Texas Pacific Land (NYSE:TPL) Price Target Raised to $639.00

Texas Pacific Land (NYSE:TPL) had its price target upped by KeyCorp from $350.00 to $639.00 in a report released on Monday, MarketBeat Ratings reports. The brokerage currently has an overweight rating on the financial services provider’s stock.

TPL has been the topic of several other reports. Zacks Research raised Texas Pacific Land to a “hold” rating in a report on Wednesday, December 3rd. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Texas Pacific Land in a research note on Monday, December 29th. One research analyst has rated the stock with a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $639.00.

Texas Pacific Land Price Performance

TPL opened at $510.02 on Monday. Texas Pacific Land has a fifty-two week low of $269.23 and a fifty-two week high of $547.20. The company’s 50 day moving average price is $353.91 and its two-hundred day moving average price is $322.52. The firm has a market capitalization of $35.16 billion, a price-to-earnings ratio of 73.10 and a beta of 0.95.

Texas Pacific Land (NYSE:TPL) last released its quarterly earnings results on Wednesday, February 18th. The financial services provider reported $1.79 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.73 by $0.06. Texas Pacific Land had a net margin of 60.31% and a return on equity of 36.18%. The firm had revenue of $211.60 million during the quarter, compared to the consensus estimate of $204.00 million.

Texas Pacific Land Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, March 16th. Investors of record on Monday, March 2nd will be given a dividend of $0.60 per share. This represents a $2.40 annualized dividend and a dividend yield of 0.5%. The ex-dividend date is Monday, March 2nd. This is a positive change from Texas Pacific Land’s previous quarterly dividend of $0.53. Texas Pacific Land’s dividend payout ratio is currently 30.52%.

Insider Buying and Selling

In other Texas Pacific Land news, CAO Stephanie Buffington sold 1,608 shares of Texas Pacific Land stock in a transaction that occurred on Tuesday, February 24th. The stock was sold at an average price of $503.00, for a total value of $808,824.00. Following the completion of the sale, the chief accounting officer directly owned 2,133 shares in the company, valued at approximately $1,072,899. The trade was a 42.98% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 6.90% of the stock is owned by corporate insiders.

Institutional Trading of Texas Pacific Land

Large investors have recently modified their holdings of the stock. Horizon Kinetics Asset Management LLC boosted its stake in 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 in the last quarter. Vanguard Group Inc. raised its holdings in shares of Texas Pacific Land by 192.8% during 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 period. State Street Corp boosted its position in shares of Texas Pacific Land by 206.8% during the 4th 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. Geode Capital Management LLC boosted its position in shares of 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 in the last quarter. Finally, SoftVest Advisors LLC grew 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. 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.