Texas Pacific Land (NYSE:TPL) Rating Increased to Strong-Buy at Zacks Research

Texas Pacific Land (NYSE:TPL) was upgraded by equities researchers at Zacks Research from a “hold” rating to a “strong-buy” rating in a research report issued on Thursday,Zacks.com reports.

A number of other research analysts have also weighed in on the stock. KeyCorp raised their price target on shares of Texas Pacific Land from $350.00 to $639.00 and gave the company an “overweight” rating in a research report on Monday, February 23rd. Weiss Ratings reissued a “hold (c)” rating on shares of Texas Pacific Land in a research report on Friday, March 27th. Finally, 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. One investment analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating, one has given a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $639.00.

Texas Pacific Land Trading Down 0.7%

Texas Pacific Land stock opened at $423.45 on Thursday. Texas Pacific Land has a 1-year low of $269.23 and a 1-year high of $547.20. The firm has a market capitalization of $29.19 billion, a price-to-earnings ratio of 60.69 and a beta of 0.76. The firm’s fifty day moving average price is $479.04 and its two-hundred day moving average price is $369.99.

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

Insider Activity

In related news, Director Donna E. Epps acquired 895 shares of the stock in a transaction on Wednesday, February 25th. The shares were acquired at an average price 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 purchase was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CAO Stephanie Buffington sold 1,608 shares of Texas Pacific Land stock in a transaction dated Tuesday, February 24th. The stock was sold at an average price of $503.00, for a total transaction of $808,824.00. Following the completion of the sale, the chief accounting officer directly owned 2,133 shares in the company, valued at approximately $1,072,899. This represents a 42.98% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders own 6.90% of the company’s stock.

Institutional Trading of Texas Pacific Land

Hedge funds have recently added to or reduced their stakes in the stock. MassMutual Private Wealth & Trust FSB raised its position in Texas Pacific Land by 363.2% in the fourth quarter. MassMutual Private Wealth & Trust FSB now owns 88 shares of the financial services provider’s stock worth $25,000 after acquiring an additional 69 shares during the period. Summit Securities Group LLC raised its position in shares of Texas Pacific Land by 171.9% in the fourth quarter. Summit Securities Group LLC now owns 87 shares of the financial services provider’s stock valued at $25,000 after purchasing an additional 55 shares during the period. IFP Advisors Inc raised its position in shares of Texas Pacific Land by 185.3% in the fourth quarter. IFP Advisors Inc now owns 97 shares of the financial services provider’s stock valued at $28,000 after purchasing an additional 63 shares during the period. Quarry LP bought a new stake in shares of Texas Pacific Land in the third quarter valued at approximately $29,000. Finally, CX Institutional bought a new stake in shares of Texas Pacific Land in the third quarter valued at approximately $30,000. Institutional investors own 59.94% of the company’s stock.

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.