Texas Pacific Land (NYSE:TPL) Trading 6.1% Higher – Still a Buy?

Texas Pacific Land Corporation (NYSE:TPL)’s stock price traded up 6.1% on Wednesday . The stock traded as high as $393.56 and last traded at $393.45. 88,900 shares changed hands during mid-day trading, a decline of 82% from the average session volume of 489,337 shares. The stock had previously closed at $370.82.

Wall Street Analyst Weigh In

Several analysts recently weighed in on the stock. Wall Street Zen upgraded shares of Texas Pacific Land from a “sell” rating to a “hold” rating in a report on Sunday, March 15th. Weiss Ratings upgraded shares of Texas Pacific Land from a “hold (c)” rating to a “hold (c+)” rating in a report on Friday, May 1st. Zacks Research cut shares of Texas Pacific Land from a “strong-buy” rating to a “hold” rating in a report on Monday. Finally, KeyCorp boosted their target price on shares of Texas Pacific Land from $350.00 to $639.00 and gave the company an “overweight” rating in a report on Monday, February 23rd. One equities research analyst has rated the stock with a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $639.00.

Texas Pacific Land Trading Up 0.1%

The stock has a market cap of $28.07 billion, a P/E ratio of 55.76 and a beta of 0.61. The stock’s fifty day moving average price is $423.19 and its 200 day moving average price is $391.93.

Texas Pacific Land (NYSE:TPL) last posted its quarterly earnings results on Wednesday, May 6th. The financial services provider reported $2.07 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.03 by $0.04. The firm had revenue of $236.80 million during the quarter, compared to analyst estimates of $233.00 million. Texas Pacific Land had a return on equity of 35.52% and a net margin of 60.03%. As a group, sell-side analysts forecast that Texas Pacific Land Corporation will post 9.27 earnings per share for the current year.

Texas Pacific Land Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, June 15th. Stockholders of record on Monday, June 1st will be given a $0.60 dividend. This represents a $2.40 annualized dividend and a dividend yield of 0.6%. The ex-dividend date of this dividend is Monday, June 1st. Texas Pacific Land’s payout ratio is currently 32.88%.

Hedge Funds Weigh In On Texas Pacific Land

Large investors have recently modified their holdings of the stock. Bar Harbor Wealth Management lifted its stake in shares of Texas Pacific Land by 195.1% in the 4th quarter. Bar Harbor Wealth Management now owns 36,873 shares of the financial services provider’s stock worth $10,591,000 after purchasing an additional 24,379 shares during the period. Stratos Wealth Partners LTD. lifted its stake in shares of Texas Pacific Land by 212.9% in the 4th quarter. Stratos Wealth Partners LTD. now owns 18,211 shares of the financial services provider’s stock worth $5,231,000 after purchasing an additional 12,390 shares during the period. Schwartz Investment Counsel Inc. lifted its stake in shares of Texas Pacific Land by 209.7% in the 4th quarter. Schwartz Investment Counsel Inc. now owns 475,104 shares of the financial services provider’s stock worth $136,459,000 after purchasing an additional 321,683 shares during the period. New York State Teachers Retirement System lifted its stake in shares of Texas Pacific Land by 184.1% in the 4th quarter. New York State Teachers Retirement System now owns 38,841 shares of the financial services provider’s stock worth $11,156,000 after purchasing an additional 25,170 shares during the period. Finally, Sumitomo Mitsui Trust Group Inc. lifted its stake in shares of Texas Pacific Land by 192.8% in the 4th quarter. Sumitomo Mitsui Trust Group Inc. now owns 133,731 shares of the financial services provider’s stock worth $38,410,000 after purchasing an additional 88,053 shares during the period. Hedge funds and other 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.