Texas Pacific Land (NYSE:TPL) Stock Price Crosses Above Two Hundred Day Moving Average – Time to Sell?

Texas Pacific Land Corporation (NYSE:TPL) passed above its 200-day moving average during trading on Monday . The stock has a 200-day moving average of $309.04 and traded as high as $352.69. Texas Pacific Land shares last traded at $342.26, with a volume of 279,858 shares changing hands.

Wall Street Analyst Weigh In

Several research analysts have recently commented on TPL shares. Tudor Pickering raised shares of Texas Pacific Land to a “strong sell” rating in a report on Tuesday, October 21st. Zacks Research raised Texas Pacific Land to a “hold” rating in a research report on Wednesday, December 3rd. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Texas Pacific Land in a report on Monday, December 29th. Finally, KeyCorp set a $350.00 target price on Texas Pacific Land and gave the company an “overweight” rating in a research report on Monday, December 1st. One analyst has rated the stock with a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $350.00.

Texas Pacific Land Stock Down 1.3%

The stock has a market cap of $23.60 billion, a price-to-earnings ratio of 49.60 and a beta of 0.92. The company has a 50 day simple moving average of $303.05 and a 200 day simple moving average of $309.04.

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). The company had revenue of $203.10 million during the quarter, compared to analyst estimates of $175.00 million. Texas Pacific Land had a net margin of 61.68% and a return on equity of 38.15%.

Texas Pacific Land Cuts Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, December 15th. Shareholders of record on Monday, December 1st were paid a dividend of $0.5333 per share. This represents a $2.13 dividend on an annualized basis and a dividend yield of 0.6%. The ex-dividend date of this dividend was Monday, December 1st. Texas Pacific Land’s payout ratio is presently 30.87%.

Institutional Investors Weigh In On Texas Pacific Land

Hedge funds have recently modified their holdings of the company. Insight Wealth Partners LLC raised its position in Texas Pacific Land by 5.6% in the second quarter. Insight Wealth Partners LLC now owns 208 shares of the financial services provider’s stock valued at $220,000 after purchasing an additional 11 shares during the last quarter. Citizens Financial Group Inc. RI raised its holdings in Texas Pacific Land by 1.7% in the 3rd quarter. Citizens Financial Group Inc. RI now owns 704 shares of the financial services provider’s stock valued at $657,000 after buying an additional 12 shares during the last quarter. EverSource Wealth Advisors LLC boosted its position in Texas Pacific Land by 21.4% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 68 shares of the financial services provider’s stock worth $72,000 after buying an additional 12 shares during the period. Truist Financial Corp boosted its position in Texas Pacific Land by 0.6% during the 2nd quarter. Truist Financial Corp now owns 2,181 shares of the financial services provider’s stock worth $2,304,000 after buying an additional 13 shares during the period. Finally, Assetmark Inc. grew its holdings in Texas Pacific Land by 33.3% during the 2nd quarter. Assetmark Inc. now owns 52 shares of the financial services provider’s stock worth $55,000 after acquiring an additional 13 shares during the last quarter. Institutional investors and hedge funds own 59.94% of the company’s stock.

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.