Texas Pacific Land (NYSE:TPL) Stock Price Up 6% – Still a Buy?

Texas Pacific Land Corporation (NYSE:TPL) rose 6% during mid-day trading on Thursday . The company traded as high as $390.29 and last traded at $395.4180. 52,652 shares changed hands during trading, a decline of 88% from the average session volume of 453,570 shares. The stock had previously closed at $373.18.

Analysts Set New Price Targets

TPL has been the topic of several research reports. Zacks Research raised Texas Pacific Land from a “strong sell” rating to a “hold” rating in a research report on Wednesday, July 29th. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Texas Pacific Land in a report on Wednesday, July 29th. One investment analyst has rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $639.00.

Texas Pacific Land Stock Up 4.0%

The company has a fifty day simple moving average of $388.01 and a 200-day simple moving average of $422.90. The firm has a market cap of $26.52 billion, a P/E ratio of 49.00 and a beta of 0.60.

Texas Pacific Land (NYSE:TPL) last posted its quarterly earnings data on Wednesday, August 5th. The financial services provider reported $2.23 EPS for the quarter, topping the consensus estimate of $2.18 by $0.05. The firm had revenue of $246.10 million for the quarter, compared to the consensus estimate of $249.50 million. Texas Pacific Land had a return on equity of 35.76% and a net margin of 60.32%. As a group, research analysts forecast that Texas Pacific Land Corporation will post 8.88 EPS for the current year.

Texas Pacific Land Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 15th. Shareholders of record on Tuesday, September 1st will be issued a dividend of $0.60 per share. The ex-dividend date of this dividend is Tuesday, September 1st. This represents a $2.40 annualized dividend and a yield of 0.6%. Texas Pacific Land’s payout ratio is currently 30.57%.

Insider Activity

In other news, CFO Chris Steddum sold 830 shares of the firm’s stock in a transaction on Monday, June 8th. The shares were sold at an average price of $400.33, for a total transaction of $332,273.90. Following the sale, the chief financial officer directly owned 12,040 shares in the company, valued at $4,819,973.20. This trade represents a 6.45% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 6.90% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Texas Pacific Land

A number of institutional investors have recently bought and sold shares of the business. Bank of America Corp DE grew its position in shares of Texas Pacific Land by 143.0% during the first quarter. Bank of America Corp DE now owns 264,740 shares of the financial services provider’s stock valued at $125,635,000 after purchasing an additional 155,781 shares in the last quarter. Daiwa Securities Group Inc. boosted its stake in Texas Pacific Land by 200.7% during the fourth quarter. Daiwa Securities Group Inc. now owns 9,450 shares of the financial services provider’s stock valued at $2,714,000 after buying an additional 6,307 shares during the last quarter. New York State Teachers Retirement System boosted its stake in Texas Pacific Land by 184.1% during the fourth quarter. New York State Teachers Retirement System now owns 38,841 shares of the financial services provider’s stock valued at $11,156,000 after buying an additional 25,170 shares during the last quarter. Schwartz Investment Counsel Inc. grew its holdings in Texas Pacific Land by 209.7% during the 4th quarter. Schwartz Investment Counsel Inc. now owns 475,104 shares of the financial services provider’s stock valued at $136,459,000 after buying an additional 321,683 shares in the last quarter. Finally, Comerica Bank grew its holdings in Texas Pacific Land by 152.6% during the 4th quarter. Comerica Bank now owns 8,087 shares of the financial services provider’s stock valued at $2,323,000 after buying an additional 4,886 shares in the last quarter. Hedge funds and other institutional investors 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.