Texas Pacific Land (NYSE:TPL – Get Rating) was upgraded by Zacks Investment Research from a “strong sell” rating to a “hold” rating in a research report issued to clients and investors on Wednesday, Zacks.com reports.
According to Zacks, “Texas Pacific Land Corporation is landowners principally in the State of Texas. The Company also generates revenue from pipeline, power line and utility easements, commercial leases, material sales and seismic and temporary permits related to land uses including midstream infrastructure projects and hydrocarbon processing facilities. Texas Pacific Land Corporation, formerly known as TEXAS PAC LTD, is based in Dallas, Texas. “
Separately, StockNews.com assumed coverage on Texas Pacific Land in a report on Thursday, March 31st. They issued a “hold” rating on the stock.
Texas Pacific Land (NYSE:TPL – Get Rating) last announced its earnings results on Wednesday, May 4th. The financial services provider reported $12.64 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $13.82 by ($1.18). The firm had revenue of $147.34 million during the quarter, compared to the consensus estimate of $156.60 million. Sell-side analysts anticipate that Texas Pacific Land will post 60.73 EPS for the current fiscal year.
A number of institutional investors and hedge funds have recently made changes to their positions in the business. FMR LLC lifted its position in Texas Pacific Land by 291.6% during the first quarter. FMR LLC now owns 11,355 shares of the financial services provider’s stock worth $8,785,000 after acquiring an additional 8,455 shares during the last quarter. EagleClaw Capital Managment LLC raised its holdings in shares of Texas Pacific Land by 3.6% during the third quarter. EagleClaw Capital Managment LLC now owns 16,838 shares of the financial services provider’s stock valued at $20,353,000 after purchasing an additional 585 shares during the period. Goldman Sachs Group Inc. grew its stake in Texas Pacific Land by 33.1% in the third quarter. Goldman Sachs Group Inc. now owns 11,204 shares of the financial services provider’s stock valued at $13,549,000 after acquiring an additional 2,786 shares during the period. American Century Companies Inc. purchased a new position in shares of Texas Pacific Land during the third quarter valued at approximately $515,000. Finally, Rockefeller Capital Management L.P. purchased a new position in shares of Texas Pacific Land during the third quarter valued at approximately $348,000. 56.25% of the stock is currently owned by hedge funds and other institutional investors.
Texas Pacific Land Company Profile (Get Rating)
Texas Pacific Land Corporation engages in the land and resource management, and water services and operations businesses. The company's Land and Resource Management segment manages approximately 880,000 acres of land. This segment also holds own 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 located in the western part of Texas.
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