Texas Pacific Land (NYSE:TPL) Shares Down 10.1% – What’s Next?

Texas Pacific Land Corporation (NYSE:TPL)’s share price was down 10.1% on Thursday . The company traded as low as $403.36 and last traded at $402.8370. Approximately 236,224 shares changed hands during trading, a decline of 53% from the average daily volume of 503,517 shares. The stock had previously closed at $448.28.

Analyst Upgrades and Downgrades

Several equities analysts recently commented on the company. Wall Street Zen raised Texas Pacific Land from a “sell” rating to a “hold” rating in a report on Sunday, March 15th. Weiss Ratings reiterated a “hold (c)” rating on shares of Texas Pacific Land in a report on Friday, March 27th. Finally, KeyCorp raised their target price on Texas Pacific Land from $350.00 to $639.00 and gave the stock an “overweight” rating in a research report on Monday, February 23rd. One research analyst has rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $639.00.

Texas Pacific Land Price Performance

The firm has a 50 day moving average of $470.04 and a two-hundred day moving average of $365.35. The stock has a market cap of $26.04 billion, a PE ratio of 54.06 and a beta of 0.76.

Texas Pacific Land (NYSE:TPL) last announced its quarterly earnings results on Wednesday, February 18th. The financial services provider reported $1.79 earnings per share for the quarter, beating analysts’ consensus estimates of $1.73 by $0.06. The firm had revenue of $211.60 million during the quarter, compared to analysts’ expectations of $204.00 million. Texas Pacific Land had a net margin of 60.31% and a return on equity of 36.18%.

Texas Pacific Land Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, March 16th. Shareholders of record on Monday, March 2nd were issued a $0.60 dividend. The ex-dividend date of this dividend was Monday, March 2nd. This represents a $2.40 dividend on an annualized basis and a yield of 0.6%. This is a boost from Texas Pacific Land’s previous quarterly dividend of $0.53. Texas Pacific Land’s dividend payout ratio is presently 34.38%.

Insider Activity at Texas Pacific Land

In related news, CAO Stephanie Buffington sold 1,608 shares of Texas Pacific Land stock in a transaction that occurred on Tuesday, February 24th. The stock was sold at an average price of $503.00, for a total value of $808,824.00. Following the sale, the chief accounting officer directly owned 2,133 shares in the company, valued at $1,072,899. The trade was a 42.98% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Donna E. Epps acquired 895 shares of the company’s stock in a transaction that occurred on Wednesday, February 25th. The shares were acquired at an average cost of $510.45 per share, for a total transaction of $456,852.75. Following the acquisition, the director directly owned 2,921 shares of the company’s stock, valued at $1,491,024.45. This trade represents a 44.18% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Insiders own 6.90% of the company’s stock.

Institutional Investors Weigh In On Texas Pacific Land

Institutional investors have recently made changes to their positions in the stock. MassMutual Private Wealth & Trust FSB boosted its position in shares of Texas Pacific Land by 363.2% during the 4th quarter. MassMutual Private Wealth & Trust FSB now owns 88 shares of the financial services provider’s stock worth $25,000 after purchasing an additional 69 shares in the last quarter. Summit Securities Group LLC boosted its position in shares of Texas Pacific Land by 171.9% during the 4th quarter. Summit Securities Group LLC now owns 87 shares of the financial services provider’s stock worth $25,000 after purchasing an additional 55 shares in the last quarter. IFP Advisors Inc boosted its position in shares of Texas Pacific Land by 185.3% during the 4th quarter. IFP Advisors Inc now owns 97 shares of the financial services provider’s stock worth $28,000 after purchasing an additional 63 shares in the last quarter. Quarry LP purchased a new stake in shares of Texas Pacific Land during the 3rd quarter worth $29,000. Finally, CX Institutional purchased a new stake in shares of Texas Pacific Land during the 3rd quarter worth $30,000. 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 Texas-based land management company that derives revenue from the ownership and stewardship of large tracts of land and associated mineral rights in West Texas. The company’s origins trace to 19th century land grants associated with the Texas and Pacific Railway; over time those grant holdings have been retained and managed as a standalone corporate asset base. Texas Pacific Land is publicly listed and operates as a landowner and resource manager rather than as a traditional oil and gas producer.

The company’s primary activities include management of surface rights and leasing of land for energy and other commercial uses, administration of mineral royalty interests, and provision of water and related services to industrial customers.