Texas Pacific Land (NYSE:TPL) Issues Quarterly Earnings Results

Texas Pacific Land (NYSE:TPL) announced its quarterly earnings results on Wednesday. The financial services provider reported $5.27 EPS for the quarter, missing analysts’ consensus estimates of $5.77 by ($0.50), Zacks reports. The firm had revenue of $203.10 million during the quarter, compared to analyst estimates of $175.00 million. Texas Pacific Land had a net margin of 62.16% and a return on equity of 39.47%.

Texas Pacific Land Stock Down 1.7%

Shares of NYSE:TPL traded down $17.06 during trading on Friday, reaching $994.07. 22,145 shares of the company traded hands, compared to its average volume of 135,871. The company’s 50 day moving average is $929.17 and its two-hundred day moving average is $1,042.11. Texas Pacific Land has a 52 week low of $845.56 and a 52 week high of $1,769.14. The firm has a market capitalization of $22.84 billion, a PE ratio of 49.54 and a beta of 1.12.

Texas Pacific Land Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, December 15th. Investors of record on Monday, December 1st will be paid a $1.60 dividend. This represents a $6.40 annualized dividend and a dividend yield of 0.6%. The ex-dividend date is Monday, December 1st. Texas Pacific Land’s payout ratio is 31.90%.

Insiders Place Their Bets

In related news, Director Eric L. Oliver acquired 100 shares of the company’s stock in a transaction that occurred on Thursday, August 21st. The stock was acquired at an average price of $881.27 per share, with a total value of $88,127.00. Following the purchase, the director directly owned 393,600 shares in the company, valued at approximately $346,867,872. This trade represents a 0.03% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. 6.90% of the stock is owned by company insiders.

Institutional Trading of Texas Pacific Land

Hedge funds have recently made changes to their positions in the company. MUFG Securities EMEA plc acquired a new position in shares of Texas Pacific Land in the second quarter valued at approximately $59,000. EverSource Wealth Advisors LLC grew its holdings in Texas Pacific Land by 21.4% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 68 shares of the financial services provider’s stock worth $72,000 after acquiring an additional 12 shares during the last quarter. Lantern Wealth Advisors LLC acquired a new position in Texas Pacific Land in the 2nd quarter valued at approximately $222,000. HUB Investment Partners LLC raised its stake in shares of Texas Pacific Land by 14.6% during the second quarter. HUB Investment Partners LLC now owns 228 shares of the financial services provider’s stock valued at $241,000 after acquiring an additional 29 shares during the last quarter. Finally, Armistice Capital LLC acquired a new position in shares of Texas Pacific Land during the second quarter worth $405,000. 59.94% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on TPL shares. Tudor Pickering upgraded shares of Texas Pacific Land to a “strong sell” rating in a research note on Tuesday, October 21st. Weiss Ratings restated a “hold (c)” rating on shares of Texas Pacific Land in a research note on Tuesday, October 14th. One investment analyst has rated the stock with a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the company has a consensus rating of “Reduce”.

About Texas Pacific Land

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.