Zacks Research Upgrades Texas Pacific Land (NYSE:TPL) to Hold

Texas Pacific Land (NYSE:TPL) was upgraded by equities research analysts at Zacks Research to a “hold” rating in a report issued on Wednesday,Zacks.com reports.

Other research analysts also recently issued research reports about the company. Tudor Pickering raised Texas Pacific Land to a “strong sell” rating in a report on Tuesday, October 21st. KeyCorp set a $1,050.00 target price on shares of Texas Pacific Land and gave the company an “overweight” rating in a report on Monday. Finally, Weiss Ratings reiterated a “hold (c)” rating on shares of Texas Pacific Land in a research note on Monday. One 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. Based on data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of $1,050.00.

Texas Pacific Land Trading Up 0.5%

Texas Pacific Land stock opened at $919.58 on Wednesday. The firm has a market cap of $21.13 billion, a price-to-earnings ratio of 44.42 and a beta of 0.96. Texas Pacific Land has a 12 month low of $838.27 and a 12 month high of $1,462.78. The stock has a fifty day simple moving average of $929.79 and a two-hundred day simple moving average of $984.31.

Texas Pacific Land shares are scheduled to split before the market opens on Tuesday, December 23rd. The 3-1 split was announced on Tuesday, December 2nd. The newly issued shares will be payable to shareholders after the closing bell on Monday, December 22nd.

Texas Pacific Land (NYSE:TPL) last issued its quarterly earnings data on Wednesday, November 5th. The financial services provider reported $5.27 earnings per share for the quarter, missing analysts’ consensus estimates 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 for the quarter, compared to the consensus estimate of $175.00 million.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Zions Bancorporation National Association UT acquired a new stake in Texas Pacific Land during the 1st quarter valued at $28,000. Quarry LP acquired a new stake in shares of Texas Pacific Land during the 3rd quarter worth about $29,000. CX Institutional acquired a new stake in shares of Texas Pacific Land during the 3rd quarter worth about $30,000. Silicon Valley Capital Partners purchased a new stake in shares of Texas Pacific Land during the third quarter worth about $33,000. Finally, Triumph Capital Management acquired a new position in shares of Texas Pacific Land in the third quarter valued at approximately $36,000. 59.94% of the stock is currently owned by 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.