Texas Pacific Land (NYSE:TPL) Hits New 52-Week High – What’s Next?

Texas Pacific Land Co. (NYSE:TPL) reached a new 52-week high during trading on Thursday . The company traded as high as $1,077.25 and last traded at $1,076.88, with a volume of 30382 shares traded. The stock had previously closed at $1,047.96.

Wall Street Analyst Weigh In

Separately, BWS Financial reiterated a “buy” rating and issued a $917.00 price objective on shares of Texas Pacific Land in a research report on Monday, August 12th.

Texas Pacific Land Stock Performance

The firm has a market capitalization of $24.33 billion, a P/E ratio of 54.45 and a beta of 1.60. The firm’s 50-day moving average is $893.34 and its 200 day moving average is $755.87.

Texas Pacific Land (NYSE:TPL) last issued its quarterly earnings results on Wednesday, August 7th. The financial services provider reported $4.98 EPS for the quarter, missing analysts’ consensus estimates of $5.36 by ($0.38). The firm had revenue of $172.33 million during the quarter, compared to the consensus estimate of $182.35 million. Texas Pacific Land had a net margin of 66.71% and a return on equity of 41.29%. During the same quarter last year, the firm earned $4.35 earnings per share.

Texas Pacific Land Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, September 17th. Stockholders of record on Tuesday, September 3rd were paid a dividend of $1.17 per share. The ex-dividend date was Tuesday, September 3rd. This represents a $4.68 annualized dividend and a dividend yield of 0.44%. Texas Pacific Land’s dividend payout ratio is currently 24.07%.

Institutional Trading of Texas Pacific Land

A number of hedge funds and other institutional investors have recently made changes to their positions in TPL. Vest Financial LLC increased its position in shares of Texas Pacific Land by 10.3% in the third quarter. Vest Financial LLC now owns 1,621 shares of the financial services provider’s stock valued at $1,434,000 after acquiring an additional 151 shares during the last quarter. Stegent Equity Advisors Inc. raised its stake in shares of Texas Pacific Land by 38.8% during the 3rd quarter. Stegent Equity Advisors Inc. now owns 3,889 shares of the financial services provider’s stock worth $3,441,000 after purchasing an additional 1,087 shares in the last quarter. Key Client Fiduciary Advisors LLC acquired a new stake in shares of Texas Pacific Land in the 3rd quarter valued at approximately $211,000. Blue Trust Inc. grew its stake in shares of Texas Pacific Land by 13.9% in the third quarter. Blue Trust Inc. now owns 19,176 shares of the financial services provider’s stock valued at $16,966,000 after buying an additional 2,333 shares in the last quarter. Finally, Net Worth Advisory Group acquired a new position in Texas Pacific Land during the third quarter worth $462,000. 59.94% of the stock is currently owned by institutional investors and hedge funds.

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.