Texas Pacific Land (NYSE:TPL) Shares Cross Above Two Hundred Day Moving Average of $545.84

Texas Pacific Land Co. (NYSE:TPL)’s share price passed above its two hundred day moving average during trading on Monday . The stock has a two hundred day moving average of $545.84 and traded as high as $607.89. Texas Pacific Land shares last traded at $602.99, with a volume of 69,470 shares changing hands.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently commented on TPL shares. StockNews.com downgraded shares of Texas Pacific Land from a “buy” rating to a “hold” rating in a research report on Thursday, April 4th. BWS Financial reissued 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, Stifel Nicolaus cut their target price on Texas Pacific Land from $519.33 to $471.33 and set a “hold” rating on the stock in a research report on Tuesday, January 23rd.

Texas Pacific Land Stock Performance

The company has a market cap of $13.87 billion, a PE ratio of 34.29 and a beta of 1.60. The company’s 50 day moving average price is $558.38 and its 200-day moving average price is $545.84.

Texas Pacific Land (NYSE:TPL) last released its earnings results on Wednesday, February 21st. The financial services provider reported $4.91 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $4.15 by $0.76. Texas Pacific Land had a return on equity of 43.57% and a net margin of 64.22%. The business had revenue of $166.66 million during the quarter, compared to the consensus estimate of $152.20 million. Equities research analysts expect that Texas Pacific Land Co. will post 20.14 EPS for the current year.

Texas Pacific Land Cuts Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, March 15th. Stockholders of record on Friday, March 1st were given a $1.1667 dividend. This represents a $4.67 annualized dividend and a dividend yield of 0.77%. The ex-dividend date was Thursday, February 29th. Texas Pacific Land’s dividend payout ratio (DPR) is currently 26.55%.

Insider Activity at Texas Pacific Land

In related news, Director Eric L. Oliver purchased 300 shares of the business’s stock in a transaction dated Wednesday, March 13th. The stock was purchased at an average cost of $540.24 per share, with a total value of $162,073.00. Following the completion of the acquisition, 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 accessible through this hyperlink. In the last ninety days, insiders have acquired 564 shares of company stock worth $301,220. 20.04% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the company. Linden Thomas Advisory Services LLC purchased a new stake in shares of Texas Pacific Land in the 3rd quarter valued at about $810,000. Commonwealth Equity Services LLC grew its holdings in shares of Texas Pacific Land by 3.4% during the third quarter. Commonwealth Equity Services LLC now owns 5,828 shares of the financial services provider’s stock worth $10,628,000 after purchasing an additional 190 shares in the last quarter. Litman Gregory Wealth Management LLC bought a new position in shares of Texas Pacific Land in the third quarter worth approximately $3,454,000. Cambridge Investment Research Advisors Inc. raised its stake in Texas Pacific Land by 27.2% in the third quarter. Cambridge Investment Research Advisors Inc. now owns 1,413 shares of the financial services provider’s stock valued at $2,577,000 after purchasing an additional 302 shares in the last quarter. Finally, Kingswood Wealth Advisors LLC lifted its position in Texas Pacific Land by 22.9% during the third quarter. Kingswood Wealth Advisors LLC now owns 1,440 shares of the financial services provider’s stock valued at $2,626,000 after purchasing an additional 268 shares during the last quarter. 59.94% of the stock is currently owned by hedge funds and other institutional investors.

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.