Texas Pacific Land (NYSE:TPL) Stock Price Up 6.1% – Time to Buy?

Shares of Texas Pacific Land Corporation (NYSE:TPL) shot up 6.1% during trading on Wednesday . The company traded as high as $393.56 and last traded at $393.45. 88,900 shares traded hands during mid-day trading, a decline of 82% from the average session volume of 489,337 shares. The stock had previously closed at $370.82.

Wall Street Analyst Weigh In

A number of brokerages have recently commented on TPL. KeyCorp lifted their price target on shares of Texas Pacific Land from $350.00 to $639.00 and gave the stock an “overweight” rating in a research note on Monday, February 23rd. Zacks Research lowered Texas Pacific Land from a “strong-buy” rating to a “hold” rating in a report on Monday. Wall Street Zen raised Texas Pacific Land from a “sell” rating to a “hold” rating in a report on Sunday, March 15th. Finally, Weiss Ratings upgraded shares of Texas Pacific Land from a “hold (c)” rating to a “hold (c+)” rating in a research report on Friday, May 1st. One equities research analyst has rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $639.00.

Texas Pacific Land Price Performance

The firm has a market capitalization of $27.34 billion, a P/E ratio of 54.29 and a beta of 0.61. The stock’s 50-day simple moving average is $431.12 and its two-hundred day simple moving average is $390.68.

Texas Pacific Land (NYSE:TPL) last posted its quarterly earnings results on Wednesday, May 6th. The financial services provider reported $2.07 earnings per share for the quarter, topping analysts’ consensus estimates of $2.03 by $0.04. The business had revenue of $236.80 million during the quarter, compared to analyst estimates of $233.00 million. Texas Pacific Land had a net margin of 60.03% and a return on equity of 35.52%. On average, analysts forecast that Texas Pacific Land Corporation will post 9.27 earnings per share for the current fiscal year.

Texas Pacific Land Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, June 15th. Stockholders of record on Monday, June 1st will be paid a $0.60 dividend. The ex-dividend date of this dividend is Monday, June 1st. This represents a $2.40 dividend on an annualized basis and a dividend yield of 0.6%. Texas Pacific Land’s dividend payout ratio is 32.88%.

Hedge Funds Weigh In On Texas Pacific Land

A number of hedge funds have recently made changes to their positions in the business. Parallel Advisors LLC boosted its stake in shares of Texas Pacific Land by 10.7% in the first quarter. Parallel Advisors LLC now owns 757 shares of the financial services provider’s stock worth $360,000 after acquiring an additional 73 shares during the period. NewEdge Advisors LLC boosted its position in shares of Texas Pacific Land by 832.0% during the first quarter. NewEdge Advisors LLC now owns 28,697 shares of the financial services provider’s stock worth $13,618,000 after acquiring an additional 25,618 shares during the last quarter. Blue Fin Capital Inc. bought a new position in shares of Texas Pacific Land during the first quarter worth $253,000. Glenmede Trust Co. NA boosted its position in shares of Texas Pacific Land by 33.0% during the first quarter. Glenmede Trust Co. NA now owns 2,182 shares of the financial services provider’s stock worth $1,035,000 after acquiring an additional 541 shares during the last quarter. Finally, Verus Capital Partners LLC boosted its position in shares of Texas Pacific Land by 14.7% during the first quarter. Verus Capital Partners LLC now owns 2,867 shares of the financial services provider’s stock worth $1,361,000 after acquiring an additional 368 shares during the last quarter. Institutional investors own 59.94% of the company’s stock.

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.