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

Texas Pacific Land Co. (NYSE:TPL) shares hit a new 52-week high on Thursday . The stock traded as high as $1,077.25 and last traded at $1,076.88, with a volume of 30382 shares traded. The stock had previously closed at $1,047.96.

Wall Street Analysts Forecast Growth

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

Texas Pacific Land Price Performance

The business’s fifty day simple moving average is $883.83 and its two-hundred day simple moving average is $750.29. The company has a market cap of $24.50 billion, a PE ratio of 55.04 and a beta of 1.60.

Texas Pacific Land (NYSE:TPL) last posted its quarterly earnings results on Wednesday, August 7th. The financial services provider reported $4.98 earnings per share for the quarter, missing analysts’ consensus estimates of $5.36 by ($0.38). The business had revenue of $172.33 million for the quarter, compared to analyst estimates 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 firm posted $4.35 earnings per share.

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 paid a $1.17 dividend. This represents a $4.68 dividend on an annualized basis and a dividend yield of 0.44%. The ex-dividend date was Tuesday, September 3rd. Texas Pacific Land’s dividend payout ratio (DPR) is 24.07%.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Avantax Advisory Services Inc. raised its position in Texas Pacific Land by 204.2% during the 1st quarter. Avantax Advisory Services Inc. now owns 1,010 shares of the financial services provider’s stock worth $584,000 after buying an additional 678 shares during the last quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. increased its holdings in Texas Pacific Land by 229.3% during the 1st quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 15,054 shares of the financial services provider’s stock valued at $8,709,000 after acquiring an additional 10,483 shares in the last quarter. Van ECK Associates Corp increased its holdings in Texas Pacific Land by 220.7% during the 1st quarter. Van ECK Associates Corp now owns 4,137 shares of the financial services provider’s stock valued at $2,393,000 after acquiring an additional 2,847 shares in the last quarter. Sandbox Financial Partners LLC increased its holdings in Texas Pacific Land by 175.4% during the 1st quarter. Sandbox Financial Partners LLC now owns 2,181 shares of the financial services provider’s stock valued at $1,262,000 after acquiring an additional 1,389 shares in the last quarter. Finally, Russell Investments Group Ltd. increased its holdings in Texas Pacific Land by 174.6% during the 1st quarter. Russell Investments Group Ltd. now owns 11,757 shares of the financial services provider’s stock valued at $6,802,000 after acquiring an additional 7,476 shares in the last quarter. Institutional investors and hedge funds own 59.94% of the company’s stock.

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.