Texas Pacific Land (NYSE:TPL) Lowered to “Hold” Rating by Zacks Research

Zacks Research lowered shares of Texas Pacific Land (NYSE:TPL) from a strong-buy rating to a hold rating in a research note issued to investors on Monday,Zacks.com reports.

Several other research firms also recently weighed in on TPL. Wall Street Zen upgraded Texas Pacific Land from a “sell” rating to a “hold” rating in a research report on Sunday, March 15th. Weiss Ratings upgraded Texas Pacific Land from a “hold (c)” rating to a “hold (c+)” rating in a research note on Friday, May 1st. Finally, KeyCorp upped their price target on Texas Pacific Land from $350.00 to $639.00 and gave the stock an “overweight” rating in a research note on Monday, February 23rd. One equities research analyst has rated the stock with a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, Texas Pacific Land presently has a consensus rating of “Hold” and a consensus target price of $639.00.

Texas Pacific Land Trading Up 1.0%

NYSE TPL opened at $371.87 on Monday. The business’s 50-day moving average price is $431.12 and its 200 day moving average price is $390.68. Texas Pacific Land has a twelve month low of $269.23 and a twelve month high of $547.20. The company has a market capitalization of $25.65 billion, a PE ratio of 50.94 and a beta of 0.61.

Texas Pacific Land (NYSE:TPL) last released 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 return on equity of 35.52% and a net margin of 60.03%.The firm had revenue of $236.80 million for the quarter, compared to the consensus estimate of $233.00 million. Equities analysts predict that Texas Pacific Land will post 9.27 EPS for the current year.

Texas Pacific Land Dividend Announcement

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

Institutional Investors Weigh In On Texas Pacific Land

Institutional investors and hedge funds have recently modified their holdings of the stock. MassMutual Private Wealth & Trust FSB boosted its position in shares of Texas Pacific Land by 363.2% in the fourth quarter. MassMutual Private Wealth & Trust FSB now owns 88 shares of the financial services provider’s stock worth $25,000 after buying an additional 69 shares during the period. Summit Securities Group LLC boosted its position in shares of Texas Pacific Land by 171.9% in 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 during the period. IFP Advisors Inc boosted its position in shares of Texas Pacific Land by 185.3% in the fourth quarter. IFP Advisors Inc now owns 97 shares of the financial services provider’s stock worth $28,000 after buying an additional 63 shares during the period. Quarry LP purchased a new stake in shares of Texas Pacific Land in the third quarter worth about $29,000. Finally, Eagle Bay Advisors LLC purchased a new position in Texas Pacific Land in the fourth quarter valued at about $31,000. Hedge funds and other institutional investors own 59.94% of the company’s stock.

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.