Texas Pacific Land (NYSE:TPL) Shares Climb 4.1% – Here’s Why

Texas Pacific Land Corporation (NYSE:TPL)’s share price traded up 4.1% during trading on Friday. The company traded as high as $288.88 and last traded at $292.7180. 19,183 shares changed hands during mid-day trading, a decline of 96% from the average daily volume of 435,314 shares. The stock had previously closed at $281.18.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on TPL. Zacks Research upgraded shares of Texas Pacific Land from a “strong sell” rating to a “hold” rating in a research note on Wednesday, July 29th. Weiss Ratings downgraded shares of Texas Pacific Land from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Wednesday. One equities research analyst has rated the stock with a Buy rating and two have issued a Hold rating to the company. According to data from MarketBeat, the company has a consensus rating of “Hold” and an average price target of $639.00.

Texas Pacific Land Price Performance

The stock’s fifty day simple moving average is $337.19 and its 200-day simple moving average is $398.38. The stock has a market cap of $20.10 billion, a P/E ratio of 34.25 and a beta of 0.58.

Texas Pacific Land (NYSE:TPL) last posted its earnings results on Wednesday, November 4th. The financial services provider reported $2.42 EPS for the quarter, beating the consensus estimate of $2.33 by $0.09. Texas Pacific Land had a return on equity of 36.22% and a net margin of 60.71%. The company had revenue of $273.40 million during the quarter, compared to analyst estimates of $251.00 million. Analysts forecast that Texas Pacific Land Corporation will post 8.88 EPS for the current year.

Texas Pacific Land Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, December 15th. Shareholders of record on Tuesday, December 1st will be paid a $0.60 dividend. The ex-dividend date is Tuesday, December 1st. This represents a $2.40 annualized dividend and a dividend yield of 0.8%. Texas Pacific Land’s dividend payout ratio (DPR) is presently 28.20%.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the business. Public Sector Pension Investment Board increased its stake in Texas Pacific Land by 55.2% during the 3rd quarter. Public Sector Pension Investment Board now owns 25,648 shares of the financial services provider’s stock valued at $8,357,000 after buying an additional 9,123 shares during the period. Danske Bank A S increased its holdings in shares of Texas Pacific Land by 21.5% in the third quarter. Danske Bank A S now owns 161,225 shares of the financial services provider’s stock valued at $52,532,000 after buying an additional 28,504 shares in the last quarter. Allspring Global Investments Holdings LLC raised its position in shares of Texas Pacific Land by 7.3% during the third quarter. Allspring Global Investments Holdings LLC now owns 2,825 shares of the financial services provider’s stock worth $951,000 after purchasing an additional 191 shares during the period. Pictet Asset Management Holding SA raised its holdings in Texas Pacific Land by 3.6% during the 3rd quarter. Pictet Asset Management Holding SA now owns 25,242 shares of the financial services provider’s stock worth $8,225,000 after buying an additional 887 shares during the period. Finally, Formidable Asset Management LLC raised its holdings in shares of Texas Pacific Land by 18.7% during the third quarter. Formidable Asset Management LLC now owns 2,230 shares of the financial services provider’s stock valued at $727,000 after acquiring an additional 351 shares during the period. 59.94% of the stock is owned by institutional investors and hedge funds.

About Texas Pacific Land

Texas Pacific Land Corporation is a land and resource management company focused on properties in West Texas, particularly the Permian Basin. Its roots date to the Texas and Pacific Railway, and the company’s land holdings were historically managed through the Texas Pacific Land Trust before it became a corporation. The company earns revenue from oil and natural gas royalties and from activities tied to its surface and mineral interests. Its land and resource management operations include leasing land, granting easements and rights-of-way, and supporting energy development and other land uses.