Texas Pacific Land (NYSE:TPL) Shares Down 6.9% – Time to Sell?
by Danessa Lincoln · The Markets DailyTexas Pacific Land Corporation (NYSE:TPL – Get Free Report) dropped 6.9% during trading on Wednesday . The stock traded as low as $441.83 and last traded at $441.9130. Approximately 314,069 shares changed hands during trading, a decline of 39% from the average daily volume of 513,352 shares. The stock had previously closed at $474.56.
Wall Street Analysts Forecast Growth
TPL has been the topic of several recent analyst reports. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Texas Pacific Land in a research report on Friday, March 27th. KeyCorp increased their price objective on Texas Pacific Land from $350.00 to $639.00 and gave the company an “overweight” rating in a report on Monday, February 23rd. Finally, Wall Street Zen raised shares of Texas Pacific Land from a “sell” rating to a “hold” rating in a research note on Sunday, March 15th. 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’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $639.00.
View Our Latest Stock Analysis on Texas Pacific Land
Texas Pacific Land Trading Up 1.1%
The firm has a market capitalization of $30.61 billion, a price-to-earnings ratio of 63.64 and a beta of 0.76. The company’s 50 day moving average is $462.08 and its 200-day moving average is $360.96.
Texas Pacific Land (NYSE:TPL – Get Free Report) last announced its quarterly earnings results on Wednesday, February 18th. The financial services provider reported $1.79 earnings per share for the quarter, topping analysts’ consensus estimates of $1.73 by $0.06. Texas Pacific Land had a return on equity of 36.18% and a net margin of 60.31%.The firm had revenue of $211.60 million for the quarter, compared to the consensus estimate of $204.00 million.
Texas Pacific Land Increases Dividend
The firm also recently declared a quarterly dividend, which was paid on Monday, March 16th. Investors of record on Monday, March 2nd were paid a $0.60 dividend. This is a boost from Texas Pacific Land’s previous quarterly dividend of $0.53. The ex-dividend date was Monday, March 2nd. 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 currently 34.38%.
Insider Buying and Selling at Texas Pacific Land
In other Texas Pacific Land news, Director Donna E. Epps purchased 895 shares of the business’s stock in a transaction on Wednesday, February 25th. The stock was acquired at an average price of $510.45 per share, with a total value of $456,852.75. Following the acquisition, the director directly owned 2,921 shares of the company’s stock, valued at $1,491,024.45. This trade represents a 44.18% increase in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, CAO Stephanie Buffington sold 1,608 shares of Texas Pacific Land stock in a transaction on Tuesday, February 24th. The stock was sold at an average price of $503.00, for a total transaction of $808,824.00. Following the transaction, the chief accounting officer directly owned 2,133 shares of the company’s stock, valued at approximately $1,072,899. This trade represents a 42.98% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Company insiders own 6.90% of the company’s stock.
Institutional Inflows and Outflows
Institutional investors and hedge funds have recently bought and sold shares of the stock. Horizon Kinetics Asset Management LLC boosted its holdings in shares of Texas Pacific Land by 194.9% during the fourth 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 acquiring an additional 6,829,070 shares during the period. Vanguard Group Inc. grew its position in shares of Texas Pacific Land by 192.8% in the fourth 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 shares of Texas Pacific Land by 206.8% during the fourth quarter. State Street Corp now owns 3,587,004 shares of the financial services provider’s stock worth $1,030,259,000 after purchasing an additional 2,417,705 shares during the period. Geode Capital Management LLC lifted its holdings in Texas Pacific Land by 203.7% during the 4th quarter. Geode Capital Management LLC now owns 1,759,107 shares of the financial services provider’s stock worth $503,581,000 after purchasing an additional 1,179,788 shares during the last quarter. Finally, SoftVest Advisors LLC lifted its holdings in Texas Pacific Land by 200.0% during the 4th quarter. SoftVest Advisors LLC now owns 1,180,800 shares of the financial services provider’s stock worth $339,149,000 after purchasing an additional 787,200 shares during the last quarter. Institutional investors and hedge funds 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.