Texas Pacific Land (NYSE:TPL) Stock Price Passes Above 200 Day Moving Average of $542.71

Texas Pacific Land Co. (NYSE:TPL)’s stock price crossed above its 200-day moving average during trading on Wednesday . The stock has a 200-day moving average of $542.71 and traded as high as $571.54. Texas Pacific Land shares last traded at $563.35, with a volume of 62,509 shares traded.

Analyst Ratings Changes

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

Texas Pacific Land Price Performance

The firm has a market capitalization of $12.96 billion, a PE ratio of 32.03 and a beta of 1.59. The firm’s fifty day moving average is $565.41 and its two-hundred day moving average is $542.71.

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 analysts’ consensus estimates of $4.15 by $0.76. The firm had revenue of $166.66 million for the quarter, compared to analysts’ expectations of $152.20 million. Texas Pacific Land had a net margin of 64.22% and a return on equity of 43.57%. As a group, equities research analysts predict that Texas Pacific Land Co. will post 20.14 EPS for the current fiscal year.

Texas Pacific Land Cuts Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, March 15th. Shareholders of record on Friday, March 1st were paid a $1.1667 dividend. This represents a $4.67 dividend on an annualized basis and a yield of 0.83%. The ex-dividend date was Thursday, February 29th. Texas Pacific Land’s payout ratio is 26.49%.

Insider Buying and Selling at Texas Pacific Land

In related news, Director Eric L. Oliver bought 300 shares of the company’s stock in a transaction on Wednesday, March 13th. The shares were purchased at an average cost of $540.24 per share, for a total transaction of $162,073.00. Following the completion of the purchase, the director now directly owns 393,300 shares in the company, valued at $212,477,703. The acquisition was disclosed in a filing with the SEC, which is available at the SEC website. Insiders have purchased a total of 549 shares of company stock worth $294,925 over the last three months. 20.04% of the stock is currently owned by insiders.

Institutional Trading of Texas Pacific Land

A number of institutional investors have recently modified their holdings of TPL. Pacific Heights Asset Management LLC lifted its stake in shares of Texas Pacific Land by 200.0% during 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 buying an additional 110,000 shares in the last quarter. Mad River Investors lifted its stake in shares of Texas Pacific Land by 199.2% during the 1st quarter. Mad River Investors now owns 100,121 shares of the financial services provider’s stock valued at $57,921,000 after buying an additional 66,663 shares in the last quarter. Hodges Capital Management Inc. lifted its stake in shares of Texas Pacific Land by 130.9% during 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 buying an additional 43,726 shares in the last quarter. Lawson Kroeker Investment Management Inc. NE lifted its stake in shares of Texas Pacific Land by 200.3% during the 1st quarter. Lawson Kroeker Investment Management Inc. NE now owns 56,808 shares of the financial services provider’s stock valued at $32,864,000 after buying an additional 37,890 shares in the last quarter. Finally, Swiss National Bank lifted its stake in shares of Texas Pacific Land by 189.0% during the 1st quarter. Swiss National Bank now owns 55,251 shares of the financial services provider’s stock valued at $31,963,000 after buying an additional 36,134 shares in the last quarter. 59.94% of the stock is currently 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.