Annex Advisory Services LLC Acquires 78,424 Shares of Texas Pacific Land Corporation $TPL

Key Points

• Annex Advisory Services more than doubled its Texas Pacific Land stake in the second quarter, acquiring 78,424 shares and bringing its holdings to 153,464 shares valued at approximately $67.2 million.
• Texas Pacific Land reported quarterly earnings of $2.23 per share, beating estimates of $2.18, while revenue of $246.1 million fell slightly short of expectations. Institutional investors own nearly 60% of the company.
• The company declared a quarterly dividend of $0.60 per share, equivalent to $2.40 annually and a 0.7% yield. Analysts maintain an overall “Hold” rating, with an average price target of $639.

Annex Advisory Services LLC boosted its stake in shares of Texas Pacific Land Corporation (NYSE:TPL - Free Report) by 104.5% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 153,464 shares of the financial services provider's stock after acquiring an additional 78,424 shares during the quarter. Texas Pacific Land comprises about 1.1% of Annex Advisory Services LLC's investment portfolio, making the stock its 27th biggest position. Annex Advisory Services LLC owned 0.22% of Texas Pacific Land worth $67,162,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in TPL. Quarry LP purchased a new position in shares of Texas Pacific Land in the 3rd quarter worth approximately $29,000. Silicon Valley Capital Partners bought a new stake in Texas Pacific Land in the third quarter worth $33,000. Triumph Capital Management bought a new stake in Texas Pacific Land in the third quarter worth $36,000. MUFG Securities EMEA plc purchased a new position in Texas Pacific Land during the second quarter worth $59,000. Finally, EverSource Wealth Advisors LLC boosted its stake in Texas Pacific Land by 21.4% during the second quarter. EverSource Wealth Advisors LLC now owns 68 shares of the financial services provider's stock worth $72,000 after buying an additional 12 shares during the period. 59.94% of the stock is currently owned by hedge funds and other institutional investors.

Texas Pacific Land Price Performance

Shares of TPL opened at $364.40 on Wednesday. The company has a 50-day moving average of $392.12 and a 200 day moving average of $422.61. The firm has a market capitalization of $25.13 billion, a price-to-earnings ratio of 46.44 and a beta of 0.60. Texas Pacific Land Corporation has a 1-year low of $269.23 and a 1-year high of $547.20.

Texas Pacific Land (NYSE:TPL - Get Free Report) last issued its earnings results 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 analysts' expectations of $249.50 million. On average, equities analysts anticipate that Texas Pacific Land Corporation will post 8.88 earnings per share for the current fiscal year.

Texas Pacific Land Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 15th. Investors 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 dividend on an annualized basis and a yield of 0.7%. Texas Pacific Land's dividend payout ratio is 30.57%.

Insiders Place Their Bets

In other Texas Pacific Land news, CFO Chris Steddum sold 830 shares of the stock in a transaction dated Monday, June 8th. The shares were sold at an average price of $400.33, for a total transaction of $332,273.90. Following the transaction, the chief financial officer directly owned 12,040 shares in the company, valued at $4,819,973.20. This represents a 6.45% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 6.90% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on the stock. Weiss Ratings reissued a "hold (c+)" rating on shares of Texas Pacific Land in a research note on Wednesday, July 29th. Zacks Research raised shares of Texas Pacific Land from a "strong sell" rating to a "hold" rating in a research note 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 stock. Based on data from MarketBeat.com, the company presently has an average rating of "Hold" and an average price target 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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