Shares sure seem to be hanging in there. I'm actually rooting for a drop back to the low $40s for a little while. The company (by mandate) puts so much of their cash from operations into retiring shares, I'd like to see a lower share price so that they can buy more shares back with the same money. Ours will be more valuable then. But that's just because I plan to hold for 30 years!
I think part of what is going on may be the realization that a portion of TPL's land is on top of shale formations that might have good oil/liquids exploration potential. For example, just this past week, Devon Energy disclosed that it has assembled 500,000 acres in a new play it calls the Cline Shale. Taking a look at Slide 78 of their Investor Day presentation, you will see that the Cline shale apparently covers the area where TPL owns land in Glasscock, Howard and Sterling counties. There is also shale potential under some of the other TPL landholdings in Midland, Upton, Loving and Reeves counties.