Texas Pacific Land (NYSE:TPL) Sets New 1-Year Low – Time to Sell?

Texas Pacific Land Corporation (NYSE:TPL)’s stock price reached a new 52-week low during trading on Friday. The stock traded as low as $265.31 and last traded at $276.9040, with a volume of 46,002 shares traded. The stock had previously closed at $272.18.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on TPL. Zacks Research upgraded shares of Texas Pacific Land from a “strong sell” rating to a “hold” rating in a research report on Wednesday, July 29th. Weiss Ratings upgraded shares of Texas Pacific Land from a “hold (c+)” rating to a “buy (b-)” rating in a report on Thursday, October 8th. Two analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $639.00.

Texas Pacific Land Price Performance

The firm has a market cap of $19.06 billion, a P/E ratio of 32.48 and a beta of 0.58. The firm’s 50 day moving average is $347.78 and its 200 day moving average is $400.25.

Texas Pacific Land (NYSE:TPL) last announced its earnings results on Wednesday, November 4th. The financial services provider reported $2.42 earnings per share for the quarter, beating analysts’ consensus estimates of $2.33 by $0.09. Texas Pacific Land had a net margin of 60.71% and a return on equity of 37.60%. The business had revenue of $273.40 million during the quarter, compared to the consensus estimate of $251.00 million. As a group, analysts expect that Texas Pacific Land Corporation will post 8.88 EPS for the current year.

Texas Pacific Land Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 15th. Investors of record on Tuesday, December 1st will be given a dividend of $0.60 per share. This represents a $2.40 dividend on an annualized basis and a yield of 0.9%. The ex-dividend date of this dividend is Tuesday, December 1st. Texas Pacific Land’s dividend payout ratio (DPR) is 28.20%.

Institutional Investors Weigh In On Texas Pacific Land

Hedge funds have recently added to or reduced their stakes in the stock. Allspring Global Investments Holdings LLC increased its holdings in Texas Pacific Land by 7.3% during the third quarter. Allspring Global Investments Holdings LLC now owns 2,825 shares of the financial services provider’s stock valued at $951,000 after buying an additional 191 shares during the last quarter. Pictet Asset Management Holding SA raised its position in Texas Pacific Land by 3.6% in the third quarter. Pictet Asset Management Holding SA now owns 25,242 shares of the financial services provider’s stock worth $8,225,000 after acquiring an additional 887 shares during the period. Formidable Asset Management LLC boosted its stake in shares of Texas Pacific Land by 18.7% during the 3rd quarter. Formidable Asset Management LLC now owns 2,230 shares of the financial services provider’s stock worth $727,000 after acquiring an additional 351 shares during the last quarter. Guidance Capital Inc. boosted its stake in shares of Texas Pacific Land by 2.1% during the 3rd quarter. Guidance Capital Inc. now owns 3,605 shares of the financial services provider’s stock worth $1,190,000 after acquiring an additional 74 shares during the last quarter. Finally, Covestor Ltd grew its position in shares of Texas Pacific Land by 15.5% during the 3rd quarter. Covestor Ltd now owns 573 shares of the financial services provider’s stock valued at $187,000 after acquiring an additional 77 shares during the period. 59.94% of the stock is owned by institutional investors.

About Texas Pacific Land

Texas Pacific Land Corporation (NYSE:TPL) is a land and resource management company focused on properties in West Texas, particularly the Permian Basin. The company owns approximately 850,000 acres of land and holds extensive oil and gas royalty interests, making it a significant participant in the region’s energy development.

Texas Pacific Land generates revenue through royalties on oil and natural gas produced from its acreage, as well as from land sales, easements, leases and other surface-related activities.