Texas Pacific Land Corporation (NYSE:TPL – Get Free Report)’s stock price was down 10.8% on Wednesday. The stock traded as low as $302.99 and last traded at $296.2260. 70,364 shares were traded during mid-day trading, a decline of 84% from the average daily volume of 428,326 shares. The stock had previously closed at $332.00.
Analyst Ratings Changes
TPL has been the topic of several analyst reports. Weiss Ratings raised shares of Texas Pacific Land from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Thursday, October 8th. Zacks Research upgraded shares of Texas Pacific Land from a “strong sell” rating to a “hold” rating in a research note on Wednesday, July 29th. Two analysts have rated the stock with a Buy rating and one has given a Hold rating to the company’s stock. Based on data from MarketBeat.com, Texas Pacific Land currently has a consensus rating of “Moderate Buy” and a consensus target price of $639.00.
Get Our Latest Stock Report on TPL
Texas Pacific Land Stock Performance
The firm has a market capitalization of $18.84 billion, a price-to-earnings ratio of 32.07 and a beta of 0.58. The business has a fifty day moving average of $347.78 and a two-hundred day moving average of $400.25.
Texas Pacific Land (NYSE:TPL – Get Free Report) last announced its quarterly earnings results on Wednesday, November 4th. The financial services provider reported $2.42 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.33 by $0.09. The business had revenue of $273.40 million during the quarter, compared to the consensus estimate of $251.00 million. Texas Pacific Land had a return on equity of 37.60% and a net margin of 60.71%. As a group, sell-side analysts predict that Texas Pacific Land Corporation will post 8.88 EPS for the current fiscal year.
Texas Pacific Land Announces Dividend
The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 15th. Shareholders of record on Tuesday, December 1st will be issued a $0.60 dividend. The ex-dividend date of this dividend is Tuesday, December 1st. This represents a $2.40 annualized dividend and a yield of 0.9%. Texas Pacific Land’s payout ratio is currently 28.20%.
Hedge Funds Weigh In On Texas Pacific Land
Several hedge funds have recently bought and sold shares of TPL. State Street Corp boosted its position in shares of Texas Pacific Land by 4.8% during the 2nd quarter. State Street Corp now owns 3,964,748 shares of the financial services provider’s stock worth $1,735,132,000 after acquiring an additional 179,791 shares in the last quarter. Pacific Heights Asset Management LLC bought a new position in Texas Pacific Land in the second quarter valued at approximately $258,208,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its stake in Texas Pacific Land by 6.9% in the second quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 477,430 shares of the financial services provider’s stock valued at $208,942,000 after acquiring an additional 30,911 shares during the last quarter. Schwartz Investment Counsel Inc. increased its stake in Texas Pacific Land by 15.4% in the third quarter. Schwartz Investment Counsel Inc. now owns 477,099 shares of the financial services provider’s stock valued at $155,453,000 after acquiring an additional 63,642 shares during the last quarter. Finally, Bank of New York Mellon Corp raised its position in Texas Pacific Land by 1.3% during the first quarter. Bank of New York Mellon Corp now owns 357,379 shares of the financial services provider’s stock valued at $169,598,000 after purchasing an additional 4,570 shares in the last quarter. 59.94% of the stock is owned by institutional investors.
Texas Pacific Land Company Profile
Texas Pacific Land Corporation (NYSE:TPL) is a land and resource management company focused on properties in West Texas, particularly the Permian Basin. The company owns approximately 850,000 acres of land and holds extensive oil and gas royalty interests, making it a significant participant in the region’s energy development.
Texas Pacific Land generates revenue through royalties on oil and natural gas produced from its acreage, as well as from land sales, easements, leases and other surface-related activities.
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