Texas Pacific Land (NYSE:TPL) Rating Increased to Hold at Zacks Research

Zacks Research upgraded shares of Texas Pacific Land (NYSE:TPL) from a strong sell rating to a hold rating in a research note published on Wednesday morning,Zacks.com reports.

Separately, Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Texas Pacific Land in a report on Wednesday. One analyst has rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $639.00.

Texas Pacific Land Trading Up 1.3%

Texas Pacific Land stock opened at $394.58 on Wednesday. The company has a market cap of $27.21 billion, a PE ratio of 54.05 and a beta of 0.58. Texas Pacific Land has a 1 year low of $269.23 and a 1 year high of $547.20. The company’s 50-day moving average is $395.05 and its two-hundred day moving average is $420.07.

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

Texas Pacific Land Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, June 15th. Investors of record on Monday, June 1st were paid a $0.60 dividend. The ex-dividend date of this dividend was Monday, June 1st. This represents a $2.40 dividend on an annualized basis and a yield of 0.6%. Texas Pacific Land’s dividend payout ratio is presently 32.88%.

Insider Transactions at Texas Pacific Land

In other Texas Pacific Land news, CFO Chris Steddum sold 3,170 shares of Texas Pacific Land stock in a transaction dated Friday, June 5th. The stock was sold at an average price of $400.25, for a total value of $1,268,792.50. Following the sale, the chief financial officer owned 12,870 shares of the company’s stock, valued at $5,151,217.50. This trade represents a 19.76% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Company insiders own 6.90% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of TPL. Summit Securities Group LLC grew its holdings in shares of Texas Pacific Land by 171.9% during the fourth quarter. Summit Securities Group LLC now owns 87 shares of the financial services provider’s stock worth $25,000 after buying an additional 55 shares in the last quarter. IFP Advisors Inc boosted its position in Texas Pacific Land by 185.3% during the 4th quarter. IFP Advisors Inc now owns 97 shares of the financial services provider’s stock worth $28,000 after acquiring an additional 63 shares during the last quarter. Quarry LP acquired a new position in Texas Pacific Land during the 3rd quarter worth approximately $29,000. Eagle Bay Advisors LLC bought a new position in shares of Texas Pacific Land during the 4th quarter worth approximately $31,000. Finally, Los Angeles Capital Management LLC bought a new position in shares of Texas Pacific Land during the 4th quarter worth approximately $31,000. 59.94% of the stock is owned by institutional investors and hedge funds.

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.