Texas Pacific Land (NYSE:TPL) Shares Up 2.4%

Texas Pacific Land Co. (NYSE:TPL - Get Free Report)'s share price shot up 2.4% on Tuesday . The company traded as high as $585.00 and last traded at $585.00. 5,147 shares changed hands during trading, a decline of 93% from the average session volume of 70,656 shares. The stock had previously closed at $571.09.

Analyst Upgrades and Downgrades

A number of brokerages recently weighed in on TPL. BWS Financial reaffirmed a "buy" rating and set a $917.00 price target on shares of Texas Pacific Land in a research report on Tuesday. StockNews.com raised shares of Texas Pacific Land from a "hold" rating to a "buy" rating in a research report on Wednesday, March 27th. Finally, Stifel Nicolaus decreased their price target on shares of Texas Pacific Land from $519.33 to $471.33 and set a "hold" rating for the company in a research report on Tuesday, January 23rd.

Texas Pacific Land Stock Performance

The stock has a market cap of $13.23 billion, a price-to-earnings ratio of 32.73 and a beta of 1.60. The business's fifty day simple moving average is $519.08 and its 200 day simple moving average is $548.42.

Texas Pacific Land (NYSE:TPL - Get Free Report) last issued its quarterly earnings data on Wednesday, February 21st. The financial services provider reported $4.91 EPS for the quarter, topping analysts' consensus estimates of $4.15 by $0.76. Texas Pacific Land had a net margin of 64.22% and a return on equity of 43.57%. The firm had revenue of $166.66 million for the quarter, compared to analyst estimates of $152.20 million. As a group, analysts forecast that Texas Pacific Land Co. will post 19.53 EPS for the current fiscal year.

Texas Pacific Land Cuts Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, March 15th. Stockholders of record on Friday, March 1st were paid a $1.1667 dividend. The ex-dividend date of this dividend was Thursday, February 29th. This represents a $4.67 dividend on an annualized basis and a dividend yield of 0.81%. Texas Pacific Land's dividend payout ratio (DPR) is presently 26.55%.

Insider Activity

In related news, Director Eric L. Oliver bought 300 shares of the business's stock in a transaction dated Wednesday, March 13th. The shares were acquired at an average price of $540.24 per share, for a total transaction of $162,073.00. Following the purchase, the director now owns 393,300 shares in the company, valued at approximately $212,477,703. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. In the last 90 days, insiders have purchased 651 shares of company stock worth $342,147. 20.04% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Texas Pacific Land

A number of institutional investors have recently modified their holdings of the stock. Quadrature Capital Ltd acquired a new stake in Texas Pacific Land during the fourth quarter worth about $3,688,000. Healthcare of Ontario Pension Plan Trust Fund acquired a new stake in Texas Pacific Land during the fourth quarter worth about $10,064,000. Vanguard Group Inc. raised its stake in Texas Pacific Land by 1.3% during the fourth quarter. Vanguard Group Inc. now owns 634,083 shares of the financial services provider's stock worth $997,064,000 after acquiring an additional 8,155 shares during the period. Royal London Asset Management Ltd. raised its stake in Texas Pacific Land by 5.2% during the fourth quarter. Royal London Asset Management Ltd. now owns 2,643 shares of the financial services provider's stock worth $4,156,000 after acquiring an additional 130 shares during the period. Finally, Virtu Financial LLC raised its stake in Texas Pacific Land by 78.6% during the fourth quarter. Virtu Financial LLC now owns 368 shares of the financial services provider's stock worth $578,000 after acquiring an additional 162 shares during the period. Institutional investors and hedge funds own 59.94% of the company's stock.

Texas Pacific Land Company Profile

Texas Pacific Land Corporation engages in the land and resource management, and water services and operations businesses. The company owns a 1/128th nonparticipating perpetual oil and gas royalty interest (NPRI) under approximately 85,000 acres of land; a 1/16th NPRI under approximately 371,000 acres of land; and approximately 4,000 additional net royalty acres, total of approximately 195,000 NRA located in the western part of Texas.