Allstate Corp Increases Stake in Texas Pacific Land Corporation $TPL

Key Points

• Allstate Corp increased its stake in Texas Pacific Land by 533.8% in the fourth quarter, holding 4,449 shares valued at about $1.28 million.
• Other institutional investors also boosted their positions, and institutional ownership now stands at 59.94% of the company’s stock.
• Texas Pacific Land reported solid quarterly results, beating EPS and revenue estimates, and it also announced a $0.60 per-share quarterly dividend payable June 15.

Allstate Corp grew its holdings in shares of Texas Pacific Land Corporation (NYSE:TPL - Free Report) by 533.8% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 4,449 shares of the financial services provider's stock after acquiring an additional 3,747 shares during the quarter. Allstate Corp's holdings in Texas Pacific Land were worth $1,278,000 at the end of the most recent quarter.

A number of other large investors have also recently modified their holdings of the business. Bar Harbor Wealth Management lifted its position in Texas Pacific Land by 195.1% in the fourth quarter. Bar Harbor Wealth Management now owns 36,873 shares of the financial services provider's stock valued at $10,591,000 after purchasing an additional 24,379 shares during the last quarter. Stratos Wealth Partners LTD. boosted its position in shares of Texas Pacific Land by 212.9% during the fourth quarter. Stratos Wealth Partners LTD. now owns 18,211 shares of the financial services provider's stock valued at $5,231,000 after buying an additional 12,390 shares during the last quarter. Sumitomo Mitsui Trust Group Inc. boosted its position in shares of Texas Pacific Land by 192.8% during the fourth quarter. Sumitomo Mitsui Trust Group Inc. now owns 133,731 shares of the financial services provider's stock valued at $38,410,000 after buying an additional 88,053 shares during the last quarter. New York State Teachers Retirement System boosted its position in shares of Texas Pacific Land by 184.1% during the fourth quarter. New York State Teachers Retirement System now owns 38,841 shares of the financial services provider's stock valued at $11,156,000 after buying an additional 25,170 shares during the last quarter. Finally, Schwartz Investment Counsel Inc. boosted its position in shares of Texas Pacific Land by 209.7% during 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 buying an additional 321,683 shares during the last quarter. Institutional investors own 59.94% of the company's stock.

Analyst Upgrades and Downgrades

TPL has been the topic of several recent analyst reports. 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. Zacks Research raised Texas Pacific Land from a "hold" rating to a "strong-buy" rating in a report on Thursday, April 16th. Wall Street Zen raised Texas Pacific Land from a "sell" rating to a "hold" rating in a report on Sunday, March 15th. Finally, Weiss Ratings raised Texas Pacific Land from a "hold (c)" rating to a "hold (c+)" rating in a report on Friday, May 1st. One investment analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, Texas Pacific Land has an average rating of "Moderate Buy" and a consensus target price of $639.00.

Texas Pacific Land Price Performance

Shares of Texas Pacific Land stock opened at $392.54 on Friday. The business has a 50 day simple moving average of $434.42 and a two-hundred day simple moving average of $389.99. Texas Pacific Land Corporation has a 12 month low of $269.23 and a 12 month high of $547.20. The stock has a market capitalization of $27.07 billion, a P/E ratio of 53.77 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 (EPS) for the quarter, beating analysts' consensus estimates of $2.03 by $0.04. The business had revenue of $236.80 million during the quarter, compared to analyst estimates of $233.00 million. Texas Pacific Land had a return on equity of 35.52% and a net margin of 60.03%. As a group, research analysts anticipate that Texas Pacific Land Corporation will post 9.27 EPS for the current fiscal year.

Texas Pacific Land Announces Dividend

The business also recently disclosed 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. This represents a $2.40 annualized dividend and a dividend yield of 0.6%. The ex-dividend date is Monday, June 1st. Texas Pacific Land's payout ratio is currently 32.88%.

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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