Texas Pacific Land (NYSE:TPL) Sets New 12-Month High – Still a Buy?

Texas Pacific Land Co. (NYSE:TPL)’s stock price hit a new 52-week high during mid-day trading on Friday . The stock traded as high as $1,105.04 and last traded at $1,105.04, with a volume of 2184 shares traded. The stock had previously closed at $1,089.97.

Analyst Upgrades and Downgrades

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

Texas Pacific Land Stock Performance

The business’s 50-day moving average price is $919.63 and its 200-day moving average price is $774.52. The stock has a market cap of $25.23 billion, a P/E ratio of 56.48 and a beta of 1.60.

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 company had revenue of $172.33 million during the quarter, compared to analysts’ expectations of $182.35 million. Texas Pacific Land had a return on equity of 41.29% and a net margin of 66.71%. During the same quarter in the previous year, the company earned $4.35 EPS.

Texas Pacific Land Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, September 17th. Stockholders of record on Tuesday, September 3rd were paid a $1.17 dividend. The ex-dividend date was Tuesday, September 3rd. This represents a $4.68 dividend on an annualized basis and a dividend yield of 0.43%. Texas Pacific Land’s dividend payout ratio (DPR) is presently 24.07%.

Hedge Funds Weigh In On Texas Pacific Land

Several large investors have recently made changes to their positions in TPL. Avantax Advisory Services Inc. boosted its position in shares of Texas Pacific Land by 204.2% during the first quarter. Avantax Advisory Services Inc. now owns 1,010 shares of the financial services provider’s stock worth $584,000 after acquiring an additional 678 shares during the last quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. boosted its position in shares of Texas Pacific Land by 229.3% during the first quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 15,054 shares of the financial services provider’s stock worth $8,709,000 after acquiring an additional 10,483 shares during the last quarter. Van ECK Associates Corp boosted its position in shares of Texas Pacific Land by 220.7% during the first quarter. Van ECK Associates Corp now owns 4,137 shares of the financial services provider’s stock worth $2,393,000 after acquiring an additional 2,847 shares during the last quarter. Russell Investments Group Ltd. boosted its position in shares of Texas Pacific Land by 174.6% during the first quarter. Russell Investments Group Ltd. now owns 11,757 shares of the financial services provider’s stock worth $6,802,000 after acquiring an additional 7,476 shares during the last quarter. Finally, Wealth Enhancement Advisory Services LLC boosted its position in shares of Texas Pacific Land by 56.9% during the second quarter. Wealth Enhancement Advisory Services LLC now owns 14,497 shares of the financial services provider’s stock worth $10,645,000 after acquiring an additional 5,255 shares during 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.