Wall Street Zen Downgrades Texas Pacific Land (NYSE:TPL) to Sell

Texas Pacific Land (NYSE:TPL) was downgraded by stock analysts at Wall Street Zen from a “hold” rating to a “sell” rating in a report issued on Saturday.

A number of other equities analysts also recently weighed in on TPL. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Texas Pacific Land in a research note on Monday, December 29th. KeyCorp boosted their price objective on shares of Texas Pacific Land from $350.00 to $639.00 and gave the company an “overweight” rating in a research note on Monday, February 23rd. Finally, Zacks Research upgraded Texas Pacific Land to a “hold” rating in a report on Wednesday, December 3rd. One analyst has rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $639.00.

Texas Pacific Land Trading Up 0.6%

Shares of NYSE:TPL opened at $526.28 on Friday. The firm has a market cap of $36.28 billion, a price-to-earnings ratio of 75.43 and a beta of 0.82. The stock’s 50-day moving average price is $385.90 and its two-hundred day moving average price is $334.05. Texas Pacific Land has a 12-month low of $269.23 and a 12-month high of $547.20.

Texas Pacific Land (NYSE:TPL) last posted its quarterly earnings data on Wednesday, February 18th. The financial services provider reported $1.79 EPS for the quarter, beating 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 company had revenue of $211.60 million during the quarter, compared to the consensus estimate of $204.00 million.

Insider Activity

In related news, CAO Stephanie Buffington sold 1,608 shares of the firm’s stock in a transaction dated Tuesday, February 24th. The stock was sold at an average price of $503.00, for a total transaction of $808,824.00. Following the sale, the chief accounting officer directly owned 2,133 shares in the company, valued at approximately $1,072,899. This trade represents a 42.98% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Donna E. Epps purchased 895 shares of Texas Pacific Land stock in a transaction that occurred on Wednesday, February 25th. The shares were bought at an average cost of $510.45 per share, for a total transaction of $456,852.75. Following the completion of the transaction, the director directly owned 2,921 shares in the company, valued at $1,491,024.45. This represents a 44.18% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. Company insiders own 6.90% of the company’s stock.

Institutional Trading of Texas Pacific Land

Several large investors have recently bought and sold shares of TPL. Horizon Kinetics Asset Management LLC lifted its position in shares of Texas Pacific Land by 194.9% during the fourth quarter. Horizon Kinetics Asset Management LLC now owns 10,333,762 shares of the financial services provider’s stock worth $2,968,063,000 after purchasing an additional 6,829,070 shares in the last quarter. Vanguard Group Inc. lifted its position in shares of Texas Pacific Land by 192.8% during the fourth quarter. Vanguard Group Inc. now owns 7,556,966 shares of the financial services provider’s stock worth $2,170,512,000 after purchasing an additional 4,975,738 shares during the last quarter. State Street Corp lifted its holdings in Texas Pacific Land by 206.8% during the 4th quarter. State Street Corp now owns 3,587,004 shares of the financial services provider’s stock worth $1,030,259,000 after buying an additional 2,417,705 shares during the last quarter. Geode Capital Management LLC boosted its holdings in Texas Pacific Land by 203.7% in the fourth quarter. Geode Capital Management LLC now owns 1,759,107 shares of the financial services provider’s stock worth $503,581,000 after purchasing an additional 1,179,788 shares during the period. Finally, SoftVest Advisors LLC lifted its position in shares of Texas Pacific Land by 200.0% in the 4th quarter. SoftVest Advisors LLC now owns 1,180,800 shares of the financial services provider’s stock worth $339,149,000 after buying an additional 787,200 shares during the last quarter. Institutional investors and hedge funds own 59.94% of the company’s stock.

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.