KeyBanc Starts Texas Pacific Land Trust (TPL) at Overweight

KeyBanc analyst Tim Rezvan initiates coverage on Texas Pacific Land Trust (NYSE: TPL) with a Overweight rating and a price target of $1,050.00.

The analyst comments: "TPL is a large owner of land and royalty interests in Texas. The Company generates its revenue primarily from oil and natural gas royalties; water royalties; water sales; and surface leases, easements and materials (“SLEM”). The Company’s history dates back to 1888, when it was organized as a trust. It reorganized into a corporation in 2021. In our view, TPL is emerging from its multi-decade run as a sleepy public entity, a process that started with the 2021 decision to convert to a corporation. Since that date (1/11/21), TPL shares have rallied 222%, vs. a +106% return for the XOP. Growing marketplace appreciation for the optionality and organic growth potential embedded in its vast west Texas footprint has driven this rally, in our view."

For an analyst ratings summary and ratings history on Texas Pacific Land Trust click here. For more ratings news on Texas Pacific Land Trust click here.

Shares of Texas Pacific Land Trust closed at $853.74 yesterday.

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