Texas Pacific Land (NYSE:TPL) Shares Down 4.7% – Here’s What Happened

Texas Pacific Land Corporation (NYSE:TPL) shares traded down 4.7% on Tuesday . The company traded as low as $515.00 and last traded at $514.1720. 199,233 shares changed hands during trading, a decline of 61% from the average session volume of 517,447 shares. The stock had previously closed at $539.79.

Analyst Ratings Changes

TPL has been the topic of a number of recent research reports. Zacks Research raised Texas Pacific Land to a “hold” rating in a research note on Wednesday, December 3rd. Weiss Ratings reiterated a “hold (c)” rating on shares of Texas Pacific Land in a research report on Monday, December 29th. KeyCorp lifted their target price on Texas Pacific Land from $350.00 to $639.00 and gave the company an “overweight” rating in a research report on Monday, February 23rd. Finally, Wall Street Zen cut Texas Pacific Land from a “hold” rating to a “sell” rating in a report on Saturday. One investment analyst has rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and an average price target of $639.00.

Texas Pacific Land Trading Down 4.3%

The company has a fifty day simple moving average of $390.79 and a two-hundred day simple moving average of $335.79. The company has a market cap of $35.60 billion, a PE ratio of 74.02 and a beta of 0.82.

Texas Pacific Land (NYSE:TPL) last announced its quarterly earnings data on Wednesday, February 18th. The financial services provider reported $1.79 earnings per share for the quarter, beating analysts’ consensus estimates of $1.73 by $0.06. 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 60.31% and a return on equity of 36.18%.

Texas Pacific Land Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, March 16th. Investors of record on Monday, March 2nd will be issued a dividend of $0.60 per share. This is a boost from Texas Pacific Land’s previous quarterly dividend of $0.53. This represents a $2.40 annualized dividend and a dividend yield of 0.5%. The ex-dividend date of this dividend is Monday, March 2nd. Texas Pacific Land’s dividend payout ratio is 34.38%.

Insiders Place Their Bets

In other news, Director Donna E. Epps purchased 895 shares of the business’s stock in a transaction that occurred on Wednesday, February 25th. The stock was purchased at an average cost of $510.45 per share, with a total value of $456,852.75. Following the completion of the acquisition, the director directly owned 2,921 shares of the company’s stock, valued at approximately $1,491,024.45. This trade represents a 44.18% increase in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CAO Stephanie Buffington sold 1,608 shares of the stock in a transaction that occurred on Tuesday, February 24th. The stock was sold at an average price of $503.00, for a total value of $808,824.00. Following the transaction, the chief accounting officer directly owned 2,133 shares of the company’s stock, valued at approximately $1,072,899. This trade represents a 42.98% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 6.90% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Texas Pacific Land

A number of hedge funds and other institutional investors have recently modified their holdings of TPL. Horizon Kinetics Asset Management LLC raised its stake in Texas Pacific Land by 194.9% during the fourth quarter. Horizon Kinetics Asset Management LLC now owns 10,333,762 shares of the financial services provider’s stock worth $2,968,063,000 after purchasing an additional 6,829,070 shares during the period. Vanguard Group Inc. boosted its holdings in Texas Pacific Land by 192.8% in the fourth quarter. Vanguard Group Inc. now owns 7,556,966 shares of the financial services provider’s stock valued at $2,170,512,000 after acquiring an additional 4,975,738 shares during the last quarter. State Street Corp grew its position in Texas Pacific Land by 206.8% during the fourth quarter. State Street Corp now owns 3,587,004 shares of the financial services provider’s stock valued at $1,030,259,000 after acquiring an additional 2,417,705 shares during the period. Geode Capital Management LLC increased its stake in Texas Pacific Land by 203.7% during the fourth quarter. Geode Capital Management LLC now owns 1,759,107 shares of the financial services provider’s stock worth $503,581,000 after acquiring an additional 1,179,788 shares during the last quarter. Finally, SoftVest Advisors LLC raised its holdings in shares of Texas Pacific Land by 200.0% in the 4th quarter. SoftVest Advisors LLC now owns 1,180,800 shares of the financial services provider’s stock worth $339,149,000 after purchasing an additional 787,200 shares during the period. 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.