Texas Pacific Land (NYSE:TPL) Stock Price Up 6.4%

Shares of Texas Pacific Land Co. (NYSE:TPL) were up 6.4% on Thursday . The stock traded as high as $599.59 and last traded at $599.59. Approximately 11,238 shares were traded during mid-day trading, a decline of 84% from the average daily volume of 69,685 shares. The stock had previously closed at $563.50.

Wall Street Analyst Weigh In

Several research analysts have issued reports on TPL shares. BWS Financial restated a “buy” rating and set a $917.00 price target on shares of Texas Pacific Land in a report on Tuesday, April 2nd. Stifel Nicolaus cut their price target on shares of Texas Pacific Land from $519.33 to $471.33 and set a “hold” rating on the stock in a research report on Tuesday, January 23rd. Finally, StockNews.com downgraded Texas Pacific Land from a “buy” rating to a “hold” rating in a research note on Thursday, April 4th.

Texas Pacific Land Stock Performance

The firm’s 50 day moving average price is $565.41 and its two-hundred day moving average price is $542.71. The company has a market cap of $14.10 billion, a P/E ratio of 35.27 and a beta of 1.59.

Texas Pacific Land (NYSE:TPL) last posted its quarterly earnings results on Wednesday, February 21st. The financial services provider reported $4.91 EPS for the quarter, topping analysts’ consensus estimates of $4.15 by $0.76. Texas Pacific Land had a net margin of 64.22% and a return on equity of 43.57%. The business had revenue of $166.66 million during the quarter, compared to analysts’ expectations of $152.20 million. As a group, analysts forecast that Texas Pacific Land Co. will post 20.14 EPS for the current fiscal year.

Texas Pacific Land Cuts Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, March 15th. Investors of record on Friday, March 1st were given a $1.1667 dividend. This represents a $4.67 dividend on an annualized basis and a yield of 0.76%. The ex-dividend date was Thursday, February 29th. Texas Pacific Land’s payout ratio is 26.49%.

Insider Buying and Selling

In other news, Director Eric L. Oliver acquired 300 shares of Texas Pacific Land stock in a transaction on Wednesday, March 13th. The stock was purchased at an average price of $540.24 per share, with a total value of $162,073.00. Following the completion of the purchase, the director now owns 393,300 shares of the company’s stock, valued at approximately $212,477,703. The purchase was disclosed in a document filed with the SEC, which is available through this hyperlink. In the last three months, insiders have bought 552 shares of company stock valued at $296,617. 20.04% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in TPL. Flputnam Investment Management Co. grew its holdings in Texas Pacific Land by 1.0% during the third quarter. Flputnam Investment Management Co. now owns 705 shares of the financial services provider’s stock worth $1,286,000 after buying an additional 7 shares in the last quarter. NEOS Investment Management LLC grew its stake in shares of Texas Pacific Land by 5.0% in the 4th quarter. NEOS Investment Management LLC now owns 147 shares of the financial services provider’s stock worth $231,000 after acquiring an additional 7 shares in the last quarter. Balentine LLC raised its holdings in shares of Texas Pacific Land by 3.1% in the third quarter. Balentine LLC now owns 268 shares of the financial services provider’s stock valued at $489,000 after purchasing an additional 8 shares during the last quarter. Arizona State Retirement System raised its holdings in shares of Texas Pacific Land by 0.5% in the fourth quarter. Arizona State Retirement System now owns 1,687 shares of the financial services provider’s stock valued at $2,653,000 after purchasing an additional 8 shares during the last quarter. Finally, Signaturefd LLC boosted its holdings in Texas Pacific Land by 30.8% during the fourth quarter. Signaturefd LLC now owns 34 shares of the financial services provider’s stock worth $53,000 after purchasing an additional 8 shares during the last quarter. 59.94% of the stock is currently owned by institutional investors and hedge funds.

About Texas Pacific Land

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.