Texas Pacific Land (NYSE:TPL) Downgraded by Wall Street Zen to “Sell”

Wall Street Zen lowered shares of Texas Pacific Land (NYSE:TPL) from a hold rating to a sell rating in a research report sent to investors on Saturday morning.

A number of other brokerages have also recently weighed in on TPL. KeyCorp lifted their price target on shares of Texas Pacific Land from $350.00 to $639.00 and gave the company an “overweight” rating in a research report on Monday, February 23rd. Zacks Research upgraded shares of Texas Pacific Land to a “hold” rating in a report on Wednesday, December 3rd. Finally, Weiss Ratings reiterated a “hold (c)” rating on shares of Texas Pacific Land in a report on Monday, December 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 data from MarketBeat, Texas Pacific Land has a consensus rating of “Hold” and an average target price of $639.00.

Texas Pacific Land Trading Up 0.6%

NYSE TPL opened at $526.28 on Friday. The stock has a fifty day simple moving average of $385.90 and a 200-day simple moving average of $333.80. The stock has a market cap of $36.28 billion, a PE ratio of 75.43 and a beta of 0.83. Texas Pacific Land has a twelve month low of $269.23 and a twelve month high of $547.20.

Texas Pacific Land (NYSE:TPL) last issued its quarterly earnings data 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 for the quarter, compared to analyst estimates of $204.00 million.

Texas Pacific Land Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, March 16th. Shareholders of record on Monday, March 2nd will be given a $0.60 dividend. The ex-dividend date of this dividend is Monday, March 2nd. This represents a $2.40 annualized dividend and a yield of 0.5%. This is an increase from Texas Pacific Land’s previous quarterly dividend of $0.53. Texas Pacific Land’s dividend payout ratio is presently 34.38%.

Insider Transactions at Texas Pacific Land

In other Texas Pacific Land news, Director Donna E. Epps acquired 895 shares of the stock in a transaction dated 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 completion of the purchase, the director owned 2,921 shares in the company, valued at $1,491,024.45. This trade represents a 44.18% increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CAO Stephanie Buffington sold 1,608 shares of Texas Pacific Land stock in a transaction that occurred on Tuesday, February 24th. The shares were sold at an average price of $503.00, for a total transaction of $808,824.00. Following the completion of the transaction, the chief accounting officer owned 2,133 shares of the company’s stock, valued at $1,072,899. This trade represents a 42.98% decrease in their position. The disclosure for this sale is available in the SEC filing. 6.90% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Texas Pacific Land

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Quarry LP purchased a new stake in shares of Texas Pacific Land during the third quarter worth $29,000. CX Institutional purchased a new position in Texas Pacific Land in the third quarter valued at $30,000. Silicon Valley Capital Partners purchased a new position in Texas Pacific Land in the third quarter valued at $33,000. Triumph Capital Management acquired a new position in Texas Pacific Land during the 3rd quarter worth $36,000. Finally, Versant Capital Management Inc grew its stake in Texas Pacific Land by 75.0% during the 3rd quarter. Versant Capital Management Inc now owns 42 shares of the financial services provider’s stock worth $39,000 after purchasing an additional 18 shares in the last quarter. Hedge funds and other institutional investors 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.