Texas Pacific Land (NYSE:TPL) Stock Price Down 10.8% – Here’s Why

Texas Pacific Land Corporation (NYSE:TPL)’s share price fell 10.8% on Wednesday. The company traded as low as $302.99 and last traded at $296.2260. 70,364 shares were traded during mid-day trading, a decline of 84% from the average daily volume of 428,326 shares. The stock had previously closed at $332.00.

Analyst Ratings Changes

Several equities analysts recently commented on the stock. Weiss Ratings raised shares of Texas Pacific Land from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Thursday, October 8th. Zacks Research raised shares of Texas Pacific Land from a “strong sell” rating to a “hold” rating in a report on Wednesday, July 29th. Two analysts have rated the stock with a Buy rating and one has issued a Hold rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $639.00.

Texas Pacific Land Stock Performance

The company’s fifty day moving average price is $351.47 and its two-hundred day moving average price is $400.80. The firm has a market capitalization of $19.86 billion, a PE ratio of 36.62 and a beta of 0.58.

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

Hedge Funds Weigh In On Texas Pacific Land

Several institutional investors have recently made changes to their positions in the stock. Cherry Tree Wealth Management LLC acquired a new stake in Texas Pacific Land during the 2nd quarter worth about $31,000. Global Retirement Partners LLC purchased a new stake in shares of Texas Pacific Land in the second quarter worth approximately $41,000. IFP Advisors Inc lifted its position in shares of Texas Pacific Land by 40.8% in the second quarter. IFP Advisors Inc now owns 138 shares of the financial services provider’s stock worth $60,000 after purchasing an additional 40 shares in the last quarter. Balance Wealth Partners LLC acquired a new stake in shares of Texas Pacific Land during the third quarter worth approximately $60,000. Finally, Quantbot Technologies LP acquired a new stake in shares of Texas Pacific Land during the second quarter worth approximately $67,000. 59.94% of the stock is owned by institutional investors.

Texas Pacific Land Company Profile

Texas Pacific Land Corporation (NYSE:TPL) is a land and resource management company focused on properties in West Texas, particularly the Permian Basin. The company owns approximately 850,000 acres of land and holds extensive oil and gas royalty interests, making it a significant participant in the region’s energy development.

Texas Pacific Land generates revenue through royalties on oil and natural gas produced from its acreage, as well as from land sales, easements, leases and other surface-related activities.