Texas Pacific Land (NYSE:TPL) Raised to “Hold” at Zacks Research

Texas Pacific Land (NYSE:TPL) was upgraded by analysts at Zacks Research from a “strong sell” rating to a “hold” rating in a report released on Wednesday,Zacks.com reports.

Separately, Weiss Ratings restated a “hold (c+)” rating on shares of Texas Pacific Land in a report on Wednesday. One research 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 MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $639.00.

Texas Pacific Land Trading Up 1.3%

Shares of TPL opened at $394.58 on Wednesday. The company’s 50-day moving average price is $395.05 and its 200 day moving average price is $420.07. Texas Pacific Land has a 12-month low of $269.23 and a 12-month high of $547.20. The firm has a market cap of $27.21 billion, a P/E ratio of 54.05 and a beta of 0.58.

Texas Pacific Land (NYSE:TPL) last announced its earnings results on Wednesday, May 6th. The financial services provider reported $2.07 earnings per share for the quarter, topping the consensus estimate 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 analyst estimates of $233.00 million. Equities research analysts forecast that Texas Pacific Land will post 8.88 earnings per share for the current year.

Insider Transactions at Texas Pacific Land

In related news, CFO Chris Steddum sold 3,170 shares of the firm’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 $5,151,217.50. This trade represents a 19.76% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 6.90% of the company’s stock.

Institutional Trading of Texas Pacific Land

Institutional investors and hedge funds have recently bought and sold shares of the business. Horizon Kinetics Asset Management LLC boosted its stake in shares of Texas Pacific Land by 194.9% in the fourth quarter. Horizon Kinetics Asset Management LLC now owns 10,333,762 shares of the financial services provider’s stock valued at $2,968,063,000 after purchasing an additional 6,829,070 shares during the period. Vanguard Group Inc. lifted its holdings in Texas Pacific Land by 192.8% during the 4th quarter. Vanguard Group Inc. now owns 7,556,966 shares of the financial services provider’s stock worth $2,170,512,000 after buying an additional 4,975,738 shares in the last quarter. State Street Corp lifted its holdings in Texas Pacific Land by 206.8% during the 4th quarter. State Street Corp now owns 3,587,004 shares of the financial services provider’s stock worth $1,030,259,000 after buying an additional 2,417,705 shares in the last quarter. Geode Capital Management LLC boosted its position in 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 during the period. Finally, SoftVest Advisors LLC boosted its position in 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 during the period. 59.94% of the stock is currently 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.