Archer Investment Corp Takes Position in Texas Pacific Land Corporation $TPL

Key Points

• Archer Investment Corp. purchased 3,629 shares of Texas Pacific Land worth approximately $1.59 million in the second quarter, while institutional investors and hedge funds collectively own 59.94% of the company.
• Analyst sentiment remains mixed but centers on a “Hold” consensus, with one Buy, two Hold, and one Sell rating and a consensus price target of $639.
• Texas Pacific Land reported quarterly EPS of $2.23, slightly above estimates, and declared a $0.60 quarterly dividend, equivalent to a $2.40 annual payout and a 0.7% yield.

Archer Investment Corp purchased a new position in shares of Texas Pacific Land Corporation (NYSE:TPL - Free Report) during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 3,629 shares of the financial services provider's stock, valued at approximately $1,588,000.

Other institutional investors and hedge funds have also modified their holdings of the company. Bank of America Corp DE raised its position in Texas Pacific Land by 143.0% in the first quarter. Bank of America Corp DE now owns 264,740 shares of the financial services provider's stock worth $125,635,000 after acquiring an additional 155,781 shares in the last quarter. Daiwa Securities Group Inc. lifted its stake in Texas Pacific Land by 200.7% during the fourth quarter. Daiwa Securities Group Inc. now owns 9,450 shares of the financial services provider's stock valued at $2,714,000 after purchasing an additional 6,307 shares during the last quarter. New York State Teachers Retirement System boosted its holdings in 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 worth $11,156,000 after buying an additional 25,170 shares in the last quarter. Schwartz Investment Counsel Inc. boosted its holdings in 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 worth $136,459,000 after buying an additional 321,683 shares in the last quarter. Finally, Comerica Bank boosted its position in shares of Texas Pacific Land by 152.6% in the 4th quarter. Comerica Bank now owns 8,087 shares of the financial services provider's stock valued at $2,323,000 after purchasing an additional 4,886 shares during the period. 59.94% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of equities research analysts have recently issued reports on TPL shares. Zacks Research upgraded shares of Texas Pacific Land from a "strong sell" rating to a "hold" rating in a report on Wednesday, July 29th. Weiss Ratings restated a "hold (c+)" rating on shares of Texas Pacific Land in a report on Wednesday, July 29th. One research 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. According to data from MarketBeat.com, Texas Pacific Land currently has a consensus rating of "Hold" and a consensus target price of $639.00.

Insider Transactions at Texas Pacific Land

In other Texas Pacific Land news, CFO Chris Steddum sold 3,170 shares of Texas Pacific Land stock in a transaction on Friday, June 5th. The shares were sold at an average price of $400.25, for a total transaction of $1,268,792.50. Following the sale, the chief financial officer owned 12,870 shares in the company, valued at $5,151,217.50. The trade was a 19.76% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 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 Stock Down 1.5%

Shares of NYSE TPL opened at $364.29 on Friday. Texas Pacific Land Corporation has a 12 month low of $269.23 and a 12 month high of $547.20. The company has a market cap of $25.13 billion, a P/E ratio of 46.43 and a beta of 0.60. The business's 50 day moving average is $389.35 and its two-hundred day moving average is $423.73.

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

Texas Pacific Land Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 15th. Investors of record on Tuesday, September 1st will be given a dividend of $0.60 per share. 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 (DPR) is 30.57%.

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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