Texas Pacific Land (NYSE:TPL) Hits New 1-Year High – Here’s Why

Texas Pacific Land Corporation (NYSE:TPL)’s stock price hit a new 52-week high during mid-day trading on Friday . The company traded as high as $491.40 and last traded at $486.3030, with a volume of 819775 shares changing hands. The stock had previously closed at $440.71.

Analyst Upgrades and Downgrades

A number of brokerages recently commented on TPL. KeyCorp set a $350.00 target price on Texas Pacific Land and gave the company an “overweight” rating in a report on Monday, December 1st. Zacks Research upgraded shares of Texas Pacific Land to a “hold” rating in a research report on Wednesday, December 3rd. Finally, Weiss Ratings reissued a “hold (c)” rating on shares of Texas Pacific Land in a research note on Monday, December 29th. One equities research analyst has rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, Texas Pacific Land has an average rating of “Hold” and a consensus price target of $350.00.

Texas Pacific Land Stock Performance

The business’s 50-day moving average is $335.58 and its 200-day moving average is $316.72. The company has a market capitalization of $33.53 billion, a PE ratio of 69.70 and a beta of 0.95.

Texas Pacific Land (NYSE:TPL) last announced its earnings results on Wednesday, February 18th. The financial services provider reported $1.79 earnings per share for the quarter, beating analysts’ consensus estimates of $1.73 by $0.06. Texas Pacific Land had a net margin of 60.31% and a return on equity of 37.38%. The business had revenue of $211.60 million during the quarter, compared to the consensus estimate of $204.00 million.

Texas Pacific Land Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, March 16th. Shareholders of record on Monday, March 2nd will be paid a dividend of $0.60 per share. The ex-dividend date is Monday, March 2nd. This is a positive change from Texas Pacific Land’s previous quarterly dividend of $0.53. This represents a $2.40 dividend on an annualized basis and a yield of 0.5%. Texas Pacific Land’s dividend payout ratio (DPR) is presently 30.87%.

Institutional Investors Weigh In On Texas Pacific Land

Institutional investors have recently modified their holdings of the stock. Horizon Kinetics Asset Management LLC raised its position in shares of Texas Pacific Land by 194.9% in the 4th quarter. Horizon Kinetics Asset Management LLC now owns 10,333,762 shares of the financial services provider’s stock worth $2,968,063,000 after purchasing an additional 6,829,070 shares during the last quarter. Vanguard Group Inc. grew its position 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 valued at $2,170,512,000 after purchasing an additional 4,975,738 shares during the last quarter. State Street Corp increased its stake 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 valued at $1,030,259,000 after purchasing an additional 2,417,705 shares in the last quarter. Geode Capital Management LLC raised its holdings in Texas Pacific Land by 203.7% in the fourth quarter. Geode Capital Management LLC now owns 1,759,107 shares of the financial services provider’s stock worth $503,581,000 after buying an additional 1,179,788 shares during the last quarter. Finally, SoftVest Advisors LLC raised its holdings in Texas Pacific Land by 200.0% in the fourth quarter. SoftVest Advisors LLC now owns 1,180,800 shares of the financial services provider’s stock worth $339,149,000 after buying an additional 787,200 shares during the last quarter. 59.94% of the stock is owned by hedge funds and other institutional investors.

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.