Texas Pacific Land (NYSE:TPL) Hits New 12-Month Low – Here’s Why

Texas Pacific Land Corporation (NYSE:TPL) reached a new 52-week low on Friday. The stock traded as low as $265.31 and last traded at $276.9040, with a volume of 46,002 shares changing hands. The stock had previously closed at $272.18.

Analyst Ratings Changes

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

Texas Pacific Land Stock Up 1.5%

The company has a market capitalization of $19.06 billion, a PE ratio of 32.48 and a beta of 0.58. The company’s 50 day moving average is $347.78 and its two-hundred day moving average is $400.25.

Texas Pacific Land (NYSE:TPL) last announced its quarterly earnings results on Wednesday, November 4th. The financial services provider reported $2.42 EPS for the quarter, topping the consensus estimate of $2.33 by $0.09. Texas Pacific Land had a net margin of 60.71% and a return on equity of 37.60%. The business had revenue of $273.40 million for the quarter, compared to analysts’ expectations of $251.00 million. Analysts forecast that Texas Pacific Land Corporation will post 8.88 EPS for the current year.

Texas Pacific Land Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, December 15th. Stockholders of record on Tuesday, December 1st will be issued a $0.60 dividend. This represents a $2.40 annualized dividend and a dividend yield of 0.9%. The ex-dividend date of this dividend is Tuesday, December 1st. Texas Pacific Land’s payout ratio is 28.20%.

Institutional Investors Weigh In On Texas Pacific Land

Hedge funds have recently made changes to their positions in the company. Pacific Heights Asset Management LLC purchased a new position in Texas Pacific Land during the 2nd quarter valued at approximately $258,208,000. Legal & General Group Plc purchased a new stake in shares of Texas Pacific Land during the 2nd quarter worth approximately $153,373,000. Bank of America Corp DE purchased a new stake in shares of Texas Pacific Land during the 2nd quarter worth approximately $115,209,000. Ascentis Wealth Management LLC bought a new position in shares of Texas Pacific Land during the 2nd quarter valued at approximately $106,297,000. Finally, State Street Corp boosted its position in shares of Texas Pacific Land by 4.8% during the 2nd quarter. State Street Corp now owns 3,964,748 shares of the financial services provider’s stock valued at $1,735,132,000 after acquiring an additional 179,791 shares during the last quarter. 59.94% of the stock is currently owned by hedge funds and other institutional investors.

About Texas Pacific Land

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.