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

Texas Pacific Land Co. (NYSE:TPL - Get Free Report)'s stock price hit a new 52-week high during mid-day trading on Thursday . The company traded as high as $999.50 and last traded at $998.84, with a volume of 31852 shares. The stock had previously closed at $980.15.

Analysts Set New Price Targets

A number of analysts recently issued reports on TPL shares. BWS Financial reissued a "buy" rating and set a $917.00 price objective on shares of Texas Pacific Land in a research report on Monday, August 12th. StockNews.com cut Texas Pacific Land from a "buy" rating to a "hold" rating in a report on Tuesday, June 18th.

Texas Pacific Land Trading Up 2.3 %

The business has a fifty day moving average of $861.30 and a 200 day moving average of $735.75. The company has a market capitalization of $23.04 billion, a PE ratio of 53.29 and a beta of 1.60.

Texas Pacific Land (NYSE:TPL - Get Free Report) last announced its 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). 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 for the quarter, compared to analysts' expectations of $182.35 million. During the same quarter last year, the business earned $4.35 earnings per share.

Texas Pacific Land Announces Dividend

The business also recently disclosed 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 annualized dividend and a dividend yield of 0.47%. The ex-dividend date of this dividend was Tuesday, September 3rd. Texas Pacific Land's payout ratio is presently 24.88%.

Hedge Funds Weigh In On Texas Pacific Land

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Vanguard Group Inc. lifted its stake in Texas Pacific Land by 199.8% during the first quarter. Vanguard Group Inc. now owns 1,901,206 shares of the financial services provider's stock worth $1,099,867,000 after purchasing an additional 1,267,123 shares during the last quarter. Bank of New York Mellon Corp lifted its stake in Texas Pacific Land by 74.2% during 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 purchasing an additional 86,975 shares during the last quarter. Magnolia Capital Advisors LLC purchased a new stake in Texas Pacific Land during the second quarter worth approximately $131,014,000. Dimensional Fund Advisors LP lifted its stake in Texas Pacific Land by 8.5% during the second quarter. Dimensional Fund Advisors LP now owns 126,156 shares of the financial services provider's stock worth $92,632,000 after purchasing an additional 9,878 shares during the last quarter. Finally, Mad River Investors lifted its stake in Texas Pacific Land by 199.2% during the first quarter. Mad River Investors now owns 100,121 shares of the financial services provider's stock worth $57,921,000 after purchasing an additional 66,663 shares during the last quarter. Hedge funds and other institutional investors 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.