Texas Pacific Land (NYSE:TPL) Share Price Passes Above Two Hundred Day Moving Average of $547.01

Texas Pacific Land Co. (NYSE:TPL)’s share price passed above its 200-day moving average during trading on Friday . The stock has a 200-day moving average of $547.01 and traded as high as $589.07. Texas Pacific Land shares last traded at $582.82, with a volume of 63,072 shares trading hands.

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on TPL shares. Stifel Nicolaus reduced their price objective on Texas Pacific Land from $519.33 to $471.33 and set a “hold” rating for the company in a research note on Tuesday, January 23rd. BWS Financial restated a “buy” rating and issued a $917.00 price objective on shares of Texas Pacific Land in a research note on Tuesday, April 2nd. Finally, StockNews.com cut Texas Pacific Land from a “buy” rating to a “hold” rating in a research note on Thursday, April 4th.

Texas Pacific Land Price Performance

The firm has a fifty day simple moving average of $546.30 and a 200 day simple moving average of $547.01. The company has a market capitalization of $13.41 billion, a price-to-earnings ratio of 33.13 and a beta of 1.60.

Texas Pacific Land (NYSE:TPL) last released its earnings results on Wednesday, February 21st. The financial services provider reported $4.91 earnings per share for the quarter, beating the consensus estimate of $4.15 by $0.76. The business had revenue of $166.66 million for the quarter, compared to the consensus estimate of $152.20 million. Texas Pacific Land had a return on equity of 43.57% and a net margin of 64.22%. Research analysts predict that Texas Pacific Land Co. will post 20.72 EPS for the current year.

Texas Pacific Land Cuts Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, March 15th. Stockholders of record on Friday, March 1st were given a $1.1667 dividend. The ex-dividend date was Thursday, February 29th. This represents a $4.67 annualized dividend and a dividend yield of 0.80%. Texas Pacific Land’s dividend payout ratio (DPR) is presently 26.49%.

Insider Buying and Selling

In other Texas Pacific Land news, Director Eric L. Oliver bought 300 shares of Texas Pacific Land stock in a transaction on Wednesday, March 13th. The shares were bought at an average price of $540.24 per share, for a total transaction of $162,073.00. Following the completion of the transaction, the director now directly owns 393,300 shares of the company’s stock, valued at $212,477,703. The purchase was disclosed in a document filed with the SEC, which is available at the SEC website. Over the last 90 days, insiders have purchased 600 shares of company stock worth $318,196. 20.04% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in TPL. Raymond James Financial Services Advisors Inc. boosted its position in shares of Texas Pacific Land by 10.8% during the 1st quarter. Raymond James Financial Services Advisors Inc. now owns 675 shares of the financial services provider’s stock worth $913,000 after acquiring an additional 66 shares in the last quarter. American Century Companies Inc. boosted its position in shares of Texas Pacific Land by 41.6% during the 1st quarter. American Century Companies Inc. now owns 729 shares of the financial services provider’s stock worth $986,000 after acquiring an additional 214 shares in the last quarter. Cambridge Investment Research Advisors Inc. boosted its position in shares of Texas Pacific Land by 3.0% during the 1st quarter. Cambridge Investment Research Advisors Inc. now owns 881 shares of the financial services provider’s stock worth $1,191,000 after acquiring an additional 26 shares in the last quarter. Citigroup Inc. boosted its position in shares of Texas Pacific Land by 23.0% during the 1st quarter. Citigroup Inc. now owns 2,903 shares of the financial services provider’s stock worth $3,925,000 after acquiring an additional 543 shares in the last quarter. Finally, MetLife Investment Management LLC purchased a new stake in shares of Texas Pacific Land in the 1st quarter valued at about $515,000. 59.94% of the stock is owned by institutional investors and hedge funds.

Texas Pacific Land Company Profile

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.