Texas Pacific Land (NYSE:TPL) Sets New 12-Month High - What's Next?

Texas Pacific Land Co. (NYSE:TPL - Get Free Report) shares hit a new 52-week high during mid-day trading on Thursday . The stock traded as high as $967.74 and last traded at $957.00, with a volume of 15552 shares changing hands. The stock had previously closed at $930.01.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on TPL shares. StockNews.com downgraded Texas Pacific Land from a "buy" rating to a "hold" rating in a research report on Tuesday, June 18th. BWS Financial reaffirmed 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 Price Performance

The stock has a 50 day simple moving average of $842.35 and a two-hundred day simple moving average of $719.35. The company has a market cap of $22.30 billion, a PE ratio of 51.19 and a beta of 1.60.

Texas Pacific Land (NYSE:TPL - Get Free Report) last issued its quarterly earnings data 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). Texas Pacific Land had a net margin of 66.71% and a return on equity of 41.29%. The firm had revenue of $172.33 million during the quarter, compared to analysts' expectations of $182.35 million. During the same quarter in the prior year, the firm posted $4.35 EPS.

Texas Pacific Land Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, September 17th. Shareholders of record on Tuesday, September 3rd were paid a $1.17 dividend. This represents a $4.68 dividend on an annualized basis and a yield of 0.48%. The ex-dividend date of this dividend was Tuesday, September 3rd. Texas Pacific Land's dividend payout ratio is currently 24.88%.

Institutional Investors Weigh In On Texas Pacific Land

Large investors have recently modified their holdings of the stock. Avantax Advisory Services Inc. raised its stake in shares of Texas Pacific Land by 204.2% during 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 last quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. raised its position 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 acquiring an additional 10,483 shares in the last quarter. Van ECK Associates Corp raised its position 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 acquiring an additional 2,847 shares in the last quarter. Sandbox Financial Partners LLC raised its position 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 acquiring an additional 1,389 shares in the last quarter. Finally, Russell Investments Group Ltd. raised its position 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 acquiring an additional 7,476 shares in the last quarter. Hedge funds and other institutional investors own 59.94% of the company's stock.

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.