Texas Pacific Land (NYSE:TPL) Announces Quarterly Earnings Results

Texas Pacific Land (NYSE:TPL) issued its quarterly earnings results on Wednesday. The financial services provider reported $2.23 earnings per share for the quarter, beating analysts’ consensus estimates of $2.18 by $0.05, FiscalAI reports. Texas Pacific Land had a return on equity of 37.06% and a net margin of 60.32%.The business had revenue of $246.10 million during the quarter, compared to the consensus estimate of $249.50 million.

Texas Pacific Land Trading Down 0.1%

NYSE:TPL traded down $0.27 during mid-day trading on Friday, hitting $355.37. The stock had a trading volume of 173,528 shares, compared to its average volume of 457,719. Texas Pacific Land has a 52 week low of $269.23 and a 52 week high of $547.20. The stock has a market capitalization of $24.51 billion, a price-to-earnings ratio of 45.06 and a beta of 0.60. The company has a 50 day simple moving average of $393.65 and a 200-day simple moving average of $422.29.

Texas Pacific Land Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 15th. Investors of record on Tuesday, September 1st will be given a $0.60 dividend. The ex-dividend date is Tuesday, September 1st. This represents a $2.40 annualized dividend and a yield of 0.7%. Texas Pacific Land’s dividend payout ratio (DPR) is currently 30.57%.

Analysts Set New Price Targets

Several analysts have weighed in on TPL shares. Weiss Ratings reiterated a “hold (c+)” rating on shares of Texas Pacific Land in a research note on Wednesday, July 29th. Zacks Research upgraded shares of Texas Pacific Land from a “strong sell” rating to a “hold” rating in a research report on Wednesday, July 29th. One equities research 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. According to MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $639.00.

Insider Buying and Selling at Texas Pacific Land

In other news, CFO Chris Steddum sold 830 shares of Texas Pacific Land stock in a transaction that occurred on Monday, June 8th. The stock was sold at an average price of $400.33, for a total transaction of $332,273.90. Following the sale, the chief financial officer owned 12,040 shares of the company’s stock, valued at approximately $4,819,973.20. The trade was a 6.45% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible 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 Trading of Texas Pacific Land

Several hedge funds have recently added to or reduced their stakes in TPL. Invesco Ltd. increased its holdings in shares of Texas Pacific Land by 201.4% during the fourth quarter. Invesco Ltd. now owns 855,816 shares of the financial services provider’s stock valued at $245,807,000 after purchasing an additional 571,906 shares during the period. Corient Private Wealth LLC lifted its holdings in Texas Pacific Land by 131.6% in the fourth quarter. Corient Private Wealth LLC now owns 17,882 shares of the financial services provider’s stock worth $5,137,000 after purchasing an additional 10,161 shares during the period. Alberta Investment Management Corp bought a new position in Texas Pacific Land in the 4th quarter valued at about $1,206,000. Mercer Global Advisors Inc. ADV increased its stake in Texas Pacific Land by 184.6% during the 4th quarter. Mercer Global Advisors Inc. ADV now owns 13,392 shares of the financial services provider’s stock valued at $3,846,000 after buying an additional 8,686 shares during the period. Finally, Vident Advisory LLC increased its stake in Texas Pacific Land by 121.9% during the 4th quarter. Vident Advisory LLC now owns 4,038 shares of the financial services provider’s stock valued at $1,160,000 after buying an additional 2,218 shares during the period. Institutional investors own 59.94% of the company’s stock.

About Texas Pacific Land

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.