Texas Pacific Land (NYSE:TPL) Shares Climb 4.1% - Time to Buy?

Key Points

• TPL shares rose 4.1% to about $292.72, while trading volume was 96% below its average.
• The company beat quarterly estimates, reporting EPS of $2.42 versus $2.33 expected and revenue of $273.4 million versus $251 million expected.
• Analyst sentiment is mixed but consensus remains Hold; Texas Pacific Land also announced a quarterly dividend of $0.60 per share, an annualized yield of 0.8%.

Texas Pacific Land Corporation (NYSE:TPL - Get Free Report) shares were up 4.1% on Friday. The company traded as high as $288.88 and last traded at $292.7180. 19,183 shares changed hands during trading, a decline of 96% from the average daily volume of 435,314 shares. The stock had previously closed at $281.18.

Analyst Ratings Changes

TPL has been the topic of a number of recent research reports. Zacks Research raised Texas Pacific Land from a "strong sell" rating to a "hold" rating in a research note on Wednesday, July 29th. Weiss Ratings downgraded Texas Pacific Land from a "buy (b-)" rating to a "hold (c+)" rating in a research report on Wednesday. One equities research analyst has rated the stock with a Buy rating and two have issued a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus price target of $639.00.

Texas Pacific Land Price Performance

The stock has a market cap of $20.17 billion, a price-to-earnings ratio of 34.36 and a beta of 0.58. The stock's 50-day moving average is $338.69 and its 200-day moving average is $398.65.

Texas Pacific Land (NYSE:TPL - Get Free Report) last issued its quarterly earnings results on Wednesday, November 4th. The financial services provider reported $2.42 earnings per share for the quarter, beating the consensus estimate of $2.33 by $0.09. Texas Pacific Land had a return on equity of 36.22% and a net margin of 60.71%. The company had revenue of $273.40 million during the quarter, compared to the consensus estimate of $251.00 million. Analysts predict that Texas Pacific Land Corporation will post 8.88 EPS for the current fiscal year.

Texas Pacific Land Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, December 15th. Investors of record on Tuesday, December 1st will be given a dividend of $0.60 per share. The ex-dividend date is Tuesday, December 1st. This represents a $2.40 annualized dividend and a yield of 0.8%. Texas Pacific Land's dividend payout ratio is 28.20%.

Institutional Trading of Texas Pacific Land

Several hedge funds and other institutional investors have recently added to or reduced their stakes in TPL. Bank of America Corp DE boosted its holdings in shares of Texas Pacific Land by 143.0% in the 1st quarter. Bank of America Corp DE now owns 264,740 shares of the financial services provider's stock valued at $125,635,000 after purchasing an additional 155,781 shares during the last quarter. NewEdge Advisors LLC grew its stake in shares of Texas Pacific Land by 42.5% during the 2nd quarter. NewEdge Advisors LLC now owns 40,904 shares of the financial services provider's stock valued at $17,901,000 after buying an additional 12,207 shares during the period. Bank of New York Mellon Corp grew its stake in shares of Texas Pacific Land by 1.3% during the 1st quarter. Bank of New York Mellon Corp now owns 357,379 shares of the financial services provider's stock valued at $169,598,000 after buying an additional 4,570 shares during the period. Nykredit A S acquired a new stake in shares of Texas Pacific Land during the 2nd quarter worth $4,625,000. Finally, State Street Corp increased its holdings 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 worth $1,735,132,000 after buying an additional 179,791 shares during the last quarter. Hedge funds and other institutional investors own 59.94% of the company's stock.

About Texas Pacific Land

Texas Pacific Land Corporation is a land and resource management company focused on properties in West Texas, particularly the Permian Basin. Its roots date to the Texas and Pacific Railway, and the company's land holdings were historically managed through the Texas Pacific Land Trust before it became a corporation. The company earns revenue from oil and natural gas royalties and from activities tied to its surface and mineral interests. Its land and resource management operations include leasing land, granting easements and rights-of-way, and supporting energy development and other land uses.

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