KeyCorp Issues Positive Forecast for Texas Pacific Land (NYSE:TPL) Stock Price

Texas Pacific Land (NYSE:TPL) had its price objective raised by KeyCorp from $350.00 to $639.00 in a research note published on Monday, Marketbeat reports. KeyCorp currently has an overweight rating on the financial services provider’s stock.

Several other equities analysts have also weighed in on TPL. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Texas Pacific Land in a research report on Monday, December 29th. Zacks Research upgraded shares of Texas Pacific Land to a “hold” rating in a research note on Wednesday, December 3rd. One investment analyst has rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $639.00.

Texas Pacific Land Price Performance

Shares of NYSE TPL opened at $503.94 on Monday. Texas Pacific Land has a one year low of $269.23 and a one year high of $547.20. The business’s 50-day moving average price is $344.44 and its two-hundred day moving average price is $319.48. The company has a market capitalization of $34.74 billion, a P/E ratio of 72.23 and a beta of 0.95.

Texas Pacific Land (NYSE:TPL) last posted its quarterly earnings results on Wednesday, February 18th. The financial services provider reported $1.79 earnings per share for the quarter, topping analysts’ consensus estimates of $1.73 by $0.06. The company had revenue of $211.60 million during the quarter, compared to the consensus estimate of $204.00 million. Texas Pacific Land had a return on equity of 36.18% and a net margin of 60.31%.

Texas Pacific Land Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, March 16th. Shareholders of record on Monday, March 2nd will be issued a dividend of $0.60 per share. This represents a $2.40 annualized dividend and a yield of 0.5%. This is a boost from Texas Pacific Land’s previous quarterly dividend of $0.53. The ex-dividend date is Monday, March 2nd. Texas Pacific Land’s dividend payout ratio is 30.52%.

Institutional Investors Weigh In On Texas Pacific Land

A number of hedge funds have recently bought and sold shares of TPL. MassMutual Private Wealth & Trust FSB grew its position in Texas Pacific Land by 363.2% during the fourth quarter. MassMutual Private Wealth & Trust FSB now owns 88 shares of the financial services provider’s stock worth $25,000 after buying an additional 69 shares in the last quarter. Summit Securities Group LLC raised its holdings in Texas Pacific Land by 171.9% in the 4th quarter. Summit Securities Group LLC now owns 87 shares of the financial services provider’s stock valued at $25,000 after acquiring an additional 55 shares in the last quarter. IFP Advisors Inc lifted its position in shares of Texas Pacific Land by 185.3% in the 4th quarter. IFP Advisors Inc now owns 97 shares of the financial services provider’s stock worth $28,000 after acquiring an additional 63 shares during the period. Quarry LP acquired a new stake in shares of Texas Pacific Land during the 3rd quarter worth approximately $29,000. Finally, CX Institutional acquired a new stake in shares of Texas Pacific Land during the 3rd quarter worth approximately $30,000. 59.94% of the stock is currently owned by institutional investors.

Texas Pacific Land Company Profile

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.