Texas Pacific Land (NYSE:TPL) Sees Strong Trading Volume – Here’s Why

Shares of Texas Pacific Land Corporation (NYSE:TPL) saw unusually-strong trading volume on Friday . Approximately 266,192 shares were traded during trading, a decline of 49% from the previous session’s volume of 521,494 shares.The stock last traded at $409.2030 and had previously closed at $377.97.

Analysts Set New Price Targets

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

Texas Pacific Land Stock Up 9.5%

The stock has a market cap of $28.54 billion, a price-to-earnings ratio of 59.33 and a beta of 0.76. The company has a 50 day simple moving average of $470.55 and a 200 day simple moving average of $365.44.

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

Texas Pacific Land Increases Dividend

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

Insider Activity

In other Texas Pacific Land news, Director Donna E. Epps bought 895 shares of the stock in a transaction on Wednesday, February 25th. The stock was purchased at an average price of $510.45 per share, with a total value of $456,852.75. Following the completion of the purchase, the director owned 2,921 shares in the company, valued at $1,491,024.45. The trade was a 44.18% increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available through the SEC website. Also, CAO Stephanie Buffington sold 1,608 shares of the business’s stock in a transaction dated Tuesday, February 24th. The stock was sold at an average price of $503.00, for a total value of $808,824.00. Following the transaction, the chief accounting officer directly owned 2,133 shares of the company’s stock, valued at approximately $1,072,899. The trade was a 42.98% decrease in their position. The SEC filing for this sale provides additional information. 6.90% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of TPL. Hsbc Holdings PLC increased its stake in shares of Texas Pacific Land by 209.9% in the fourth quarter. Hsbc Holdings PLC now owns 89,071 shares of the financial services provider’s stock valued at $25,594,000 after buying an additional 60,329 shares during the period. Rockefeller Capital Management L.P. increased its stake in shares of Texas Pacific Land by 82.3% in the fourth quarter. Rockefeller Capital Management L.P. now owns 7,336 shares of the financial services provider’s stock valued at $2,107,000 after buying an additional 3,312 shares during the period. Corient Private Wealth LLC increased its stake in shares of Texas Pacific Land by 131.7% in the fourth quarter. Corient Private Wealth LLC now owns 17,888 shares of the financial services provider’s stock valued at $5,139,000 after buying an additional 10,167 shares during the period. Redwood Family Wealth LLC acquired a new position in shares of Texas Pacific Land in the fourth quarter valued at approximately $4,573,000. Finally, NCM Capital Management LLC increased its stake in shares of Texas Pacific Land by 200.1% in the fourth quarter. NCM Capital Management LLC now owns 30,248 shares of the financial services provider’s stock valued at $8,688,000 after buying an additional 20,170 shares during the period. Institutional investors and hedge funds own 59.94% of the company’s stock.

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.