Texas Pacific Land (NYSE:TPL) Downgraded by Zacks Research to “Strong Sell”

Texas Pacific Land (NYSE:TPL) was downgraded by research analysts at Zacks Research from a “hold” rating to a “strong sell” rating in a research note issued to investors on Tuesday,Zacks.com reports.

TPL has been the subject of a number of other research reports. Weiss Ratings upgraded shares of Texas Pacific Land from a “hold (c)” rating to a “hold (c+)” rating in a research note on Friday, May 1st. Wall Street Zen upgraded Texas Pacific Land from a “sell” rating to a “hold” rating in a research note on Sunday, March 15th. One investment analyst has rated the stock with a Buy rating, one has issued a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Reduce” and a consensus target price of $639.00.

Texas Pacific Land Price Performance

Shares of Texas Pacific Land stock opened at $415.58 on Tuesday. The firm has a market capitalization of $28.66 billion, a PE ratio of 56.93 and a beta of 0.58. The company’s fifty day moving average price is $398.13 and its two-hundred day moving average price is $403.19. Texas Pacific Land has a 52-week low of $269.23 and a 52-week high of $547.20.

Texas Pacific Land (NYSE:TPL) last released its quarterly earnings data on Wednesday, May 6th. The financial services provider reported $2.07 EPS for the quarter, topping analysts’ consensus estimates of $2.03 by $0.04. Texas Pacific Land had a net margin of 60.03% and a return on equity of 35.52%. The company had revenue of $236.80 million during the quarter, compared to the consensus estimate of $233.00 million. Analysts predict that Texas Pacific Land will post 8.88 earnings per share for the current fiscal year.

Insider Activity

In other news, CFO Chris Steddum sold 3,170 shares of the business’s stock in a transaction dated Friday, June 5th. The stock was sold at an average price of $400.25, for a total transaction of $1,268,792.50. Following the completion of the transaction, the chief financial officer directly owned 12,870 shares in the company, valued at approximately $5,151,217.50. The trade was a 19.76% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 6.90% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of the company. EverSource Wealth Advisors LLC increased its stake in Texas Pacific Land by 21.4% in the second quarter. EverSource Wealth Advisors LLC now owns 68 shares of the financial services provider’s stock valued at $72,000 after purchasing an additional 12 shares in the last quarter. Aptus Capital Advisors LLC boosted its position in shares of Texas Pacific Land by 1.6% during the third quarter. Aptus Capital Advisors LLC now owns 969 shares of the financial services provider’s stock worth $905,000 after purchasing an additional 15 shares in the last quarter. Intech Investment Management LLC grew its holdings in shares of Texas Pacific Land by 1.6% in the 3rd quarter. Intech Investment Management LLC now owns 1,031 shares of the financial services provider’s stock valued at $963,000 after buying an additional 16 shares during the period. Sei Investments Co. grew its holdings in shares of Texas Pacific Land by 1.1% in the 3rd quarter. Sei Investments Co. now owns 1,909 shares of the financial services provider’s stock valued at $1,782,000 after buying an additional 20 shares during the period. Finally, Larson Financial Group LLC increased its position in shares of Texas Pacific Land by 5.4% in the 3rd quarter. Larson Financial Group LLC now owns 410 shares of the financial services provider’s stock valued at $383,000 after buying an additional 21 shares in the last quarter. Institutional investors own 59.94% of the company’s stock.

Texas Pacific Land Company Profile

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.