Texas Pacific Land (NYSE:TPL) Rating Increased to Hold at Zacks Research

Key Points

• Zacks Research upgraded Texas Pacific Land from “strong sell” to “hold,” while Weiss Ratings reaffirmed a “hold (C+)” rating. Analysts’ average rating is “Hold,” with an average price target of $639.
• Texas Pacific Land shares opened at $394.58, with a $27.21 billion market capitalization. The company recently exceeded quarterly expectations, reporting $2.07 in EPS and $236.8 million in revenue.
• 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 own 59.94%.

Texas Pacific Land (NYSE:TPL - Get Free Report) was upgraded by stock analysts at Zacks Research from a "strong sell" rating to a "hold" rating in a note issued to investors on Wednesday,Zacks.com reports.

Separately, Weiss Ratings reissued a "hold (c+)" rating on shares of Texas Pacific Land in a research report on Wednesday. One investment analyst has rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, Texas Pacific Land presently has an average rating of "Hold" and an average price target of $639.00.

Texas Pacific Land Trading Up 1.3%

Shares of NYSE TPL opened at $394.58 on Wednesday. The company has a market capitalization of $27.21 billion, a P/E ratio of 54.05 and a beta of 0.58. Texas Pacific Land has a 12 month low of $269.23 and a 12 month high of $547.20. The stock has a 50 day moving average of $395.05 and a 200-day moving average of $420.07.

Texas Pacific Land (NYSE:TPL - Get Free Report) last announced its quarterly earnings results on Wednesday, May 6th. The financial services provider reported $2.07 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.03 by $0.04. Texas Pacific Land had a return on equity of 35.52% and a net margin of 60.03%.The business had revenue of $236.80 million during the quarter, compared to the consensus estimate of $233.00 million. Analysts predict that Texas Pacific Land will post 8.88 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, CFO Chris Steddum sold 830 shares of Texas Pacific Land stock in a transaction that occurred 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 approximately $4,819,973.20. This trade represents a 6.45% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 6.90% of the company's stock.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the company. Summit Securities Group LLC boosted its position in shares of Texas Pacific Land by 171.9% in the fourth quarter. Summit Securities Group LLC now owns 87 shares of the financial services provider's stock valued at $25,000 after acquiring an additional 55 shares during the period. IFP Advisors Inc increased its position in Texas Pacific Land by 185.3% during the fourth quarter. IFP Advisors Inc now owns 97 shares of the financial services provider's stock worth $28,000 after acquiring an additional 63 shares during the period. Quarry LP bought a new position in Texas Pacific Land during the third quarter worth about $29,000. Eagle Bay Advisors LLC acquired a new stake in Texas Pacific Land in the 4th quarter worth about $31,000. Finally, Los Angeles Capital Management LLC acquired a new stake in Texas Pacific Land in the 4th quarter worth about $31,000. Institutional investors 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.