Texas Pacific Land (NYSE:TPL) Announces Earnings Results, Beats Estimates By $0.05 EPS

Key Points

• Texas Pacific Land reported quarterly EPS of $2.23, beating analysts’ $2.18 estimate by $0.05. Revenue was $246.1 million, slightly below the $249.5 million consensus, while net margin reached 60.03%.
• The stock fell 3.7% to about $380.74 following the results. Analysts maintain a consensus “Hold” rating, with one Buy, two Hold, and one Sell rating and a consensus price target of $639.
• CFO Chris Steddum sold 830 shares for approximately $332,274 under a pre-arranged Rule 10b5-1 plan. Insiders own 6.9% of the company, while institutional investors and hedge funds hold 59.94%.

Texas Pacific Land (NYSE:TPL - Get Free Report) released its earnings results on Wednesday. The financial services provider reported $2.23 EPS for the quarter, beating the consensus estimate of $2.18 by $0.05, FiscalAI reports. Texas Pacific Land had a net margin of 60.03% and a return on equity of 35.52%. The firm had revenue of $246.10 million for the quarter, compared to analysts' expectations of $249.50 million.

Texas Pacific Land Stock Down 3.7%

Texas Pacific Land stock traded down $14.78 during mid-day trading on Wednesday, hitting $380.74. The company's stock had a trading volume of 349,944 shares, compared to its average volume of 456,768. The stock has a market capitalization of $26.26 billion, a P/E ratio of 52.16 and a beta of 0.60. Texas Pacific Land has a twelve month low of $269.23 and a twelve month high of $547.20. The stock's fifty day moving average price is $395.06 and its two-hundred day moving average price is $421.81.

Analyst Upgrades and Downgrades

A number of research firms recently commented on TPL. Zacks Research upgraded shares of Texas Pacific Land from a "strong sell" rating to a "hold" rating in a research note on Wednesday, July 29th. Weiss Ratings reaffirmed a "hold (c+)" rating on shares of Texas Pacific Land in a research note on Wednesday, July 29th. One equities research analyst has rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat.com, the company has an average rating of "Hold" and a consensus target price of $639.00.

Insider Activity at Texas Pacific Land

In other news, CFO Chris Steddum sold 830 shares of the firm's stock in a transaction on Monday, June 8th. The stock was sold at an average price of $400.33, for a total transaction of $332,273.90. Following the completion of the sale, the chief financial officer directly owned 12,040 shares of the company's stock, valued at $4,819,973.20. This trade represents a 6.45% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Company insiders own 6.90% of the company's stock.

Hedge Funds Weigh In On Texas Pacific Land

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Summit Securities Group LLC raised its holdings in Texas Pacific Land by 171.9% during the 4th quarter. Summit Securities Group LLC now owns 87 shares of the financial services provider's stock worth $25,000 after buying an additional 55 shares during the period. Quarry LP purchased a new position in shares of Texas Pacific Land in the third quarter worth approximately $29,000. Los Angeles Capital Management LLC acquired a new stake in shares of Texas Pacific Land during the fourth quarter valued at approximately $31,000. Silicon Valley Capital Partners acquired a new stake in shares of Texas Pacific Land during the third quarter valued at approximately $33,000. Finally, Triumph Capital Management lifted its position in shares of Texas Pacific Land by 200.0% in the 4th quarter. Triumph Capital Management now owns 117 shares of the financial services provider's stock valued at $34,000 after acquiring an additional 78 shares in 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 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.

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