Texas Pacific Land (NYSE:TPL) Stock Price Up 6.7% – What’s Next?

Texas Pacific Land Corporation (NYSE:TPL) was up 6.7% during trading on Wednesday . The stock traded as high as $854.66 and last traded at $875.30. Approximately 17,313 shares changed hands during trading, a decline of 87% from the average daily volume of 135,973 shares. The stock had previously closed at $820.69.

Analysts Set New Price Targets

Several equities research analysts recently issued reports on the stock. Weiss Ratings restated a “hold (c)” rating on shares of Texas Pacific Land in a research report on Monday. Zacks Research upgraded Texas Pacific Land to a “hold” rating in a research note on Wednesday, December 3rd. KeyCorp set a $1,050.00 price objective on Texas Pacific Land and gave the company an “overweight” rating in a report on Monday, December 1st. Finally, Tudor Pickering raised Texas Pacific Land to a “strong sell” rating in a research report on Tuesday, October 21st. One analyst has rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of $1,050.00.

Texas Pacific Land Stock Performance

The firm has a market capitalization of $19.99 billion, a PE ratio of 41.92 and a beta of 0.96. The company’s 50-day moving average price is $917.18 and its 200-day moving average price is $957.54.

Shares of Texas Pacific Land are set to split on the morning of Tuesday, December 23rd. The 3-1 split was announced on Tuesday, December 2nd. The newly created shares will be distributed to shareholders after the closing bell on Monday, December 22nd.

Texas Pacific Land (NYSE:TPL) last announced its quarterly earnings results on Wednesday, November 5th. The financial services provider reported $5.27 earnings per share (EPS) 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 business had revenue of $203.10 million during the quarter, compared to analyst estimates of $175.00 million.

Texas Pacific Land Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, December 15th. Shareholders of record on Monday, December 1st were paid a dividend of $1.60 per share. The ex-dividend date of this dividend was Monday, December 1st. This represents a $6.40 annualized dividend and a yield of 0.7%. Texas Pacific Land’s dividend payout ratio is currently 30.92%.

Institutional Investors Weigh In On Texas Pacific Land

A number of institutional investors and hedge funds have recently modified their holdings of the company. Brooklyn Investment Group increased its holdings in Texas Pacific Land by 3,246.7% in the first quarter. Brooklyn Investment Group now owns 502 shares of the financial services provider’s stock valued at $665,000 after buying an additional 487 shares during the last quarter. Swiss National Bank lifted its position in shares of Texas Pacific Land by 7.4% in the 2nd quarter. Swiss National Bank now owns 59,151 shares of the financial services provider’s stock worth $62,487,000 after buying an additional 4,100 shares during the last quarter. Jump Financial LLC boosted its holdings in shares of Texas Pacific Land by 151.6% in the 1st quarter. Jump Financial LLC now owns 561 shares of the financial services provider’s stock valued at $743,000 after buying an additional 338 shares during the period. Cresset Asset Management LLC grew its position in shares of Texas Pacific Land by 97.9% during the 1st quarter. Cresset Asset Management LLC now owns 3,070 shares of the financial services provider’s stock valued at $4,067,000 after buying an additional 1,519 shares during the last quarter. Finally, BNP Paribas Financial Markets lifted its holdings in Texas Pacific Land by 14.1% in the first quarter. BNP Paribas Financial Markets now owns 38,804 shares of the financial services provider’s stock worth $51,415,000 after acquiring an additional 4,785 shares during the last quarter. Institutional investors and hedge funds own 59.94% of the company’s stock.

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.