Texas Pacific Land (NYSE:TPL) Sets New 12-Month High at $841.00

Texas Pacific Land Co. (NYSE:TPL)’s share price hit a new 52-week high on Wednesday . The company traded as high as $841.00 and last traded at $834.85, with a volume of 2346 shares. The stock had previously closed at $826.33.

Analyst Ratings Changes

Several equities research analysts recently commented on TPL shares. StockNews.com downgraded Texas Pacific Land from a “buy” rating to a “hold” rating in a report on Tuesday, June 18th. BWS Financial reaffirmed a “buy” rating and issued a $917.00 target price on shares of Texas Pacific Land in a research report on Friday, May 10th.

Texas Pacific Land Stock Performance

The stock has a market cap of $19.42 billion, a price-to-earnings ratio of 44.07 and a beta of 1.63. The company’s 50 day simple moving average is $730.01 and its 200 day simple moving average is $610.64.

Texas Pacific Land (NYSE:TPL) last posted its quarterly earnings data on Wednesday, May 8th. The financial services provider reported $4.97 earnings per share for the quarter, beating the consensus estimate of $4.58 by $0.39. The company had revenue of $174.14 million during the quarter, compared to analyst estimates of $158.20 million. Texas Pacific Land had a net margin of 65.74% and a return on equity of 43.16%. Sell-side analysts predict that Texas Pacific Land Co. will post 21.2 EPS for the current year.

Texas Pacific Land Dividend Announcement

The firm also recently declared a None dividend, which was paid on Monday, July 15th. Stockholders of record on Monday, July 1st were issued a dividend of $10.00 per share. The ex-dividend date of this dividend was Monday, July 1st. Texas Pacific Land’s dividend payout ratio is 24.88%.

Hedge Funds Weigh In On Texas Pacific Land

Several institutional investors and hedge funds have recently modified their holdings of the stock. Farther Finance Advisors LLC lifted its position in shares of Texas Pacific Land by 9.9% in the second quarter. Farther Finance Advisors LLC now owns 323 shares of the financial services provider’s stock worth $234,000 after buying an additional 29 shares during the last quarter. AFG Fiduciary Services Limited Partnership acquired a new stake in Texas Pacific Land in the 2nd quarter worth approximately $242,000. Confluence Wealth Services Inc. lifted its stake in shares of Texas Pacific Land by 17.2% in the second quarter. Confluence Wealth Services Inc. now owns 1,494 shares of the financial services provider’s stock worth $1,097,000 after buying an additional 219 shares during the last quarter. Van ECK Associates Corp boosted its holdings in shares of Texas Pacific Land by 1.7% during the 2nd quarter. Van ECK Associates Corp now owns 4,206 shares of the financial services provider’s stock worth $3,088,000 after buying an additional 69 shares during the period. Finally, Ingalls & Snyder LLC bought a new stake in Texas Pacific Land during the second quarter valued at about $252,000. 59.94% of the stock is currently owned by hedge funds and other institutional investors.

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.