TPL - Texas Pacific Land cut at Stifel following big run higher

Texas Pacific Land Trust ([[TPL]] -3.1%) turns lower after Stifel downgrades shares to Hold from Buy while raising its 12-month price target to $1,359 from $981, following the stock's 250% run-up since October 28."Of importance, we encourage investors to note that the recent outperformance (+70% vs. its closest peer since Feb. 1, 2021) was driven by technical factors (index buying), which could result in a better entry point for fundamental investors," Stifel analyst Derrick Whitfield writes.The company has $281M in cash on its balance sheet, with management expected to steadily increase return of capital initiatives announced during Q4 earnings.A combination of factors including rising energy prices, the advantages of converting from a trust to a corporation, and continued insider buying even at elevated prices have lifted Texas Pacific Land to all-time highs.

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Texas Pacific Land cut at Stifel following big run higher