Texas Pacific Land (NYSE:TPL) Trading Down 3.5%

Texas Pacific Land Co. (NYSE:TPL) shares traded down 3.5% during trading on Thursday . The company traded as low as $892.66 and last traded at $895.36. 19,484 shares changed hands during trading, a decline of 81% from the average session volume of 104,836 shares. The stock had previously closed at $927.73.

Analysts Set New Price Targets

A number of analysts have commented on the company. BWS Financial reissued a “buy” rating and set a $917.00 price objective on shares of Texas Pacific Land in a report on Monday, August 12th. StockNews.com lowered Texas Pacific Land from a “buy” rating to a “hold” rating in a report on Tuesday, June 18th.

Texas Pacific Land Price Performance

The company has a market capitalization of $20.49 billion, a P/E ratio of 49.32 and a beta of 1.60. The firm has a fifty day moving average price of $833.22 and a 200-day moving average price of $706.74.

Texas Pacific Land (NYSE:TPL) last released its earnings results on Wednesday, August 7th. The financial services provider reported $4.98 earnings per share (EPS) 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 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 period in the prior year, the company earned $4.35 earnings per share. On average, research analysts forecast that Texas Pacific Land Co. will post 20.14 EPS for the current year.

Texas Pacific Land Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, September 17th. Stockholders of record on Tuesday, September 3rd were issued a $1.17 dividend. This represents a $4.68 annualized dividend and a dividend yield of 0.53%. The ex-dividend date of this dividend was Tuesday, September 3rd. Texas Pacific Land’s dividend payout ratio is presently 24.88%.

Hedge Funds Weigh In On Texas Pacific Land

Several institutional investors and hedge funds have recently bought and sold shares of the company. NEOS Investment Management LLC grew its holdings in Texas Pacific Land by 5.0% during the fourth quarter. NEOS Investment Management LLC now owns 147 shares of the financial services provider’s stock valued at $231,000 after purchasing an additional 7 shares during the period. BOKF NA grew its holdings in Texas Pacific Land by 1.1% during the second quarter. BOKF NA now owns 1,571 shares of the financial services provider’s stock valued at $1,154,000 after purchasing an additional 17 shares during the period. Steward Partners Investment Advisory LLC grew its holdings in Texas Pacific Land by 3.1% during the fourth quarter. Steward Partners Investment Advisory LLC now owns 605 shares of the financial services provider’s stock valued at $951,000 after purchasing an additional 18 shares during the period. CIBC Asset Management Inc grew its holdings in Texas Pacific Land by 2.9% during the second quarter. CIBC Asset Management Inc now owns 756 shares of the financial services provider’s stock valued at $555,000 after purchasing an additional 21 shares during the period. Finally, Accordant Advisory Group Inc lifted its position in shares of Texas Pacific Land by 1.9% during the second quarter. Accordant Advisory Group Inc now owns 1,382 shares of the financial services provider’s stock worth $1,015,000 after acquiring an additional 26 shares in the last quarter. 59.94% of the stock is owned by 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.