Texas Pacific Land (NYSE:TPL) Hits New 1-Year High – Still a Buy?

Texas Pacific Land Co. (NYSE:TPL)’s share price hit a new 52-week high during trading on Wednesday . The stock traded as high as $1,310.00 and last traded at $1,310.00, with a volume of 1493 shares trading hands. The stock had previously closed at $1,243.15.

Analysts Set New Price Targets

Separately, BWS Financial restated a “buy” rating and set a $917.00 target price on shares of Texas Pacific Land in a research report on Monday, August 12th.

Texas Pacific Land Trading Up 7.0 %

The company has a market capitalization of $30.55 billion, a PE ratio of 63.95 and a beta of 1.56. The firm has a 50 day simple moving average of $964.56 and a two-hundred day simple moving average of $804.02.

Texas Pacific Land (NYSE:TPL) last issued its quarterly earnings results on Wednesday, August 7th. The financial services provider reported $4.98 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $5.36 by ($0.38). Texas Pacific Land had a return on equity of 41.29% and a net margin of 66.71%. The firm had revenue of $172.33 million for the quarter, compared to analyst estimates of $182.35 million. During the same quarter last year, the firm earned $4.35 earnings per share.

Hedge Funds Weigh In On Texas Pacific Land

Hedge funds have recently bought and sold shares of the company. Capital Performance Advisors LLP acquired a new position in Texas Pacific Land during the third quarter worth about $25,000. Compagnie Lombard Odier SCmA acquired a new position in shares of Texas Pacific Land during the 3rd quarter worth approximately $44,000. American National Bank purchased a new stake in Texas Pacific Land in the 2nd quarter valued at approximately $42,000. Thurston Springer Miller Herd & Titak Inc. acquired a new stake in Texas Pacific Land during the 2nd quarter valued at $44,000. Finally, Signaturefd LLC increased its position in Texas Pacific Land by 16.9% during the third quarter. Signaturefd LLC now owns 90 shares of the financial services provider’s stock worth $80,000 after buying an additional 13 shares in the last quarter. 59.94% of the stock is owned by hedge funds and other institutional investors.

Texas Pacific Land Company Profile

Texas Pacific Land Corporation engages in the land and resource management, and water services and operations businesses. The company owns a 1/128th nonparticipating perpetual oil and gas royalty interest (NPRI) under approximately 85,000 acres of land; a 1/16th NPRI under approximately 371,000 acres of land; and approximately 4,000 additional net royalty acres, total of approximately 195,000 NRA located in the western part of Texas.