Morningstar Investment Management LLC raised its position in Texas Pacific Land Corporation (NYSE:TPL – Free Report) by 200.0% in the fourth quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 11,874 shares of the financial services provider’s stock after buying an additional 7,916 shares during the period. Morningstar Investment Management LLC’s holdings in Texas Pacific Land were worth $3,410,000 at the end of the most recent quarter.
A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Vanguard Group Inc. increased its holdings in Texas Pacific Land by 192.8% in the fourth quarter. Vanguard Group Inc. now owns 7,556,966 shares of the financial services provider’s stock valued at $2,170,512,000 after buying an additional 4,975,738 shares in the last quarter. State Street Corp grew its position in shares of Texas Pacific Land by 1.9% in the third quarter. State Street Corp now owns 1,169,299 shares of the financial services provider’s stock valued at $1,091,704,000 after purchasing an additional 22,296 shares during the period. Pacific Heights Asset Management LLC grew its position in shares of Texas Pacific Land by 235.1% in the fourth quarter. Pacific Heights Asset Management LLC now owns 620,000 shares of the financial services provider’s stock valued at $178,076,000 after purchasing an additional 435,000 shares during the period. Schwartz Investment Counsel Inc. grew its position in shares of Texas Pacific Land by 209.7% in the fourth quarter. Schwartz Investment Counsel Inc. now owns 475,104 shares of the financial services provider’s stock valued at $136,459,000 after purchasing an additional 321,683 shares during the period. Finally, UBS Group AG grew its position in shares of Texas Pacific Land by 232.4% in the fourth quarter. UBS Group AG now owns 456,034 shares of the financial services provider’s stock valued at $130,982,000 after purchasing an additional 318,842 shares during the period. Hedge funds and other institutional investors own 59.94% of the company’s stock.
Analyst Ratings Changes
Several brokerages have recently issued reports on TPL. Weiss Ratings upgraded shares of Texas Pacific Land from a “hold (c)” rating to a “hold (c+)” rating in a research report on Friday, May 1st. Wall Street Zen upgraded shares of Texas Pacific Land from a “sell” rating to a “hold” rating in a research report on Sunday, March 15th. KeyCorp lifted their target price on shares of Texas Pacific Land from $350.00 to $639.00 and gave the company an “overweight” rating in a research report on Monday, February 23rd. Finally, Zacks Research upgraded shares of Texas Pacific Land from a “hold” rating to a “strong-buy” rating in a research report on Thursday, April 16th. One investment analyst has rated the stock with a Strong Buy rating, one has given a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $639.00.
Insider Transactions at Texas Pacific Land
In other Texas Pacific Land news, Director Donna E. Epps purchased 895 shares of the stock in a transaction that occurred on Wednesday, February 25th. The shares were purchased at an average cost 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 of the company’s stock, valued at $1,491,024.45. The trade was a 44.18% increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CAO Stephanie Buffington sold 1,608 shares of the business’s stock in a transaction dated Tuesday, February 24th. The stock was sold at an average price of $503.00, for a total transaction of $808,824.00. Following the transaction, the chief accounting officer owned 2,133 shares in the company, valued at $1,072,899. The trade was a 42.98% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders own 6.90% of the company’s stock.
Texas Pacific Land Stock Up 0.2%
Shares of NYSE TPL opened at $402.89 on Monday. The company’s 50-day simple moving average is $447.36 and its 200-day simple moving average is $387.61. Texas Pacific Land Corporation has a 52-week low of $269.23 and a 52-week high of $547.20. The firm has a market cap of $27.79 billion, a price-to-earnings ratio of 55.19 and a beta of 0.66.
Texas Pacific Land (NYSE:TPL – Get Free Report) last posted its quarterly earnings results on Wednesday, May 6th. The financial services provider reported $2.07 earnings per share for the quarter, topping analysts’ consensus estimates of $2.03 by $0.04. The firm had revenue of $236.80 million for the quarter, compared to analyst estimates of $233.00 million. Texas Pacific Land had a net margin of 60.03% and a return on equity of 35.52%. Equities research analysts anticipate that Texas Pacific Land Corporation will post 9.27 EPS for the current fiscal year.
Texas Pacific Land Announces Dividend
The firm also recently declared a quarterly dividend, which will be paid on Monday, June 15th. Investors of record on Monday, June 1st will be given a dividend of $0.60 per share. The ex-dividend date is Monday, June 1st. This represents a $2.40 dividend on an annualized basis and a yield of 0.6%. Texas Pacific Land’s payout ratio is presently 32.88%.
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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