Texas Pacific Land (NYSE:TPL) Stock Crosses Above Two Hundred Day Moving Average – Here’s Why

Texas Pacific Land Corporation (NYSE:TPL) crossed above its 200-day moving average during trading on Tuesday . The stock has a 200-day moving average of $309.48 and traded as high as $343.26. Texas Pacific Land shares last traded at $336.0890, with a volume of 442,513 shares.

Analysts Set New Price Targets

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

Texas Pacific Land Stock Performance

The company has a market capitalization of $23.17 billion, a price-to-earnings ratio of 48.71 and a beta of 0.95. The company has a 50 day moving average price of $308.90 and a 200 day moving average price of $309.48.

Texas Pacific Land (NYSE:TPL) last posted its quarterly earnings results on Wednesday, November 5th. The financial services provider reported $1.76 earnings per share for the quarter, missing analysts’ consensus estimates of $1.92 by ($0.16). Texas Pacific Land had a return on equity of 38.15% and a net margin of 61.68%.The firm 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

Several hedge funds and other institutional investors have recently made changes to their positions in TPL. Quarry LP acquired a new position in Texas Pacific Land during the 3rd quarter valued at about $29,000. CX Institutional purchased a new position in shares of Texas Pacific Land during the third quarter valued at approximately $30,000. Silicon Valley Capital Partners bought a new stake in Texas Pacific Land during the third quarter worth $33,000. Triumph Capital Management purchased a new stake in Texas Pacific Land in the 3rd quarter valued at $36,000. Finally, Versant Capital Management Inc raised its position in Texas Pacific Land by 75.0% in the 3rd quarter. Versant Capital Management Inc now owns 42 shares of the financial services provider’s stock valued at $39,000 after buying an additional 18 shares during the last quarter. 59.94% of the stock is owned by institutional investors.

About Texas Pacific Land

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.