Oregon Public Employees Retirement Fund boosted its holdings in Texas Pacific Land Corporation (NYSE:TPL – Free Report) by 198.5% during the 4th quarter, Holdings Channel reports. The fund owned 6,624 shares of the financial services provider’s stock after acquiring an additional 4,405 shares during the quarter. Oregon Public Employees Retirement Fund’s holdings in Texas Pacific Land were worth $1,903,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
A number of other institutional investors also recently added to or reduced their stakes in TPL. MassMutual Private Wealth & Trust FSB grew its stake in shares of Texas Pacific Land by 363.2% in the fourth quarter. MassMutual Private Wealth & Trust FSB now owns 88 shares of the financial services provider’s stock worth $25,000 after purchasing an additional 69 shares in the last quarter. Quarry LP acquired a new position in shares of Texas Pacific Land during the third quarter valued at $29,000. Eagle Bay Advisors LLC bought a new stake in shares of Texas Pacific Land during the fourth quarter valued at about $31,000. Silicon Valley Capital Partners acquired a new stake in Texas Pacific Land in the third quarter worth about $33,000. Finally, Triumph Capital Management acquired a new stake in Texas Pacific Land in the third quarter worth about $36,000. Institutional investors and hedge funds own 59.94% of the company’s stock.
Texas Pacific Land Stock Down 0.8%
Shares of TPL stock opened at $385.55 on Friday. The stock has a 50-day simple moving average of $460.34 and a 200 day simple moving average of $384.02. The stock has a market capitalization of $26.59 billion, a P/E ratio of 52.82 and a beta of 0.66. Texas Pacific Land Corporation has a fifty-two week low of $269.23 and a fifty-two week high of $547.20.
Texas Pacific Land Announces Dividend
The firm also recently announced a quarterly dividend, which will be paid on Monday, June 15th. Investors of record on Monday, June 1st will be issued a $0.60 dividend. This represents a $2.40 dividend on an annualized basis and a dividend yield of 0.6%. The ex-dividend date is Monday, June 1st. Texas Pacific Land’s payout ratio is presently 32.88%.
Wall Street Analysts Forecast Growth
TPL has been the topic of several research analyst reports. Wall Street Zen raised shares of Texas Pacific Land from a “sell” rating to a “hold” rating in a research note on Sunday, March 15th. KeyCorp upped their price target on shares of Texas Pacific Land from $350.00 to $639.00 and gave the stock an “overweight” rating in a research note on Monday, February 23rd. Zacks Research upgraded shares of Texas Pacific Land from a “hold” rating to a “strong-buy” rating in a report on Thursday, April 16th. Finally, Weiss Ratings upgraded shares of Texas Pacific Land from a “hold (c)” rating to a “hold (c+)” rating in a research note on Friday, May 1st. One analyst has rated the stock with a Strong Buy rating, one has given a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, Texas Pacific Land currently has a consensus rating of “Moderate Buy” and a consensus target price of $639.00.
Get Our Latest Analysis on Texas Pacific Land
Insider Buying and Selling
In other Texas Pacific Land news, Director Donna E. Epps purchased 895 shares of the firm’s stock in a transaction on Wednesday, February 25th. The shares were purchased at an average price of $510.45 per share, for a total transaction of $456,852.75. Following the completion of the transaction, the director owned 2,921 shares in the company, valued at $1,491,024.45. This represents a 44.18% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CAO Stephanie Buffington sold 1,608 shares of the company’s stock in a transaction on Tuesday, February 24th. The shares were sold at an average price of $503.00, for a total value of $808,824.00. Following the completion of the transaction, the chief accounting officer directly owned 2,133 shares in the company, valued at $1,072,899. This represents a 42.98% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 6.90% of the stock is owned by insiders.
About Texas Pacific Land
Texas Pacific Land Corporation (NYSE: TPL) is a Texas-based land management company that derives revenue from the ownership and stewardship of large tracts of land and associated mineral rights in West Texas. The company’s origins trace to 19th century land grants associated with the Texas and Pacific Railway; over time those grant holdings have been retained and managed as a standalone corporate asset base. Texas Pacific Land is publicly listed and operates as a landowner and resource manager rather than as a traditional oil and gas producer.
The company’s primary activities include management of surface rights and leasing of land for energy and other commercial uses, administration of mineral royalty interests, and provision of water and related services to industrial customers.
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