Texas Pacific Land (NYSE:TPL) Upgraded by StockNews.com to Buy

StockNews.com upgraded shares of Texas Pacific Land (NYSE:TPL) from a hold rating to a buy rating in a research report report published on Wednesday.

Separately, Stifel Nicolaus lowered their price objective on Texas Pacific Land from $519.33 to $471.33 and set a hold rating for the company in a research report on Tuesday, January 23rd.

Texas Pacific Land Stock Performance

Shares of TPL stock opened at $576.33 on Wednesday. The stock has a market capitalization of $4.42 billion, a P/E ratio of 10.92 and a beta of 1.60. Texas Pacific Land has a fifty-two week low of $422.07 and a fifty-two week high of $666.67. The company has a 50 day moving average price of $514.26 and a 200 day moving average price of $549.07.

Texas Pacific Land (NYSE:TPL) last posted its quarterly earnings data on Wednesday, February 21st. The financial services provider reported $4.91 earnings per share for the quarter, topping analysts’ consensus estimates of $4.15 by $0.76. The business had revenue of $166.66 million for the quarter, compared to analyst estimates of $152.20 million. Texas Pacific Land had a return on equity of 43.57% and a net margin of 64.22%. On average, research analysts forecast that Texas Pacific Land will post 55.94 EPS for the current fiscal year.

Texas Pacific Land Cuts Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, March 15th. Stockholders of record on Friday, March 1st were issued a $1.1667 dividend. The ex-dividend date was Thursday, February 29th. This represents a $4.67 dividend on an annualized basis and a dividend yield of 0.81%. Texas Pacific Land’s payout ratio is currently 26.54%.

Insider Buying and Selling

In related news, Director Eric L. Oliver purchased 300 shares of the stock in a transaction that occurred on Wednesday, March 13th. The shares were purchased at an average price of $540.24 per share, with a total value of $162,073.00. Following the completion of the acquisition, the director now directly owns 393,300 shares in the company, valued at approximately $212,477,703. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Insiders have purchased 654 shares of company stock worth $343,519 in the last ninety days. 20.04% of the stock is owned by corporate insiders.

Institutional Trading of Texas Pacific Land

Several hedge funds have recently modified their holdings of the business. Livforsakringsbolaget Skandia Omsesidigt acquired a new stake in shares of Texas Pacific Land in the 4th quarter worth approximately $36,000. Fred Alger Management LLC purchased a new stake in shares of Texas Pacific Land in the 3rd quarter worth about $41,000. Point72 Asset Management L.P. acquired a new stake in Texas Pacific Land in the 4th quarter valued at about $42,000. Signaturefd LLC increased its holdings in Texas Pacific Land by 52.9% during the 3rd quarter. Signaturefd LLC now owns 26 shares of the financial services provider’s stock valued at $47,000 after acquiring an additional 9 shares in the last quarter. Finally, CVA Family Office LLC acquired a new position in Texas Pacific Land during the fourth quarter worth about $50,000. 59.94% of the stock is owned by institutional investors and hedge funds.

About Texas Pacific Land

Texas Pacific Land Corporation engages in the land and resource management, and water services and operations businesses. The company owns a 1/128th nonparticipating perpetual oil and gas royalty interest (NPRI) under approximately 85,000 acres of land; a 1/16th NPRI under approximately 371,000 acres of land; and approximately 4,000 additional net royalty acres, total of approximately 195,000 NRA located in the western part of Texas.