Aberdeen Group plc Buys 9,323 Shares of Texas Pacific Land Corporation $TPL

Key Points

• Aberdeen Group increased its Texas Pacific Land stake by 19.4% in the second quarter, purchasing 9,323 additional shares for a total of 57,273 shares valued at approximately $25.1 million. Institutional investors collectively own 59.94% of TPL.
• TPL reported quarterly earnings of $2.23 per share, exceeding estimates of $2.18, while revenue of $246.1 million fell slightly short of expectations. Shares opened at $359.22, well below their 12-month high of $547.20.
• The company declared a quarterly dividend of $0.60 per share, equivalent to an annualized $2.40 payout and a 0.7% yield. Analysts maintain a consensus “Hold” rating, with an average price target of $639.

Aberdeen Group plc boosted its position in shares of Texas Pacific Land Corporation (NYSE:TPL - Free Report) by 19.4% in the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 57,273 shares of the financial services provider's stock after buying an additional 9,323 shares during the quarter. Aberdeen Group plc owned 0.08% of Texas Pacific Land worth $25,065,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also bought and sold shares of TPL. Horizon Kinetics Asset Management LLC grew its stake in Texas Pacific Land by 194.9% during the 4th quarter. Horizon Kinetics Asset Management LLC now owns 10,333,762 shares of the financial services provider's stock worth $2,968,063,000 after buying an additional 6,829,070 shares during the last quarter. Vanguard Group Inc. raised its position in shares of 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 during the last quarter. State Street Corp increased its holdings in shares of Texas Pacific Land by 206.8% in the fourth quarter. State Street Corp now owns 3,587,004 shares of the financial services provider's stock valued at $1,030,259,000 after purchasing an additional 2,417,705 shares during the last quarter. Geode Capital Management LLC lifted its position in Texas Pacific Land by 203.7% during the fourth quarter. Geode Capital Management LLC now owns 1,759,107 shares of the financial services provider's stock worth $503,581,000 after buying an additional 1,179,788 shares in the last quarter. Finally, SoftVest Advisors LLC boosted its stake in Texas Pacific Land by 200.0% during the fourth quarter. SoftVest Advisors LLC now owns 1,180,800 shares of the financial services provider's stock worth $339,149,000 after buying an additional 787,200 shares during the last quarter. 59.94% of the stock is owned by institutional investors.

Texas Pacific Land Stock Up 3.5%

Shares of TPL opened at $359.22 on Friday. The firm has a market cap of $24.78 billion, a price-to-earnings ratio of 45.78 and a beta of 0.60. The company's fifty day moving average is $389.05 and its 200-day moving average is $422.15. Texas Pacific Land Corporation has a 12 month low of $269.23 and a 12 month high of $547.20.

Texas Pacific Land (NYSE:TPL - Get Free Report) last announced its quarterly earnings data on Wednesday, August 5th. The financial services provider reported $2.23 earnings per share for the quarter, topping the consensus estimate of $2.18 by $0.05. Texas Pacific Land had a return on equity of 35.76% and a net margin of 60.32%.The business had revenue of $246.10 million during the quarter, compared to the consensus estimate of $249.50 million. As a group, research analysts predict that Texas Pacific Land Corporation will post 8.88 earnings per share for the current fiscal year.

Texas Pacific Land Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 15th. Stockholders of record on Tuesday, September 1st will be paid a $0.60 dividend. The ex-dividend date of this dividend is Tuesday, September 1st. This represents a $2.40 annualized dividend and a dividend yield of 0.7%. Texas Pacific Land's dividend payout ratio is 30.57%.

Wall Street Analysts Forecast Growth

Several research analysts recently weighed in on the company. Zacks Research upgraded Texas Pacific Land from a "strong sell" rating to a "hold" rating in a research report on Wednesday, July 29th. Weiss Ratings reiterated a "hold (c+)" rating on shares of Texas Pacific Land in a report on Wednesday, July 29th. One investment analyst has rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat.com, Texas Pacific Land currently has a consensus rating of "Hold" and an average target price of $639.00.

Insider Buying and Selling at Texas Pacific Land

In other Texas Pacific Land news, CFO Chris Steddum sold 3,170 shares of the company's stock in a transaction dated Friday, June 5th. The shares were sold at an average price of $400.25, for a total value of $1,268,792.50. Following the completion of the sale, the chief financial officer directly owned 12,870 shares of the company's stock, valued at approximately $5,151,217.50. This represents a 19.76% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 6.90% of the stock is owned by corporate insiders.

Texas Pacific Land Profile

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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