Texas Pacific Land (NYSE:TPL) Issues Quarterly Earnings Results

Texas Pacific Land (NYSE:TPL) announced its quarterly earnings results on Wednesday. The financial services provider reported $2.23 EPS for the quarter, beating the consensus estimate of $2.18 by $0.05, FiscalAI reports. Texas Pacific Land had a return on equity of 35.52% and a net margin of 60.03%.The business had revenue of $246.10 million for the quarter, compared to analyst estimates of $249.50 million.

Texas Pacific Land Trading Down 3.7%

TPL stock traded down $14.78 on Wednesday, hitting $380.74. The company’s stock had a trading volume of 350,268 shares, compared to its average volume of 282,594. The stock has a market cap of $26.26 billion, a price-to-earnings ratio of 52.16 and a beta of 0.60. The firm has a 50 day moving average of $394.55 and a two-hundred day moving average of $422.16. Texas Pacific Land has a 1 year low of $269.23 and a 1 year high of $547.20.

Insider Activity

In other Texas Pacific Land news, CFO Chris Steddum sold 3,170 shares of Texas Pacific Land stock in a transaction that occurred on Friday, June 5th. The stock was sold at an average price of $400.25, for a total value of $1,268,792.50. Following the transaction, the chief financial officer directly owned 12,870 shares in the company, valued at approximately $5,151,217.50. This trade represents a 19.76% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 6.90% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Texas Pacific Land

A number of large investors have recently modified their holdings of TPL. State Street Corp boosted its position in shares of Texas Pacific Land by 206.8% during the 4th quarter. State Street Corp now owns 3,587,004 shares of the financial services provider’s stock worth $1,030,259,000 after purchasing an additional 2,417,705 shares in the last quarter. SoftVest Advisors LLC boosted its stake in shares of Texas Pacific Land by 200.0% during the 4th quarter. SoftVest Advisors LLC now owns 1,180,800 shares of the financial services provider’s stock worth $339,149,000 after acquiring an additional 787,200 shares in the last quarter. Invesco Ltd. grew its holdings in shares of Texas Pacific Land by 201.4% in the 4th quarter. Invesco Ltd. now owns 855,816 shares of the financial services provider’s stock worth $245,807,000 after acquiring an additional 571,906 shares during the period. Morgan Stanley increased its stake in Texas Pacific Land by 205.8% in the 4th quarter. Morgan Stanley now owns 727,921 shares of the financial services provider’s stock valued at $209,074,000 after purchasing an additional 489,846 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. raised its holdings in Texas Pacific Land by 207.1% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 592,845 shares of the financial services provider’s stock worth $170,277,000 after purchasing an additional 399,773 shares during the last quarter. 59.94% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several brokerages recently weighed in on TPL. Zacks Research raised shares of Texas Pacific Land from a “strong sell” rating to a “hold” rating in a report on Wednesday, July 29th. Weiss Ratings reiterated a “hold (c+)” rating on shares of Texas Pacific Land in a research note on Wednesday, July 29th. One investment analyst has rated the stock with a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, Texas Pacific Land currently has an average rating of “Hold” and an average price target of $639.00.

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.