Texas Pacific Land (NYSE:TPL) Shares Up 6.7% – What’s Next?

Texas Pacific Land Corporation (NYSE:TPL) shares rose 6.7% on Wednesday . The company traded as high as $854.66 and last traded at $875.30. Approximately 17,313 shares traded hands during mid-day trading, a decline of 87% from the average daily volume of 135,973 shares. The stock had previously closed at $820.69.

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on TPL. Zacks Research upgraded shares of Texas Pacific Land to a “hold” rating in a research note on Wednesday, December 3rd. Weiss Ratings restated a “hold (c)” rating on shares of Texas Pacific Land in a research note on Monday. Tudor Pickering upgraded shares of Texas Pacific Land to a “strong sell” rating in a research report on Tuesday, October 21st. Finally, KeyCorp set a $1,050.00 target price on shares of Texas Pacific Land and gave the company an “overweight” rating in a research note on Monday, December 1st. One research analyst has rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $1,050.00.

Texas Pacific Land Price Performance

The firm has a 50-day moving average price of $917.18 and a two-hundred day moving average price of $957.54. The firm has a market capitalization of $19.99 billion, a P/E ratio of 41.92 and a beta of 0.96.

Texas Pacific Land’s stock is going to split on the morning of Tuesday, December 23rd. The 3-1 split was announced on Tuesday, December 2nd. The newly created shares will be payable to shareholders after the market closes on Monday, December 22nd.

Texas Pacific Land (NYSE:TPL) last released its quarterly earnings data on Wednesday, November 5th. The financial services provider reported $5.27 earnings per share (EPS) for the quarter, missing the consensus estimate of $5.77 by ($0.50). Texas Pacific Land had a net margin of 61.68% and a return on equity of 38.15%. The company had revenue of $203.10 million during the quarter, compared to analysts’ expectations of $175.00 million.

Texas Pacific Land Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, December 15th. Investors of record on Monday, December 1st were paid a dividend of $1.60 per share. This represents a $6.40 annualized dividend and a yield of 0.7%. The ex-dividend date was Monday, December 1st. Texas Pacific Land’s payout ratio is 30.92%.

Institutional Investors Weigh In On Texas Pacific Land

Institutional investors and hedge funds have recently made changes to their positions in the stock. Evergreen Capital Management LLC grew its position in shares of Texas Pacific Land by 0.7% during the 1st quarter. Evergreen Capital Management LLC now owns 1,351 shares of the financial services provider’s stock valued at $1,790,000 after acquiring an additional 10 shares during the period. Insight Wealth Partners LLC boosted its stake in Texas Pacific Land by 5.6% during the 2nd quarter. Insight Wealth Partners LLC now owns 208 shares of the financial services provider’s stock worth $220,000 after purchasing an additional 11 shares during the last quarter. Pinnacle Wealth Planning Services Inc. grew its holdings in shares of Texas Pacific Land by 5.4% during the first quarter. Pinnacle Wealth Planning Services Inc. now owns 234 shares of the financial services provider’s stock worth $310,000 after buying an additional 12 shares in the last quarter. Citizens Financial Group Inc. RI raised its position in shares of Texas Pacific Land by 1.7% in the third 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. Finally, EverSource Wealth Advisors LLC lifted its stake 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 worth $72,000 after buying an additional 12 shares in 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 engages in the land and resource management, and water services and operations businesses. The company owns a 1/128th nonparticipating perpetual oil and gas royalty interest (NPRI) under approximately 85,000 acres of land; a 1/16th NPRI under approximately 371,000 acres of land; and approximately 4,000 additional net royalty acres, total of approximately 195,000 NRA located in the western part of Texas.