Texas Pacific Land (NYSE:TPL) Trading Down 6.9% – Here’s What Happened

Texas Pacific Land Corporation (NYSE:TPL)’s share price fell 6.9% during mid-day trading on Wednesday . The company traded as low as $441.83 and last traded at $441.9130. 314,069 shares traded hands during mid-day trading, a decline of 39% from the average session volume of 513,352 shares. The stock had previously closed at $474.56.

Wall Street Analyst Weigh In

A number of equities analysts recently weighed in on TPL shares. Wall Street Zen raised shares of Texas Pacific Land from a “sell” rating to a “hold” rating in a research report on Sunday, March 15th. KeyCorp raised their price target on Texas Pacific Land from $350.00 to $639.00 and gave the stock an “overweight” rating in a research report on Monday, February 23rd. Weiss Ratings reiterated a “hold (c)” rating on shares of Texas Pacific Land in a report on Friday. Finally, Zacks Research raised Texas Pacific Land to a “hold” rating in a research note on Wednesday, December 3rd. One investment analyst has rated the stock with a Buy rating, two have given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $639.00.

Texas Pacific Land Price Performance

The company’s 50 day simple moving average is $458.26 and its 200 day simple moving average is $359.82. The firm has a market cap of $30.54 billion, a price-to-earnings ratio of 63.37 and a beta of 0.82.

Texas Pacific Land (NYSE:TPL) last released its earnings results on Wednesday, February 18th. The financial services provider reported $1.79 EPS for the quarter, topping the consensus estimate of $1.73 by $0.06. The firm had revenue of $211.60 million during the quarter, compared to analysts’ expectations of $204.00 million. Texas Pacific Land had a return on equity of 36.18% and a net margin of 60.31%.

Texas Pacific Land Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, March 16th. Investors of record on Monday, March 2nd were issued a $0.60 dividend. This represents a $2.40 annualized dividend and a yield of 0.5%. This is a positive change from Texas Pacific Land’s previous quarterly dividend of $0.53. The ex-dividend date of this dividend was Monday, March 2nd. Texas Pacific Land’s dividend payout ratio is 34.38%.

Insider Activity at Texas Pacific Land

In other news, CAO Stephanie Buffington sold 1,608 shares of the firm’s stock in a transaction on Tuesday, February 24th. The shares were sold at an average price of $503.00, for a total value of $808,824.00. Following the sale, the chief accounting officer directly owned 2,133 shares in the company, valued at approximately $1,072,899. This trade represents a 42.98% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Donna E. Epps acquired 895 shares of the firm’s stock in a transaction dated Wednesday, February 25th. The shares were purchased at an average cost of $510.45 per share, with a total value of $456,852.75. Following the completion of the transaction, the director owned 2,921 shares in the company, valued at approximately $1,491,024.45. The trade was a 44.18% increase in their position. The disclosure for this purchase is available in the SEC filing. 6.90% of the stock is owned by company insiders.

Institutional Trading of Texas Pacific Land

Institutional investors have recently bought and sold shares of the business. Horizon Kinetics Asset Management LLC raised its position in shares of Texas Pacific Land by 194.9% during the 4th quarter. Horizon Kinetics Asset Management LLC now owns 10,333,762 shares of the financial services provider’s stock worth $2,968,063,000 after acquiring an additional 6,829,070 shares in the last quarter. Vanguard Group Inc. boosted its holdings in Texas Pacific Land by 192.8% in the fourth quarter. Vanguard Group Inc. now owns 7,556,966 shares of the financial services provider’s stock valued at $2,170,512,000 after purchasing an additional 4,975,738 shares in the last quarter. State Street Corp raised its holdings in Texas Pacific Land by 206.8% during the fourth 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. Geode Capital Management LLC boosted its holdings in shares of Texas Pacific Land by 203.7% in the 4th quarter. Geode Capital Management LLC now owns 1,759,107 shares of the financial services provider’s stock valued at $503,581,000 after buying an additional 1,179,788 shares in the last quarter. Finally, SoftVest Advisors LLC boosted its holdings in shares of Texas Pacific Land by 200.0% in the 4th quarter. SoftVest Advisors LLC now owns 1,180,800 shares of the financial services provider’s stock valued at $339,149,000 after buying an additional 787,200 shares in the last quarter. 59.94% of the stock is owned by hedge funds and other institutional investors.

About Texas Pacific Land

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.