Fideuram Asset Management Ireland dac bought a new position in Texas Pacific Land Corporation (NYSE:TPL – Free Report) in the fourth quarter, according to the company in its most recent filing with the SEC. The fund bought 2,006 shares of the financial services provider’s stock, valued at approximately $576,000.
A number of other institutional investors and hedge funds have also recently modified their holdings of TPL. MassMutual Private Wealth & Trust FSB boosted its holdings in shares of Texas Pacific Land by 363.2% in the 4th 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 during the period. IFP Advisors Inc boosted its holdings in shares of Texas Pacific Land by 185.3% in the 4th quarter. IFP Advisors Inc now owns 97 shares of the financial services provider’s stock worth $28,000 after purchasing an additional 63 shares during the period. Quarry LP purchased a new position in shares of Texas Pacific Land in the 3rd quarter worth approximately $29,000. Eagle Bay Advisors LLC purchased a new position in shares of Texas Pacific Land in the 4th quarter worth approximately $31,000. Finally, Silicon Valley Capital Partners purchased a new position in shares of Texas Pacific Land in the 3rd quarter worth approximately $33,000. Hedge funds and other institutional investors own 59.94% of the company’s stock.
Texas Pacific Land Stock Performance
Shares of TPL stock opened at $392.54 on Friday. 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 capitalization of $27.07 billion, a P/E ratio of 53.77 and a beta of 0.66. The stock has a 50 day moving average price of $434.42 and a 200 day moving average price of $389.99.
Texas Pacific Land Dividend Announcement
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 paid a dividend of $0.60 per share. This represents a $2.40 dividend on an annualized basis and a dividend yield of 0.6%. The ex-dividend date of this dividend is Monday, June 1st. Texas Pacific Land’s dividend payout ratio (DPR) is currently 32.88%.
Analysts Set New Price Targets
TPL has been the subject of a number of recent research reports. Zacks Research upgraded Texas Pacific Land from a “hold” rating to a “strong-buy” rating in a report on Thursday, April 16th. Wall Street Zen upgraded Texas Pacific Land from a “sell” rating to a “hold” rating in a report on Sunday, March 15th. Weiss Ratings upgraded Texas Pacific Land from a “hold (c)” rating to a “hold (c+)” rating in a report on Friday, May 1st. Finally, KeyCorp raised their price target on Texas Pacific Land from $350.00 to $639.00 and gave the stock an “overweight” rating in a research note on Monday, February 23rd. One analyst has rated the stock with a Strong Buy rating, one has given a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, Texas Pacific Land presently has a consensus rating of “Moderate Buy” and a consensus price target of $639.00.
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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