Texas Pacific Land (NYSE:TPL) Releases Quarterly Earnings Results, Beats Expectations By $0.05 EPS

Texas Pacific Land (NYSE:TPL) issued its quarterly earnings results on Wednesday. The financial services provider reported $2.23 earnings per share for the quarter, beating analysts’ consensus estimates of $2.18 by $0.05, FiscalAI reports. The business had revenue of $246.10 million for the quarter, compared to the consensus estimate of $249.50 million. Texas Pacific Land had a return on equity of 35.52% and a net margin of 60.03%.

Texas Pacific Land Stock Down 3.7%

Shares of TPL traded down $14.78 during midday trading on Wednesday, reaching $380.74. 349,944 shares of the stock were exchanged, compared to its average volume of 456,768. The firm has a 50 day simple moving average of $395.06 and a 200-day simple moving average of $421.81. Texas Pacific Land has a 12-month low of $269.23 and a 12-month high of $547.20. The company has a market cap of $26.26 billion, a price-to-earnings ratio of 52.16 and a beta of 0.60.

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on the company. Zacks Research upgraded Texas Pacific Land from a “strong sell” rating to a “hold” rating in a research report 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 equities 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 stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $639.00.

Insiders Place Their Bets

In other Texas Pacific Land news, CFO Chris Steddum sold 3,170 shares of Texas Pacific Land stock in a transaction that occurred on Friday, June 5th. The shares were sold at an average price of $400.25, for a total value of $1,268,792.50. Following the completion of the sale, the chief financial officer directly owned 12,870 shares in the company, valued at $5,151,217.50. The trade was a 19.76% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 6.90% of the company’s stock.

Institutional Investors Weigh In On Texas Pacific Land

Institutional investors and hedge funds have recently modified their holdings of the business. State Street Corp increased 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 worth $1,030,259,000 after buying an additional 2,417,705 shares during the last quarter. SoftVest Advisors LLC lifted its position in shares of Texas Pacific Land by 200.0% in the fourth quarter. SoftVest Advisors LLC now owns 1,180,800 shares of the financial services provider’s stock worth $339,149,000 after buying an additional 787,200 shares during the last quarter. Invesco Ltd. boosted its stake in shares of Texas Pacific Land by 201.4% during the 4th quarter. Invesco Ltd. now owns 855,816 shares of the financial services provider’s stock worth $245,807,000 after acquiring an additional 571,906 shares in the last quarter. Morgan Stanley boosted its stake in shares of Texas Pacific Land by 205.8% during the 4th quarter. Morgan Stanley now owns 727,921 shares of the financial services provider’s stock worth $209,074,000 after acquiring an additional 489,846 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. increased its holdings in shares of Texas Pacific Land by 207.1% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 592,845 shares of the financial services provider’s stock valued at $170,277,000 after acquiring an additional 399,773 shares during the last quarter. Institutional investors and hedge funds 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.