Amundi Boosts Stake in Texas Pacific Land Corporation $TPL

Key Points

• Amundi increased its Texas Pacific Land stake by 11.7% in the first quarter, bringing its holdings to 279,786 shares valued at approximately $132.8 million. Institutional investors collectively own 59.94% of the company.
• Texas Pacific Land reported quarterly earnings of $2.07 per share, exceeding the $2.03 consensus estimate, while revenue of $236.8 million also topped expectations.
• The company declared a quarterly dividend of $0.60 per share, equal to $2.40 annually and a 0.6% yield. Analysts maintain a consensus “Hold” rating, with a target price of $639.

Amundi lifted its stake in shares of Texas Pacific Land Corporation (NYSE:TPL - Free Report) by 11.7% in the first quarter, according to its most recent filing with the SEC. The fund owned 279,786 shares of the financial services provider's stock after acquiring an additional 29,244 shares during the period. Amundi owned approximately 0.41% of Texas Pacific Land worth $132,775,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. EverSource Wealth Advisors LLC boosted its holdings in shares of Texas Pacific Land by 21.4% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 68 shares of the financial services provider's stock worth $72,000 after purchasing an additional 12 shares in the last quarter. Sei Investments Co. raised its holdings in shares of Texas Pacific Land by 1.1% during the 3rd quarter. Sei Investments Co. now owns 1,909 shares of the financial services provider's stock valued at $1,782,000 after buying an additional 20 shares in the last quarter. Larson Financial Group LLC raised its holdings in shares of Texas Pacific Land by 5.4% during the 3rd quarter. Larson Financial Group LLC now owns 410 shares of the financial services provider's stock valued at $383,000 after buying an additional 21 shares in the last quarter. Van ECK Associates Corp lifted its position in Texas Pacific Land by 0.5% in the 3rd quarter. Van ECK Associates Corp now owns 4,685 shares of the financial services provider's stock worth $4,374,000 after buying an additional 24 shares during the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in Texas Pacific Land by 1.3% in the 3rd quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 1,916 shares of the financial services provider's stock worth $1,789,000 after buying an additional 24 shares during the last quarter. 59.94% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, CFO Chris Steddum sold 830 shares of the stock in a transaction that occurred on Monday, June 8th. The stock was sold at an average price of $400.33, for a total transaction of $332,273.90. Following the completion of the sale, the chief financial officer owned 12,040 shares of the company's stock, valued at approximately $4,819,973.20. This represents a 6.45% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 6.90% of the company's stock.

Texas Pacific Land Trading Up 2.3%

Shares of NYSE:TPL opened at $403.23 on Friday. The stock has a market capitalization of $27.81 billion, a P/E ratio of 55.24 and a beta of 0.58. The stock's 50-day moving average price is $395.06 and its 200-day moving average price is $419.95. 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 released its earnings results on Wednesday, May 6th. The financial services provider reported $2.07 earnings per share for the quarter, beating analysts' consensus estimates of $2.03 by $0.04. The company 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 predict that Texas Pacific Land Corporation will post 8.88 EPS for the current year.

Texas Pacific Land Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, June 15th. Shareholders of record on Monday, June 1st were paid a $0.60 dividend. This represents a $2.40 dividend on an annualized basis and a yield of 0.6%. The ex-dividend date of this dividend was Monday, June 1st. Texas Pacific Land's payout ratio is 32.88%.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on TPL. Zacks Research upgraded shares of Texas Pacific Land from a "strong sell" rating to a "hold" rating in a research report on Wednesday. Weiss Ratings restated a "hold (c+)" rating on shares of Texas Pacific Land in a report on Wednesday. One investment analyst has rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus target price of $639.00.

Texas Pacific Land Company 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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