Texas Pacific Land (NYSE:TPL) Issues Quarterly Earnings Results, Beats Estimates By $0.06 EPS

Texas Pacific Land (NYSE:TPL) posted its quarterly earnings results on Wednesday. The financial services provider reported $1.79 EPS for the quarter, beating the consensus estimate of $1.73 by $0.06, FiscalAI reports. Texas Pacific Land had a return on equity of 38.15% and a net margin of 61.68%.The firm had revenue of $211.60 million during the quarter, compared to analysts’ expectations of $204.00 million.

Texas Pacific Land Price Performance

Shares of TPL stock traded up $12.91 during trading hours on Wednesday, hitting $439.33. 931,785 shares of the company’s stock were exchanged, compared to its average volume of 440,132. Texas Pacific Land has a 52 week low of $269.23 and a 52 week high of $487.59. The stock has a market cap of $30.29 billion, a price-to-earnings ratio of 63.67 and a beta of 0.95. The stock’s 50-day moving average is $328.94 and its 200-day moving average is $314.66.

Institutional Investors Weigh In On Texas Pacific Land

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. State Street Corp lifted its position 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 in the last quarter. SoftVest Advisors LLC increased its stake in shares of Texas Pacific Land by 200.0% in the 4th quarter. SoftVest Advisors LLC now owns 1,180,800 shares of the financial services provider’s stock valued at $339,149,000 after buying an additional 787,200 shares during the period. Morgan Stanley raised its position in shares of Texas Pacific Land by 205.8% during the fourth quarter. Morgan Stanley now owns 727,921 shares of the financial services provider’s stock worth $209,074,000 after acquiring an additional 489,846 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its stake in shares of Texas Pacific Land by 207.1% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 592,845 shares of the financial services provider’s stock valued at $170,277,000 after acquiring an additional 399,773 shares during the period. Finally, Dimensional Fund Advisors LP boosted its holdings in Texas Pacific Land by 201.9% in the fourth quarter. Dimensional Fund Advisors LP now owns 445,441 shares of the financial services provider’s stock valued at $127,962,000 after acquiring an additional 297,884 shares during the last quarter. Institutional investors and hedge funds own 59.94% of the company’s stock.

Analyst Ratings Changes

TPL has been the subject of several research reports. Tudor Pickering raised Texas Pacific Land to a “strong sell” rating in a research report on Tuesday, October 21st. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Texas Pacific Land in a report on Monday, December 29th. KeyCorp set a $350.00 target price on shares of Texas Pacific Land and gave the company an “overweight” rating in a research report on Monday, December 1st. Finally, Zacks Research raised shares of Texas Pacific Land to a “hold” rating in a research report on Wednesday, December 3rd. One investment 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. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $350.00.

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.