Texas Pacific Land (NYSE:TPL) Shares Down 5.4% – Here’s What Happened

Texas Pacific Land Corporation (NYSE:TPL)’s share price was down 5.4% on Wednesday . The stock traded as low as $345.00 and last traded at $345.27. 142,526 shares were traded during mid-day trading, a decline of 69% from the average session volume of 457,937 shares. The stock had previously closed at $364.97.

Wall Street Analyst Weigh In

TPL has been the subject of a number of analyst reports. Zacks Research upgraded Texas Pacific Land from a “strong sell” rating to a “hold” rating in a research note on Wednesday, July 29th. Weiss Ratings reiterated a “hold (c+)” rating on shares of Texas Pacific Land in a research report on Wednesday, July 29th. One research analyst has rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $639.00.

Texas Pacific Land Stock Up 1.6%

The business has a 50 day moving average of $389.66 and a 200 day moving average of $422.59. The company has a market capitalization of $24.01 billion, a P/E ratio of 44.37 and a beta of 0.60.

Texas Pacific Land (NYSE:TPL) last released its quarterly earnings data on Wednesday, August 5th. The financial services provider reported $2.23 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.18 by $0.05. Texas Pacific Land had a return on equity of 35.76% and a net margin of 60.32%.The business had revenue of $246.10 million for the quarter, compared to the consensus estimate of $249.50 million. On average, research analysts anticipate that Texas Pacific Land Corporation will post 8.88 EPS for the current year.

Texas Pacific Land Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 15th. Investors of record on Tuesday, September 1st will be issued a $0.60 dividend. The ex-dividend date of this dividend is Tuesday, September 1st. This represents a $2.40 dividend on an annualized basis and a dividend yield of 0.7%. Texas Pacific Land’s dividend payout ratio (DPR) is presently 30.57%.

Insider Transactions at Texas Pacific Land

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

Institutional Trading of Texas Pacific Land

Several hedge funds and other institutional investors have recently bought and sold shares of TPL. Cibc World Market Inc. bought a new position in Texas Pacific Land during the second quarter valued at $1,038,000. OMERS ADMINISTRATION Corp purchased a new position in shares of Texas Pacific Land during the 2nd quarter worth about $1,346,000. Osmosis Investment Management UK Ltd purchased a new position in shares of Texas Pacific Land during the 2nd quarter worth about $429,000. Meiji Yasuda Asset Management Co Ltd. bought a new position in Texas Pacific Land during the 2nd quarter valued at about $2,602,000. Finally, Nitor Capital Management LLC bought a new stake in Texas Pacific Land in the second quarter worth about $3,389,000. Hedge funds and other 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.