Texas Pacific Land (NYSE:TPL) Sets New 52-Week High – Here’s What Happened

Texas Pacific Land Co. (NYSE:TPL)’s stock price reached a new 52-week high on Thursday . The company traded as high as $1,160.55 and last traded at $1,160.55, with a volume of 2807 shares traded. The stock had previously closed at $1,153.63.

Wall Street Analyst Weigh In

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

Texas Pacific Land Stock Performance

The company has a market capitalization of $26.94 billion, a PE ratio of 60.30 and a beta of 1.56. The business has a fifty day moving average price of $949.96 and a 200 day moving average price of $792.07.

Texas Pacific Land (NYSE:TPL) last posted its quarterly earnings results on Wednesday, August 7th. The financial services provider reported $4.98 EPS for the quarter, missing the consensus estimate of $5.36 by ($0.38). Texas Pacific Land had a net margin of 66.71% and a return on equity of 41.29%. The business had revenue of $172.33 million during the quarter, compared to analysts’ expectations of $182.35 million. During the same quarter in the previous year, the business posted $4.35 EPS.

Texas Pacific Land Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, September 17th. Investors of record on Tuesday, September 3rd were given a dividend of $1.17 per share. The ex-dividend date of this dividend was Tuesday, September 3rd. This represents a $4.68 dividend on an annualized basis and a yield of 0.40%. Texas Pacific Land’s dividend payout ratio (DPR) is 24.07%.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in TPL. Vanguard Group Inc. increased its stake in Texas Pacific Land by 199.8% during the 1st quarter. Vanguard Group Inc. now owns 1,901,206 shares of the financial services provider’s stock worth $1,099,867,000 after buying an additional 1,267,123 shares during the period. Magnolia Capital Advisors LLC purchased a new stake in shares of Texas Pacific Land during the second quarter worth about $131,014,000. Bank of New York Mellon Corp lifted its stake in shares of Texas Pacific Land by 74.2% in the second quarter. Bank of New York Mellon Corp now owns 204,176 shares of the financial services provider’s stock worth $149,920,000 after acquiring an additional 86,975 shares in the last quarter. Principal Financial Group Inc. lifted its stake in Texas Pacific Land by 1,541.2% during the second quarter. Principal Financial Group Inc. now owns 64,319 shares of the financial services provider’s stock worth $47,228,000 after purchasing an additional 60,400 shares during the last quarter. Finally, International Assets Investment Management LLC acquired a new position in Texas Pacific Land in the third quarter worth $45,400,000. 59.94% of the stock is 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.