Texas Pacific Land (NYSE:TPL) Posts Earnings Results

Texas Pacific Land (NYSE:TPL) posted its quarterly earnings results on Wednesday. The financial services provider reported $2.23 earnings per share for the quarter, topping the consensus estimate of $2.18 by $0.05, FiscalAI reports. Texas Pacific Land had a return on equity of 35.52% and a net margin of 60.03%.The company had revenue of $246.10 million for the quarter, compared to the consensus estimate of $249.50 million.

Texas Pacific Land Price Performance

Texas Pacific Land stock traded down $26.05 during trading hours on Thursday, reaching $355.83. The stock had a trading volume of 392,382 shares, compared to its average volume of 456,700. The company has a market cap of $24.54 billion, a price-to-earnings ratio of 48.74 and a beta of 0.60. Texas Pacific Land has a 52 week low of $269.23 and a 52 week high of $547.20. The business’s 50 day moving average price is $394.55 and its 200-day moving average price is $422.16.

Texas Pacific Land Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, September 15th. Shareholders of record on Tuesday, September 1st will be paid a $0.60 dividend. This represents a $2.40 annualized dividend and a yield of 0.7%. The ex-dividend date is Tuesday, September 1st. Texas Pacific Land’s payout ratio is 32.88%.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on the stock. Weiss Ratings reissued a “hold (c+)” rating on shares of Texas Pacific Land in a research report on Wednesday, July 29th. Zacks Research raised shares of Texas Pacific Land from a “strong sell” rating to a “hold” rating in a report on Wednesday, July 29th. One equities research analyst has rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $639.00.

Insider Buying and Selling

In related news, CFO Chris Steddum sold 830 shares of the stock in a transaction that occurred on Monday, June 8th. The shares were sold at an average price of $400.33, for a total value of $332,273.90. Following the transaction, the chief financial officer owned 12,040 shares in the company, valued at approximately $4,819,973.20. This represents a 6.45% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 6.90% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Texas Pacific Land

Several large investors have recently bought and sold shares of the company. Summit Securities Group LLC grew its stake in Texas Pacific Land by 171.9% during the 4th quarter. Summit Securities Group LLC now owns 87 shares of the financial services provider’s stock valued at $25,000 after acquiring an additional 55 shares in the last quarter. Quarry LP acquired a new stake in shares of Texas Pacific Land during the third quarter valued at about $29,000. Los Angeles Capital Management LLC acquired a new position in Texas Pacific Land during the fourth quarter worth $31,000. Silicon Valley Capital Partners acquired a new position in Texas Pacific Land in the 3rd quarter valued at about $33,000. Finally, Triumph Capital Management lifted its holdings in Texas Pacific Land by 200.0% during the 4th quarter. Triumph Capital Management now owns 117 shares of the financial services provider’s stock worth $34,000 after buying an additional 78 shares in the last quarter. 59.94% of the stock is currently owned by hedge funds and other institutional investors.

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.