Texas Pacific Land (NYSE:TPL) Sets New 1-Year High at $841.00

Texas Pacific Land Co. (NYSE:TPL) shares hit a new 52-week high during mid-day trading on Wednesday . The company traded as high as $841.00 and last traded at $834.85, with a volume of 2346 shares traded. The stock had previously closed at $826.33.

Analyst Upgrades and Downgrades

A number of equities analysts recently issued reports on TPL shares. BWS Financial reiterated a “buy” rating and issued a $917.00 target price on shares of Texas Pacific Land in a report on Friday, May 10th. StockNews.com downgraded shares of Texas Pacific Land from a “buy” rating to a “hold” rating in a report on Tuesday, June 18th.

Texas Pacific Land Trading Down 2.6 %

The stock’s fifty day simple moving average is $739.05 and its 200-day simple moving average is $613.74. The stock has a market capitalization of $18.92 billion, a PE ratio of 43.76 and a beta of 1.63.

Texas Pacific Land (NYSE:TPL) last issued its quarterly earnings results on Wednesday, May 8th. The financial services provider reported $4.97 earnings per share for the quarter, topping analysts’ consensus estimates of $4.58 by $0.39. The company had revenue of $174.14 million for the quarter, compared to the consensus estimate of $158.20 million. Texas Pacific Land had a net margin of 65.74% and a return on equity of 43.16%. As a group, analysts anticipate that Texas Pacific Land Co. will post 21.2 earnings per share for the current fiscal year.

Texas Pacific Land Announces Dividend

The business also recently declared a None dividend, which was paid on Monday, July 15th. Investors of record on Monday, July 1st were issued a $10.00 dividend. The ex-dividend date of this dividend was Monday, July 1st. Texas Pacific Land’s dividend payout ratio (DPR) is currently 24.88%.

Hedge Funds Weigh In On Texas Pacific Land

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Vanguard Group Inc. raised its stake in Texas Pacific Land by 199.8% in the 1st quarter. Vanguard Group Inc. now owns 1,901,206 shares of the financial services provider’s stock valued at $1,099,867,000 after acquiring an additional 1,267,123 shares during the period. Bank of New York Mellon Corp raised its stake in Texas Pacific Land by 74.2% in the 2nd quarter. Bank of New York Mellon Corp now owns 204,176 shares of the financial services provider’s stock valued at $149,920,000 after acquiring an additional 86,975 shares during the period. Pacific Heights Asset Management LLC raised its stake in Texas Pacific Land by 200.0% in the 1st quarter. Pacific Heights Asset Management LLC now owns 165,000 shares of the financial services provider’s stock valued at $95,454,000 after acquiring an additional 110,000 shares during the period. Mad River Investors raised its stake in Texas Pacific Land by 199.2% in the 1st quarter. Mad River Investors now owns 100,121 shares of the financial services provider’s stock valued at $57,921,000 after acquiring an additional 66,663 shares during the period. Finally, Hodges Capital Management Inc. raised its stake in Texas Pacific Land by 130.9% in the 1st quarter. Hodges Capital Management Inc. now owns 77,137 shares of the financial services provider’s stock valued at $44,625,000 after acquiring an additional 43,726 shares during the period. 59.94% of the stock is owned by hedge funds and other institutional investors.

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.