 28.20%.

Hedge Funds Weigh In On Texas Pacific Land

Several hedge funds and other institutional investors have recently bought and sold shares of TPL. Public Sector Pension Investment Board grew its position in shares of Texas Pacific Land by 55.2% during the third quarter. Public Sector Pension Investment Board now owns 25,648 shares of the financial services provider’s stock worth $8,357,000 after buying an additional 9,123 shares in the last quarter. Danske Bank A S increased its stake in shares of Texas Pacific Land by 21.5% in the third quarter. Danske Bank A S now owns 161,225 shares of the financial services provider’s stock worth $52,532,000 after buying an additional 28,504 shares during the last quarter. Allspring Global Investments Holdings LLC increased its stake in shares of Texas Pacific Land by 7.3% in the third quarter. Allspring Global Investments Holdings LLC now owns 2,825 shares of the financial services provider’s stock worth $951,000 after buying an additional 191 shares during the last quarter. Pictet Asset Management Holding SA raised its holdings in Texas Pacific Land by 3.6% in the third quarter. Pictet Asset Management Holding SA now owns 25,242 shares of the financial services provider’s stock valued at $8,225,000 after acquiring an additional 887 shares in the last quarter. Finally, Formidable Asset Management LLC raised its holdings in Texas Pacific Land by 18.7% in the third quarter. Formidable Asset Management LLC now owns 2,230 shares of the financial services provider’s stock valued at $727,000 after acquiring an additional 351 shares in the last quarter. 59.94% of the stock is owned by institutional investors and hedge funds.

Texas Pacific Land Company Profile

Texas Pacific Land Corporation is a land and resource management company focused on properties in West Texas, particularly the Permian Basin. Its roots date to the Texas and Pacific Railway, and the company’s land holdings were historically managed through the Texas Pacific Land Trust before it became a corporation. The company earns revenue from oil and natural gas royalties and from activities tied to its surface and mineral interests. Its land and resource management operations include leasing land, granting easements and rights-of-way, and supporting energy development and other land uses.