Texas Pacific Land (NYSE:TPL) Upgraded at Zacks Research

Zacks Research upgraded shares of Texas Pacific Land (NYSE:TPL) from a hold rating to a strong-buy rating in a report issued on Thursday,Zacks.com reports.

A number of other brokerages also recently issued reports on TPL. Wall Street Zen raised shares of Texas Pacific Land from a “sell” rating to a “hold” rating in a report on Sunday, March 15th. Weiss Ratings reissued a “hold (c)” rating on shares of Texas Pacific Land in a report on Friday, March 27th. Finally, KeyCorp upped their price objective on shares of Texas Pacific Land from $350.00 to $639.00 and gave the stock an “overweight” rating in a research report on Monday, February 23rd. One investment analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $639.00.

Texas Pacific Land Stock Performance

Shares of NYSE TPL opened at $423.45 on Thursday. The company’s fifty day moving average price is $479.04 and its 200 day moving average price is $370.40. Texas Pacific Land has a 1 year low of $269.23 and a 1 year high of $547.20. The company has a market capitalization of $29.19 billion, a PE ratio of 60.69 and a beta of 0.76.

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

Texas Pacific Land Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, March 16th. Shareholders of record on Monday, March 2nd were given a dividend of $0.60 per share. This is a boost from Texas Pacific Land’s previous quarterly dividend of $0.53. This represents a $2.40 dividend on an annualized basis and a yield of 0.6%. The ex-dividend date was Monday, March 2nd. Texas Pacific Land’s dividend payout ratio (DPR) is currently 34.38%.

Insiders Place Their Bets

In other Texas Pacific Land news, CAO Stephanie Buffington sold 1,608 shares of the company’s stock in a transaction on Tuesday, February 24th. The shares were sold at an average price of $503.00, for a total transaction of $808,824.00. Following the completion of the transaction, the chief accounting officer directly owned 2,133 shares in the company, valued at approximately $1,072,899. This represents a 42.98% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Donna E. Epps acquired 895 shares of Texas Pacific Land stock in a transaction on Wednesday, February 25th. The shares were bought at an average price of $510.45 per share, with a total value of $456,852.75. Following the completion of the transaction, the director directly owned 2,921 shares of the company’s stock, valued at $1,491,024.45. This trade represents a 44.18% increase in their position. The disclosure for this purchase is available in the SEC filing. Corporate insiders own 6.90% of the company’s stock.

Institutional Investors Weigh In On Texas Pacific Land

A number of hedge funds have recently modified their holdings of TPL. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position in shares of Texas Pacific Land by 39.1% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 1,940 shares of the financial services provider’s stock valued at $2,570,000 after buying an additional 545 shares during the last quarter. NewEdge Advisors LLC raised its position in shares of Texas Pacific Land by 74.1% in the first quarter. NewEdge Advisors LLC now owns 914 shares of the financial services provider’s stock valued at $1,211,000 after buying an additional 389 shares during the last quarter. Woodline Partners LP raised its position in shares of Texas Pacific Land by 40.8% in the first quarter. Woodline Partners LP now owns 1,592 shares of the financial services provider’s stock valued at $2,109,000 after buying an additional 461 shares during the last quarter. EverSource Wealth Advisors LLC raised its position in shares of Texas Pacific Land by 21.4% in the second quarter. EverSource Wealth Advisors LLC now owns 68 shares of the financial services provider’s stock valued at $72,000 after buying an additional 12 shares during the last quarter. Finally, Marshall Wace LLP raised its position in shares of Texas Pacific Land by 2,177.5% in the second quarter. Marshall Wace LLP now owns 4,555 shares of the financial services provider’s stock valued at $4,812,000 after buying an additional 4,355 shares during the last quarter. 59.94% of the stock is currently owned by institutional investors and hedge funds.

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.