Texas Pacific Land (NYSE:TPL) Stock Price Passes Above 200 Day Moving Average of $542.71

Shares of Texas Pacific Land Co. (NYSE:TPL) passed above its two hundred day moving average during trading on Wednesday . The stock has a two hundred day moving average of $542.71 and traded as high as $571.54. Texas Pacific Land shares last traded at $563.35, with a volume of 62,509 shares.

Analysts Set New Price Targets

TPL has been the subject of a number of research analyst reports. BWS Financial reiterated a “buy” rating and issued a $917.00 price target on shares of Texas Pacific Land in a research note on Tuesday, April 2nd. StockNews.com lowered shares of Texas Pacific Land from a “buy” rating to a “hold” rating in a research report on Thursday, April 4th. Finally, Stifel Nicolaus cut their target price 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.

Texas Pacific Land Price Performance

The firm’s 50-day moving average is $565.41 and its 200-day moving average is $542.71. The company has a market capitalization of $12.96 billion, a P/E ratio of 32.03 and a beta of 1.59.

Texas Pacific Land (NYSE:TPL) last announced its earnings results on Wednesday, February 21st. The financial services provider reported $4.91 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.15 by $0.76. The company had revenue of $166.66 million during 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%. As a group, analysts forecast that Texas Pacific Land Co. will post 20.14 EPS for the current fiscal year.

Texas Pacific Land Cuts Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, March 15th. Shareholders of record on Friday, March 1st were given a $1.1667 dividend. The ex-dividend date was Thursday, February 29th. This represents a $4.67 dividend on an annualized basis and a dividend yield of 0.83%. Texas Pacific Land’s payout ratio is currently 26.49%.

Insiders Place Their Bets

In other news, Director Eric L. Oliver purchased 300 shares of the company’s stock in a transaction on Wednesday, March 13th. The stock was acquired at an average cost of $540.24 per share, for a total transaction of $162,073.00. Following the completion of the transaction, the director now directly owns 393,300 shares in the company, valued at approximately $212,477,703. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Insiders bought a total of 549 shares of company stock worth $294,925 over the last three months. 20.04% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Texas Pacific Land

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Vanguard Group Inc. boosted its position in shares of Texas Pacific Land by 1.3% during the fourth quarter. Vanguard Group Inc. now owns 634,083 shares of the financial services provider’s stock worth $997,064,000 after acquiring an additional 8,155 shares during the last quarter. Pacific Heights Asset Management LLC boosted its position in shares of Texas Pacific Land by 200.0% during the first quarter. Pacific Heights Asset Management LLC now owns 165,000 shares of the financial services provider’s stock worth $95,454,000 after acquiring an additional 110,000 shares during the last quarter. Mad River Investors boosted its position in shares of Texas Pacific Land by 199.2% during the first quarter. Mad River Investors now owns 100,121 shares of the financial services provider’s stock worth $57,921,000 after acquiring an additional 66,663 shares during the last quarter. Hodges Capital Management Inc. boosted its position in shares of Texas Pacific Land by 130.9% during the first quarter. Hodges Capital Management Inc. now owns 77,137 shares of the financial services provider’s stock worth $44,625,000 after acquiring an additional 43,726 shares during the last quarter. Finally, Schwartz Investment Counsel Inc. boosted its position in shares of Texas Pacific Land by 1.3% during the fourth quarter. Schwartz Investment Counsel Inc. now owns 66,861 shares of the financial services provider’s stock worth $105,136,000 after acquiring an additional 832 shares during the last quarter. 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.