Texas Pacific Land (NYSE:TPL) Stock Rating Upgraded by StockNews.com

Texas Pacific Land (NYSE:TPL) was upgraded by stock analysts at StockNews.com from a “hold” rating to a “buy” rating in a research note issued to investors on Wednesday.

Separately, Stifel Nicolaus cut their price target on Texas Pacific Land from $519.33 to $471.33 and set a “hold” rating on the stock in a report on Tuesday, January 23rd.

Texas Pacific Land Stock Up 3.0 %

NYSE:TPL traded up $16.60 on Wednesday, reaching $576.33. 71,543 shares of the company’s stock were exchanged, compared to its average volume of 71,274. The business has a fifty day moving average of $514.26 and a 200-day moving average of $549.07. Texas Pacific Land has a 52-week low of $422.07 and a 52-week high of $666.67. The firm has a market capitalization of $4.42 billion, a price-to-earnings ratio of 10.92 and a beta of 1.60.

Texas Pacific Land (NYSE:TPL) last announced its earnings results on Wednesday, February 21st. The financial services provider reported $4.91 earnings per share for the quarter, topping the consensus estimate of $4.15 by $0.76. Texas Pacific Land had a net margin of 64.22% and a return on equity of 43.57%. The firm had revenue of $166.66 million for the quarter, compared to the consensus estimate of $152.20 million. As a group, equities analysts anticipate that Texas Pacific Land will post 55.94 earnings per share for the current year.

Insiders Place Their Bets

In related news, Director Eric L. Oliver acquired 300 shares of the business’s stock in a transaction on Wednesday, March 13th. The shares were bought at an average price of $540.24 per share, with a total value of $162,073.00. Following the completion of the acquisition, the director now owns 393,300 shares in the company, valued at $212,477,703. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Insiders acquired 663 shares of company stock valued at $348,313 in the last ninety days. Insiders own 20.04% of the company’s stock.

Institutional Investors Weigh In On Texas Pacific Land

Several hedge funds and other institutional investors have recently bought and sold shares of TPL. Cambridge Trust Co. increased its position in shares of Texas Pacific Land by 0.5% during the third quarter. Cambridge Trust Co. now owns 1,259 shares of the financial services provider’s stock worth $2,296,000 after purchasing an additional 6 shares in the last quarter. Flputnam Investment Management Co. raised its holdings in shares of Texas Pacific Land by 1.0% in the 3rd quarter. Flputnam Investment Management Co. now owns 705 shares of the financial services provider’s stock worth $1,286,000 after purchasing an additional 7 shares during the period. NEOS Investment Management LLC lifted its position 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 buying an additional 7 shares in the last quarter. Meridian Management Co. boosted its position in Texas Pacific Land by 0.8% during the 2nd quarter. Meridian Management Co. now owns 960 shares of the financial services provider’s stock worth $1,264,000 after purchasing an additional 8 shares during the period. Finally, Balentine LLC lifted its stake in shares of Texas Pacific Land by 3.1% during the third quarter. Balentine LLC now owns 268 shares of the financial services provider’s stock worth $489,000 after purchasing an additional 8 shares in the last quarter. 59.94% of the stock is currently owned by institutional investors and hedge funds.

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.