Texas Pacific Land (NYSE:TPL) Share Price Passes Above Two Hundred Day Moving Average of $547.01

Texas Pacific Land Co. (NYSE:TPL)’s stock price passed above its 200-day moving average during trading on Friday . The stock has a 200-day moving average of $547.01 and traded as high as $589.07. Texas Pacific Land shares last traded at $582.82, with a volume of 63,072 shares changing hands.

Analysts Set New Price Targets

A number of equities analysts recently issued reports on TPL shares. BWS Financial reiterated a “buy” rating and set a $917.00 price objective on shares of Texas Pacific Land in a research report on Tuesday, April 2nd. Stifel Nicolaus lowered their price objective on shares of Texas Pacific Land from $519.33 to $471.33 and set a “hold” rating for the company in a research report on Tuesday, January 23rd. Finally, StockNews.com lowered shares of Texas Pacific Land from a “buy” rating to a “hold” rating in a research note on Thursday, April 4th.

Texas Pacific Land Stock Performance

The stock’s 50 day moving average price is $546.30 and its 200 day moving average price is $547.01. The company has a market capitalization of $13.41 billion, a P/E ratio of 33.13 and a beta of 1.60.

Texas Pacific Land (NYSE:TPL) last issued its earnings results on Wednesday, February 21st. The financial services provider reported $4.91 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.15 by $0.76. The business had revenue of $166.66 million for the quarter, compared to analyst estimates of $152.20 million. Texas Pacific Land had a net margin of 64.22% and a return on equity of 43.57%. On average, analysts expect that Texas Pacific Land Co. will post 20.72 earnings per share for the current fiscal year.

Texas Pacific Land Cuts Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, March 15th. Investors of record on Friday, March 1st were paid a dividend of $1.1667 per share. This represents a $4.67 annualized dividend and a yield of 0.80%. The ex-dividend date of this dividend was Thursday, February 29th. Texas Pacific Land’s dividend payout ratio is presently 26.49%.

Insider Buying and Selling

In related news, Director Eric L. Oliver bought 300 shares of the business’s stock in a transaction that occurred on Wednesday, March 13th. The shares were acquired at an average cost of $540.24 per share, with a total value of $162,073.00. Following the completion of the purchase, the director now directly owns 393,300 shares in the company, valued at $212,477,703. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders have purchased a total of 600 shares of company stock valued at $318,196 over the last ninety days. 20.04% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in TPL. Moneta Group Investment Advisors LLC lifted its stake in shares of Texas Pacific Land by 80,933.5% in the fourth quarter. Moneta Group Investment Advisors LLC now owns 208,256 shares of the financial services provider’s stock valued at $488,200,000 after buying an additional 207,999 shares in the last quarter. Mad River Investors lifted its stake in shares of Texas Pacific Land by 199.2% in the first quarter. Mad River Investors now owns 100,121 shares of the financial services provider’s stock valued at $57,921,000 after buying an additional 66,663 shares in the last quarter. Vanguard Group Inc. lifted its stake in shares of Texas Pacific Land by 8.2% in the first quarter. Vanguard Group Inc. now owns 629,117 shares of the financial services provider’s stock valued at $850,635,000 after buying an additional 47,484 shares in the last quarter. Hodges Capital Management Inc. lifted its stake in shares of Texas Pacific Land by 130.9% in the first quarter. Hodges Capital Management Inc. now owns 77,137 shares of the financial services provider’s stock valued at $44,625,000 after buying an additional 43,726 shares in the last quarter. Finally, Sumitomo Mitsui Trust Holdings Inc. raised its holdings in shares of Texas Pacific Land by 198.5% in the first quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 42,600 shares of the financial services provider’s stock valued at $24,645,000 after purchasing an additional 28,329 shares during the last quarter. 59.94% of the stock is owned by institutional investors.

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.