Texas Pacific Land (NYSE:TPL) Trading Up 6.4%

Texas Pacific Land Co. (NYSE:TPL - Get Free Report) was up 6.4% during mid-day trading on Thursday . The stock traded as high as $599.59 and last traded at $599.59. Approximately 11,238 shares traded hands during trading, a decline of 84% from the average daily volume of 69,685 shares. The stock had previously closed at $563.50.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on TPL. Stifel Nicolaus lowered their price objective on shares of Texas Pacific Land from $519.33 to $471.33 and set a "hold" rating on the stock in a research note on Tuesday, January 23rd. BWS Financial reaffirmed a "buy" rating and issued a $917.00 price objective on shares of Texas Pacific Land in a research report on Tuesday, April 2nd. Finally, StockNews.com downgraded Texas Pacific Land from a "buy" rating to a "hold" rating in a research note on Thursday, April 4th.

Texas Pacific Land Stock Performance

The company has a market capitalization of $14.19 billion, a price-to-earnings ratio of 34.98 and a beta of 1.59. The firm has a fifty day moving average price of $565.41 and a 200-day moving average price of $542.71.

Texas Pacific Land (NYSE:TPL - Get Free Report) last announced its quarterly earnings data on Wednesday, February 21st. The financial services provider reported $4.91 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $4.15 by $0.76. The firm had revenue of $166.66 million for the quarter, compared to the consensus estimate of $152.20 million. Texas Pacific Land had a net margin of 64.22% and a return on equity of 43.57%. On average, sell-side analysts forecast that Texas Pacific Land Co. will post 20.14 EPS for the current fiscal year.

Texas Pacific Land Cuts Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, March 15th. Stockholders of record on Friday, March 1st were issued a dividend of $1.1667 per share. The ex-dividend date was Thursday, February 29th. This represents a $4.67 dividend on an annualized basis and a dividend yield of 0.76%. Texas Pacific Land's dividend payout ratio (DPR) is currently 26.49%.

Insiders Place Their Bets

In other news, Director Eric L. Oliver purchased 300 shares of the business's stock in a transaction dated Wednesday, March 13th. The shares were purchased at an average cost of $540.24 per share, with a total value of $162,073.00. Following the completion of the purchase, the director now owns 393,300 shares of the company's stock, valued at approximately $212,477,703. The purchase was disclosed in a document filed with the SEC, which is accessible through the SEC website. Over the last 90 days, insiders acquired 552 shares of company stock valued at $296,617. 20.04% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the company. Cambridge Investment Research Advisors Inc. lifted its stake in Texas Pacific Land by 27.2% in the third quarter. Cambridge Investment Research Advisors Inc. now owns 1,413 shares of the financial services provider's stock valued at $2,577,000 after buying an additional 302 shares during the period. Raymond James Financial Services Advisors Inc. lifted its stake in shares of Texas Pacific Land by 6.2% in the third quarter. Raymond James Financial Services Advisors Inc. now owns 562 shares of the financial services provider's stock valued at $1,025,000 after buying an additional 33 shares in the last quarter. Bank of New York Mellon Corp increased its holdings in Texas Pacific Land by 1.5% during the 3rd quarter. Bank of New York Mellon Corp now owns 37,105 shares of the financial services provider's stock worth $67,662,000 after purchasing an additional 563 shares in the last quarter. Chicago Partners Investment Group LLC purchased a new stake in shares of Texas Pacific Land in the third quarter worth approximately $247,000. Finally, Advisor Partners II LLC bought a new position in shares of Texas Pacific Land in the third quarter valued at approximately $210,000. Institutional investors and hedge funds own 59.94% of the company's stock.

About Texas Pacific Land

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.