Weiss Ratings Reaffirms Hold (C) Rating for Texas Pacific Land (NYSE:TPL)

Key Points

• Weiss Ratings has reaffirmed a "hold (C)" rating for Texas Pacific Land (NYSE: TPL), indicating a cautious outlook for the stock.
• Texas Pacific Land's stock rose by 1.6% to $906.50, while the company faces a missed earnings estimate of $5.05 EPS against a consensus of $5.48.
• Institutional investors have significantly increased their stakes in Texas Pacific Land, with holdings now constituting 59.94% of the company's stock.

Texas Pacific Land (NYSE:TPL - Get Free Report)'s stock had its "hold (c)" rating reaffirmed by equities researchers at Weiss Ratings in a report released on Tuesday,Weiss Ratings reports.

Texas Pacific Land Trading Up 1.6%

NYSE TPL traded up $14.27 during trading hours on Tuesday, hitting $906.50. 67,609 shares of the company's stock were exchanged, compared to its average volume of 137,297. The stock has a 50-day simple moving average of $916.49 and a 200 day simple moving average of $1,079.48. Texas Pacific Land has a 1-year low of $845.56 and a 1-year high of $1,769.14. The firm has a market cap of $20.83 billion, a price-to-earnings ratio of 45.19 and a beta of 1.12.

Texas Pacific Land (NYSE:TPL - Get Free Report) last released its earnings results on Wednesday, August 6th. The financial services provider reported $5.05 EPS for the quarter, missing the consensus estimate of $5.48 by ($0.43). Texas Pacific Land had a return on equity of 39.47% and a net margin of 62.16%.The business had revenue of $187.54 million for the quarter, compared to analyst estimates of $198.00 million.

Insider Buying and Selling

In other Texas Pacific Land news, Director Eric L. Oliver bought 100 shares of the firm's stock in a transaction that occurred on Thursday, August 21st. The stock was acquired at an average price of $881.27 per share, with a total value of $88,127.00. Following the completion of the purchase, the director directly owned 393,600 shares of the company's stock, valued at approximately $346,867,872. This trade represents a 0.03% increase in their position. The purchase was disclosed in a legal filing with the SEC, which is available at this link. 6.90% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Exchange Traded Concepts LLC boosted its holdings in Texas Pacific Land by 103.6% in the third quarter. Exchange Traded Concepts LLC now owns 1,185 shares of the financial services provider's stock worth $1,106,000 after acquiring an additional 603 shares in the last quarter. Corsicana & Co. bought a new position in Texas Pacific Land in the third quarter worth approximately $1,578,000. Viking Fund Management LLC boosted its holdings in Texas Pacific Land by 81.8% in the third quarter. Viking Fund Management LLC now owns 2,000 shares of the financial services provider's stock worth $1,867,000 after acquiring an additional 900 shares in the last quarter. Riversedge Advisors LLC boosted its holdings in Texas Pacific Land by 8.1% in the third quarter. Riversedge Advisors LLC now owns 386 shares of the financial services provider's stock worth $360,000 after acquiring an additional 29 shares in the last quarter. Finally, Patriot Financial Group Insurance Agency LLC bought a new position in Texas Pacific Land in the third quarter worth approximately $309,000. Institutional investors 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.

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