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

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

Texas Pacific Land Price Performance

Shares of TPL traded up $12.91 during trading hours on Wednesday, hitting $439.33. The stock had a trading volume of 931,720 shares, compared to its average volume of 440,132. Texas Pacific Land has a 12 month low of $269.23 and a 12 month high of $487.59. The stock has a fifty day moving average price of $328.94 and a 200 day moving average price of $314.66. The firm has a market capitalization of $30.29 billion, a PE ratio of 63.67 and a beta of 0.95.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of the business. EverSource Wealth Advisors LLC increased its holdings in Texas Pacific Land by 21.4% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 68 shares of the financial services provider’s stock worth $72,000 after acquiring an additional 12 shares in the last quarter. Sei Investments Co. raised its position in shares of Texas Pacific Land by 1.1% during the 3rd quarter. Sei Investments Co. now owns 1,909 shares of the financial services provider’s stock valued at $1,782,000 after purchasing an additional 20 shares during the period. Larson Financial Group LLC lifted its stake in shares of Texas Pacific Land by 5.4% during the 3rd quarter. Larson Financial Group LLC now owns 410 shares of the financial services provider’s stock valued at $383,000 after buying an additional 21 shares in the last quarter. Van ECK Associates Corp boosted its holdings in Texas Pacific Land by 0.5% in the 3rd quarter. Van ECK Associates Corp now owns 4,685 shares of the financial services provider’s stock worth $4,374,000 after buying an additional 24 shares during the period. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake in Texas Pacific Land by 1.3% in the 3rd quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 1,916 shares of the financial services provider’s stock worth $1,789,000 after buying an additional 24 shares in the last quarter. Hedge funds and other institutional investors own 59.94% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages have recently commented on TPL. Weiss Ratings reissued a “hold (c)” rating on shares of Texas Pacific Land in a research report on Monday, December 29th. Zacks Research raised Texas Pacific Land to a “hold” rating in a research report on Wednesday, December 3rd. KeyCorp set a $350.00 price objective on shares of Texas Pacific Land and gave the company an “overweight” rating in a research note on Monday, December 1st. Finally, Tudor Pickering upgraded shares of Texas Pacific Land to a “strong sell” rating in a research note on Tuesday, October 21st. One research analyst has rated the stock with a Buy rating, two have given a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $350.00.

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.