Texas Pacific Land (NYSE:TPL) Hits New 1-Year High – Time to Buy?

Texas Pacific Land Co. (NYSE:TPL) shares reached a new 52-week high on Wednesday . The company traded as high as $1,310.00 and last traded at $1,310.00, with a volume of 1493 shares. The stock had previously closed at $1,243.15.

Analysts Set New Price Targets

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

Texas Pacific Land Stock Up 3.0 %

The business has a fifty day simple moving average of $982.98 and a two-hundred day simple moving average of $811.36. The company has a market capitalization of $31.60 billion, a price-to-earnings ratio of 70.56 and a beta of 1.56.

Texas Pacific Land (NYSE:TPL) last announced 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). Texas Pacific Land had a net margin of 65.34% and a return on equity of 39.92%. The company had revenue of $172.33 million during the quarter, compared to the consensus estimate of $182.35 million. During the same quarter last year, the company earned $4.35 earnings per share.

Texas Pacific Land Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, December 16th. Investors of record on Monday, December 2nd will be given a dividend of $1.60 per share. The ex-dividend date of this dividend is Monday, December 2nd. This represents a $6.40 dividend on an annualized basis and a dividend yield of 0.47%. This is a boost from Texas Pacific Land’s previous quarterly dividend of $1.17. Texas Pacific Land’s dividend payout ratio (DPR) is 32.84%.

Institutional Trading of Texas Pacific Land

Several hedge funds have recently modified their holdings of the company. Capital Performance Advisors LLP bought a new stake in Texas Pacific Land during the 3rd quarter worth approximately $25,000. American National Bank acquired a new position in Texas Pacific Land in the second quarter worth $42,000. Thurston Springer Miller Herd & Titak Inc. bought a new stake in shares of Texas Pacific Land during the second quarter worth $44,000. Compagnie Lombard Odier SCmA bought a new stake in shares of Texas Pacific Land during the third quarter worth $44,000. Finally, Quest Partners LLC bought a new position in shares of Texas Pacific Land in the third quarter valued at about $50,000. Institutional investors and hedge funds 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.