Texas Pacific Land (NYSE:TPL) Hits New 52-Week High – Here’s Why

Texas Pacific Land Co. (NYSE:TPL) hit a new 52-week high on Thursday . The stock traded as high as $1,160.55 and last traded at $1,160.55, with a volume of 2807 shares. The stock had previously closed at $1,153.63.

Analysts Set New Price Targets

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

Texas Pacific Land Trading Down 0.4 %

The stock has a market capitalization of $26.40 billion, a PE ratio of 59.34 and a beta of 1.60. The firm has a 50 day moving average of $937.02 and a two-hundred day moving average of $785.35.

Texas Pacific Land (NYSE:TPL) last announced its quarterly earnings data 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). Texas Pacific Land had a net margin of 66.71% and a return on equity of 41.29%. The business had revenue of $172.33 million during the quarter, compared to analysts’ expectations of $182.35 million. During the same period in the prior year, the firm earned $4.35 EPS.

Texas Pacific Land Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, September 17th. Stockholders of record on Tuesday, September 3rd were given a dividend of $1.17 per share. This represents a $4.68 dividend on an annualized basis and a dividend yield of 0.41%. The ex-dividend date was Tuesday, September 3rd. Texas Pacific Land’s payout ratio is 24.07%.

Institutional Investors Weigh In On Texas Pacific Land

Several large investors have recently modified their holdings of the stock. American National Bank purchased a new stake in shares of Texas Pacific Land during the second quarter worth $42,000. Thurston Springer Miller Herd & Titak Inc. acquired a new stake in shares of Texas Pacific Land in the second quarter valued at about $44,000. Compagnie Lombard Odier SCmA acquired a new stake in Texas Pacific Land during the third quarter worth about $44,000. Signaturefd LLC grew its position in Texas Pacific Land by 16.9% during the third quarter. Signaturefd LLC now owns 90 shares of the financial services provider’s stock worth $80,000 after buying an additional 13 shares in the last quarter. Finally, UniSuper Management Pty Ltd grew its position in Texas Pacific Land by 200.0% during the first quarter. UniSuper Management Pty Ltd now owns 144 shares of the financial services provider’s stock worth $83,000 after buying an additional 96 shares in the last quarter. 59.94% of the stock is owned by 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.