Zacks Research Upgrades Texas Pacific Land (NYSE:TPL) to Hold

Texas Pacific Land (NYSE:TPL) was upgraded by stock analysts at Zacks Research to a “hold” rating in a report issued on Wednesday,Zacks.com reports.

Other research analysts have also recently issued reports about the stock. Weiss Ratings restated a “hold (c)” rating on shares of Texas Pacific Land in a research report on Monday. Tudor Pickering raised shares of Texas Pacific Land to a “strong sell” rating in a research note on Tuesday, October 21st. Finally, KeyCorp set a $1,050.00 price target on shares of Texas Pacific Land and gave the stock an “overweight” rating in a report on Monday. One analyst has rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $1,050.00.

Texas Pacific Land Stock Performance

Texas Pacific Land stock opened at $919.58 on Wednesday. Texas Pacific Land has a fifty-two week low of $838.27 and a fifty-two week high of $1,462.78. The stock has a market cap of $21.13 billion, a P/E ratio of 44.42 and a beta of 0.96. The firm’s fifty day moving average price is $929.79 and its 200-day moving average price is $984.31.

Shares of Texas Pacific Land are set to split on the morning of Tuesday, December 23rd. The 3-1 split was announced on Tuesday, December 2nd. The newly issued shares will be distributed to shareholders after the closing bell on Monday, December 22nd.

Texas Pacific Land (NYSE:TPL) last posted its earnings results on Wednesday, November 5th. The financial services provider reported $5.27 EPS for the quarter, missing the consensus estimate of $5.77 by ($0.50). Texas Pacific Land had a return on equity of 38.15% and a net margin of 61.68%.The business had revenue of $203.10 million for the quarter, compared to analysts’ expectations of $175.00 million.

Institutional Investors Weigh In On Texas Pacific Land

A number of institutional investors have recently made changes to their positions in TPL. Vanguard Group Inc. lifted its stake in Texas Pacific Land by 7.9% in the third quarter. Vanguard Group Inc. now owns 2,581,228 shares of the financial services provider’s stock worth $2,409,938,000 after purchasing an additional 189,842 shares during the last quarter. TD Asset Management Inc grew its stake in shares of Texas Pacific Land by 1,104.4% during the second quarter. TD Asset Management Inc now owns 96,123 shares of the financial services provider’s stock valued at $101,543,000 after buying an additional 88,142 shares during the last quarter. Epoch Investment Partners Inc. purchased a new position in shares of Texas Pacific Land in the second quarter worth about $92,167,000. Danske Bank A S bought a new stake in shares of Texas Pacific Land in the 3rd quarter valued at about $52,606,000. Finally, Nuveen LLC purchased a new stake in Texas Pacific Land during the 1st quarter valued at about $68,518,000. Hedge funds and other institutional investors own 59.94% of the company’s stock.

Texas Pacific Land Company Profile

Texas Pacific Land Corporation engages in the land and resource management, and water services and operations businesses. The company owns a 1/128th nonparticipating perpetual oil and gas royalty interest (NPRI) under approximately 85,000 acres of land; a 1/16th NPRI under approximately 371,000 acres of land; and approximately 4,000 additional net royalty acres, total of approximately 195,000 NRA located in the western part of Texas.