KeyBanc initiates coverage on Texas Pacific Land with 'overweight'

Texas Pacific Land (Dover)

02/12/2025 12:49

** Brokerage Keybanc initiates coverage with "overweight" rating for Permian-focused land and royalty company Texas Pacific Land TPL.N and sets price target at $1,050

** The new PT represents upside of 23% to the stock's last close

** Brokerage says company's land lies where oil and gas drilling meets new data center and power projects

** Says TPL runs a capital-light model, earning royalties and fees as oil and gas firms drill, midstream companies lay pipelines and service providers build disposal wells across its 882,000-acre footprint

** Adds that TPL has been actively developing opportunities that are exposed, but not limited, to the oil and gas and power industries

** 3 of 3 brokerages rate the stock "buy" or higher, median PT is $996.1 - data compiled by LSEG

** Up to last close, shares down 22.8% YTD

(Reporting by Varun Sahay in Bengaluru)

((Varun.sahay@thomsonreuters.com))