Texas Pacific Land (NYSE:TPL) Trading Down 5.3% – Here’s Why

Texas Pacific Land Corporation (NYSE:TPL) traded down 5.3% during mid-day trading on Wednesday . The company traded as low as $351.53 and last traded at $351.9510. 94,721 shares traded hands during mid-day trading, a decline of 79% from the average session volume of 442,355 shares. The stock had previously closed at $371.63.

Analyst Ratings Changes

A number of brokerages have recently issued reports on TPL. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Texas Pacific Land in a research report on Wednesday, July 29th. Zacks Research upgraded Texas Pacific Land from a “strong sell” rating to a “hold” rating in a research report on Wednesday, July 29th. One analyst has rated the stock with a Buy rating, two have given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, Texas Pacific Land has a consensus rating of “Hold” and an average target price of $639.00.

Texas Pacific Land Stock Down 5.3%

The firm’s 50-day moving average price is $382.18 and its two-hundred day moving average price is $416.61. The firm has a market capitalization of $24.28 billion, a PE ratio of 44.87 and a beta of 0.61.

Texas Pacific Land (NYSE:TPL) last issued its quarterly earnings results on Wednesday, August 5th. The financial services provider reported $2.23 EPS for the quarter, beating the consensus estimate of $2.18 by $0.05. Texas Pacific Land had a net margin of 60.32% and a return on equity of 35.76%. The business had revenue of $246.10 million during the quarter, compared to the consensus estimate of $249.50 million. Equities research analysts forecast that Texas Pacific Land Corporation will post 8.88 EPS for the current year.

Texas Pacific Land Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, September 15th. Stockholders of record on Tuesday, September 1st were issued a $0.60 dividend. The ex-dividend date was Tuesday, September 1st. This represents a $2.40 dividend on an annualized basis and a dividend yield of 0.7%. Texas Pacific Land’s dividend payout ratio is presently 30.57%.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of TPL. Horizon Kinetics Asset Management LLC lifted its stake in Texas Pacific Land by 194.9% in the 4th 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 acquiring an additional 6,829,070 shares in the last quarter. Geode Capital Management LLC grew its stake in Texas Pacific Land by 203.7% during the 4th quarter. Geode Capital Management LLC now owns 1,759,107 shares of the financial services provider’s stock valued at $503,581,000 after acquiring an additional 1,179,788 shares in the last quarter. First Manhattan CO. LLC. increased its holdings in shares of Texas Pacific Land by 200.1% in the 4th quarter. First Manhattan CO. LLC. now owns 1,013,363 shares of the financial services provider’s stock valued at $291,058,000 after purchasing an additional 675,682 shares during the period. Pacific Heights Asset Management LLC acquired a new position in shares of Texas Pacific Land in the 2nd quarter valued at about $258,208,000. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its position in shares of Texas Pacific Land by 6.9% in the second quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 477,430 shares of the financial services provider’s stock worth $208,942,000 after purchasing an additional 30,911 shares in the last quarter. Hedge funds and other institutional investors own 59.94% of the company’s stock.

Texas Pacific Land Company Profile

Texas Pacific Land Corporation (NYSE:TPL) is a land and natural resources company focused primarily on properties in the Permian Basin of West Texas. The company owns and manages a large portfolio of land and mineral interests, generating revenue from oil and gas royalties, easements, surface leases, grazing leases, and other land-use arrangements.

Texas Pacific Land also provides water-related services to customers engaged in oil and gas development. Its activities include sourcing, handling, treating, and disposing of water, as well as developing and managing water infrastructure.