10,523 Shares of Texas Pacific Land Corporation $TPL Bought by Rakuten Investment Management Inc.

Key Points

• Rakuten Investment Management initiated a position in Texas Pacific Land, buying 10,523 shares worth approximately $3.46 million in the third quarter. Institutional investors collectively own 59.94% of the company.
• Texas Pacific Land beat quarterly estimates, reporting EPS of $2.42 versus $2.33 expected and revenue of $273.4 million versus $251 million expected. Analysts’ consensus rating is “Moderate Buy,” with an average price target of $639.
• The company declared a quarterly dividend of $0.60 per share, equivalent to $2.40 annually and a 0.9% yield. Shares recently traded at $272.72, near the reported 12-month low of $265.31.

Rakuten Investment Management Inc. bought a new position in shares of Texas Pacific Land Corporation (NYSE:TPL - Free Report) in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm bought 10,523 shares of the financial services provider's stock, valued at approximately $3,459,000.

Several other hedge funds and other institutional investors have also modified their holdings of TPL. Atria Investments Inc grew its stake in Texas Pacific Land by 2.3% in the 2nd quarter. Atria Investments Inc now owns 1,133 shares of the financial services provider's stock valued at $496,000 after buying an additional 26 shares during the last quarter. Northwestern Mutual Wealth Management Co. lifted its position in Texas Pacific Land by 8.9% during the second quarter. Northwestern Mutual Wealth Management Co. now owns 355 shares of the financial services provider's stock worth $155,000 after acquiring an additional 29 shares during the last quarter. TCW Group Inc. boosted its holdings in shares of Texas Pacific Land by 3.2% during the second quarter. TCW Group Inc. now owns 972 shares of the financial services provider's stock worth $425,000 after acquiring an additional 30 shares during the period. Flagship Harbor Advisors LLC boosted its holdings in shares of Texas Pacific Land by 2.5% during the third quarter. Flagship Harbor Advisors LLC now owns 1,237 shares of the financial services provider's stock worth $403,000 after acquiring an additional 30 shares during the period. Finally, Chicago Partners Investment Group LLC boosted its holdings in shares of Texas Pacific Land by 2.7% during the first quarter. Chicago Partners Investment Group LLC now owns 1,345 shares of the financial services provider's stock worth $591,000 after acquiring an additional 35 shares during the period. Institutional investors own 59.94% of the company's stock.

Wall Street Analyst Weigh In

TPL has been the topic of a number of recent research reports. Weiss Ratings upgraded Texas Pacific Land from a "hold (c+)" rating to a "buy (b-)" rating in a research note on Thursday, October 8th. Zacks Research upgraded Texas Pacific Land from a "strong sell" rating to a "hold" rating in a research note on Wednesday, July 29th. Two investment analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company's stock. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $639.00.

Texas Pacific Land Trading Up 0.2%

Texas Pacific Land stock traded up $0.54 during trading hours on Friday, reaching $272.72. 695,161 shares of the stock were exchanged, compared to its average volume of 299,837. Texas Pacific Land Corporation has a twelve month low of $265.31 and a twelve month high of $547.20. The company has a market cap of $18.81 billion, a P/E ratio of 32.05 and a beta of 0.58. The stock has a 50 day moving average of $345.85 and a two-hundred day moving average of $399.98.

Texas Pacific Land (NYSE:TPL - Get Free Report) last issued its earnings results on Wednesday, November 4th. The financial services provider reported $2.42 EPS for the quarter, beating the consensus estimate of $2.33 by $0.09. Texas Pacific Land had a net margin of 60.32% and a return on equity of 35.76%. The company had revenue of $273.40 million during the quarter, compared to analysts' expectations of $251.00 million. On average, analysts expect that Texas Pacific Land Corporation will post 8.88 earnings per share for the current fiscal year.

Texas Pacific Land Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 15th. Shareholders of record on Tuesday, December 1st will be given a dividend of $0.60 per share. This represents a $2.40 annualized dividend and a yield of 0.9%. The ex-dividend date is Tuesday, December 1st. Texas Pacific Land's payout ratio is currently 28.20%.

About Texas Pacific Land

Texas Pacific Land Corporation is a land and resource management company focused on properties in West Texas, particularly the Permian Basin. Its roots date to the Texas and Pacific Railway, and the company's land holdings were historically managed through the Texas Pacific Land Trust before it became a corporation.

The company earns revenue from oil and natural gas royalties and from activities tied to its surface and mineral interests. Its land and resource management operations include leasing land, granting easements and rights-of-way, and supporting energy development and other land uses.

Texas Pacific Land also provides water-related services to energy companies, including water sourcing, handling, treatment, recycling and disposal.

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