Texas Pacific Land (NYSE:TPL) Reaches New 1-Year 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 trading hands. The stock had previously closed at $1,089.97.

Wall Street Analysts Forecast Growth

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

Texas Pacific Land Stock Performance

The firm’s 50 day moving average price is $914.13 and its two-hundred day moving average price is $769.64. The firm has a market cap of $25.20 billion, a PE ratio of 56.07 and a beta of 1.60.

Texas Pacific Land (NYSE:TPL) last issued its quarterly earnings data on Wednesday, August 7th. The financial services provider reported $4.98 earnings per share for the quarter, missing the consensus estimate of $5.36 by ($0.38). The business 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 posted $4.35 earnings per share.

Texas Pacific Land Dividend Announcement

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

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. grew its stake in shares of Texas Pacific Land by 199.8% in the first quarter. Vanguard Group Inc. now owns 1,901,206 shares of the financial services provider’s stock worth $1,099,867,000 after acquiring an additional 1,267,123 shares in the last quarter. Bank of New York Mellon Corp grew its stake in Texas Pacific Land by 74.2% during the 2nd quarter. Bank of New York Mellon Corp now owns 204,176 shares of the financial services provider’s stock worth $149,920,000 after purchasing an additional 86,975 shares in the last quarter. Magnolia Capital Advisors LLC purchased a new stake in Texas Pacific Land during the 2nd quarter worth about $131,014,000. Dimensional Fund Advisors LP increased its holdings in Texas Pacific Land by 8.5% during the 2nd quarter. Dimensional Fund Advisors LP now owns 126,156 shares of the financial services provider’s stock worth $92,632,000 after purchasing an additional 9,878 shares during the period. Finally, Mad River Investors raised its position 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 purchasing an additional 66,663 shares in the last quarter. 59.94% of the stock is currently owned by institutional investors and hedge funds.

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.