Texas Pacific Land (NYSE:TPL) Reaches New 52-Week High at $967.74

Texas Pacific Land Co. (NYSE:TPL)’s stock price reached a new 52-week high on Thursday . The company traded as high as $967.74 and last traded at $957.00, with a volume of 15552 shares traded. The stock had previously closed at $930.01.

Wall Street Analyst Weigh In

TPL has been the subject of a number of recent research reports. BWS Financial restated a “buy” rating and issued a $917.00 target price on shares of Texas Pacific Land in a research report on Monday, August 12th. StockNews.com downgraded Texas Pacific Land from a “buy” rating to a “hold” rating in a research report on Tuesday, June 18th.

Texas Pacific Land Trading Up 4.3 %

The stock has a 50 day simple moving average of $842.35 and a 200 day simple moving average of $719.35. The firm has a market capitalization of $22.30 billion, a PE ratio of 49.44 and a beta of 1.60.

Texas Pacific Land (NYSE:TPL) last announced 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 period last year, the firm earned $4.35 earnings per share.

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 paid a dividend of $1.17 per share. The ex-dividend date of this dividend was Tuesday, September 3rd. This represents a $4.68 annualized dividend and a dividend yield of 0.48%. Texas Pacific Land’s dividend payout ratio (DPR) is presently 24.88%.

Hedge Funds Weigh In On Texas Pacific Land

Several hedge funds have recently made changes to their positions in TPL. Avantax Advisory Services Inc. grew its stake in Texas Pacific Land by 204.2% in the first quarter. Avantax Advisory Services Inc. now owns 1,010 shares of the financial services provider’s stock worth $584,000 after purchasing an additional 678 shares during the period. BNP PARIBAS ASSET MANAGEMENT Holding S.A. grew its stake in Texas Pacific Land by 229.3% in 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 purchasing an additional 10,483 shares during the period. Van ECK Associates Corp grew its stake in Texas Pacific Land by 220.7% in the first quarter. Van ECK Associates Corp now owns 4,137 shares of the financial services provider’s stock worth $2,393,000 after purchasing an additional 2,847 shares during the period. Sandbox Financial Partners LLC grew its stake in Texas Pacific Land by 175.4% in the first quarter. Sandbox Financial Partners LLC now owns 2,181 shares of the financial services provider’s stock worth $1,262,000 after purchasing an additional 1,389 shares during the period. Finally, Russell Investments Group Ltd. grew its stake in Texas Pacific Land by 174.6% in the first quarter. Russell Investments Group Ltd. now owns 11,757 shares of the financial services provider’s stock worth $6,802,000 after purchasing an additional 7,476 shares during the period. 59.94% of the stock is owned by hedge funds and other 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.