Texas Pacific Land (NYSE:TPL) Shares Down 5.3% - What's Next?

Key Points

• Texas Pacific Land shares fell 5.3% to about $351.95, trading well below their 50-day moving average of $382.18 and 200-day moving average of $416.61.
• Analysts maintain a consensus “Hold” rating with a $639 target price. Recent quarterly EPS of $2.23 exceeded expectations, although revenue of $246.1 million fell slightly short of estimates.
• The company paid a quarterly dividend of $0.60, equivalent to a $2.40 annualized payout and a 0.7% yield; institutional investors and hedge funds own nearly 60% of the stock.

Texas Pacific Land Corporation (NYSE:TPL - Get Free Report)'s stock price traded down 5.3% during trading on Wednesday . The stock traded as low as $351.53 and last traded at $351.9510. 94,721 shares changed hands during mid-day trading, a decline of 79% from the average session volume of 442,355 shares. The stock had previously closed at $371.63.

Wall Street Analysts Forecast Growth

A number of equities analysts recently issued reports on TPL shares. Weiss Ratings reissued a "hold (c+)" rating on shares of Texas Pacific Land in a report on Wednesday, July 29th. Zacks Research raised Texas Pacific Land from a "strong sell" rating to a "hold" rating in a research note on Wednesday, July 29th. One research analyst has rated the stock with a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, Texas Pacific Land has a consensus rating of "Hold" and a consensus target price of $639.00.

Texas Pacific Land Price Performance

The company has a fifty day moving average of $382.18 and a 200 day moving average of $416.61. The stock has a market cap of $24.28 billion, a P/E ratio of 44.87 and a beta of 0.61.

Texas Pacific Land (NYSE:TPL - Get Free Report) last posted its quarterly earnings data on Wednesday, August 5th. The financial services provider reported $2.23 EPS for the quarter, topping analysts' consensus estimates of $2.18 by $0.05. The company had revenue of $246.10 million for the quarter, compared to the consensus estimate of $249.50 million. Texas Pacific Land had a return on equity of 35.76% and a net margin of 60.32%. As a group, analysts anticipate that Texas Pacific Land Corporation will post 8.88 EPS for the current year.

Texas Pacific Land Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, September 15th. Shareholders of record on Tuesday, September 1st were given a $0.60 dividend. The ex-dividend date was Tuesday, September 1st. This represents a $2.40 annualized dividend and a yield of 0.7%. Texas Pacific Land's payout ratio is 30.57%.

Hedge Funds Weigh In On Texas Pacific Land

Several hedge funds have recently made changes to their positions in the business. Cherry Tree Wealth Management LLC bought a new stake in shares of Texas Pacific Land in the 2nd quarter worth approximately $31,000. Bouchey Financial Group Ltd. boosted its holdings in Texas Pacific Land by 9.0% during the second quarter. Bouchey Financial Group Ltd. now owns 618 shares of the financial services provider's stock worth $270,000 after buying an additional 51 shares in the last quarter. WINTON GROUP Ltd grew its position in Texas Pacific Land by 11.3% in the second quarter. WINTON GROUP Ltd now owns 3,167 shares of the financial services provider's stock worth $1,386,000 after buying an additional 321 shares during the last quarter. Teamwork Financial Advisors LLC grew its position in Texas Pacific Land by 94.0% in the second quarter. Teamwork Financial Advisors LLC now owns 28,709 shares of the financial services provider's stock worth $12,564,000 after buying an additional 13,914 shares during the last quarter. Finally, RFG Advisory LLC grew its position in Texas Pacific Land by 24.0% in the second quarter. RFG Advisory LLC now owns 1,045 shares of the financial services provider's stock worth $457,000 after buying an additional 202 shares during the last quarter. 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 land and natural resources company focused primarily on properties in the Permian Basin of West Texas. The company owns and manages a large portfolio of land and mineral interests, generating revenue from oil and gas royalties, easements, surface leases, grazing leases, and other land-use arrangements.

Texas Pacific Land also provides water-related services to customers engaged in oil and gas development. Its activities include sourcing, handling, treating, and disposing of water, as well as developing and managing water infrastructure.

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