New Mexico Educational Retirement Board increased its stake in Texas Pacific Land Corporation (NYSE:TPL – Free Report) by 200.0% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 2,700 shares of the financial services provider’s stock after purchasing an additional 1,800 shares during the period. New Mexico Educational Retirement Board’s holdings in Texas Pacific Land were worth $775,000 as of its most recent SEC filing.
Several other large investors have also recently bought and sold shares of the company. Vanguard Group Inc. boosted its position in Texas Pacific Land by 192.8% in the 4th 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 during the last quarter. Geode Capital Management LLC boosted its position in Texas Pacific Land by 203.7% in the 4th quarter. Geode Capital Management LLC now owns 1,759,107 shares of the financial services provider’s stock valued at $503,581,000 after buying an additional 1,179,788 shares during the last quarter. State Street Corp boosted its position in Texas Pacific Land by 1.9% in the 3rd quarter. State Street Corp now owns 1,169,299 shares of the financial services provider’s stock valued at $1,091,704,000 after buying an additional 22,296 shares during the last quarter. Pacific Heights Asset Management LLC boosted its position in Texas Pacific Land by 235.1% in the 4th quarter. Pacific Heights Asset Management LLC now owns 620,000 shares of the financial services provider’s stock valued at $178,076,000 after buying an additional 435,000 shares during the last quarter. Finally, Schwartz Investment Counsel Inc. boosted its position in Texas Pacific Land by 209.7% in the 4th quarter. Schwartz Investment Counsel Inc. now owns 475,104 shares of the financial services provider’s stock valued at $136,459,000 after buying an additional 321,683 shares during the last quarter. Institutional investors and hedge funds own 59.94% of the company’s stock.
Texas Pacific Land Stock Performance
TPL opened at $407.22 on Thursday. The company has a fifty day moving average price of $425.75 and a two-hundred day moving average price of $391.47. 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 $28.09 billion, a PE ratio of 55.78 and a beta of 0.61.
Texas Pacific Land Announces Dividend
The firm also recently announced a quarterly dividend, which will be paid on Monday, June 15th. Shareholders of record on Monday, June 1st will be issued a dividend of $0.60 per share. This represents a $2.40 dividend on an annualized basis and a yield of 0.6%. The ex-dividend date of this dividend is Monday, June 1st. Texas Pacific Land’s payout ratio is currently 32.88%.
Wall Street Analyst Weigh In
A number of research analysts have commented on the company. Zacks Research lowered Texas Pacific Land from a “strong-buy” rating to a “hold” rating in a research report on Monday. KeyCorp increased their price objective on Texas Pacific Land from $350.00 to $639.00 and gave the company an “overweight” rating in a research report on Monday, February 23rd. Weiss Ratings upgraded Texas Pacific Land from a “hold (c)” rating to a “hold (c+)” rating in a research report on Friday, May 1st. Finally, Wall Street Zen upgraded Texas Pacific Land from a “sell” rating to a “hold” rating in a research report on Sunday, March 15th. One analyst has rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $639.00.
Read Our Latest Stock Report on Texas Pacific Land
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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