Ascentis Wealth Management LLC Acquires New Holdings in Texas Pacific Land Corporation $TPL

Key Points

• Ascentis Wealth Management acquired 242,886 shares of Texas Pacific Land, valued at approximately $106.3 million, giving it a 0.35% stake. Institutional investors collectively own 59.94% of the company.
• 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. The company posted a 60.32% net margin and analysts project $8.88 in full-year EPS.
• The company declared a quarterly dividend of $0.60 per share, equivalent to $2.40 annually and a 0.7% yield. Shares opened at $348.13, and analysts maintain a consensus “Hold” rating with a $639 average price target.

Ascentis Wealth Management LLC bought a new position in shares of Texas Pacific Land Corporation (NYSE:TPL - Free Report) during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm bought 242,886 shares of the financial services provider's stock, valued at approximately $106,297,000. Ascentis Wealth Management LLC owned 0.35% of Texas Pacific Land at the end of the most recent reporting period.

A number of other institutional investors have also recently added to or reduced their stakes in TPL. Horizon Kinetics Asset Management LLC raised its position 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 purchasing 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% during the fourth quarter. Vanguard Group Inc. now owns 7,556,966 shares of the financial services provider's stock worth $2,170,512,000 after acquiring an additional 4,975,738 shares during the last quarter. State Street Corp lifted its stake 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 worth $1,030,259,000 after acquiring an additional 2,417,705 shares during the period. Geode Capital Management LLC lifted its stake in shares of Texas Pacific Land by 203.7% in 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 acquiring an additional 1,179,788 shares during the period. Finally, SoftVest Advisors LLC boosted its holdings in Texas Pacific Land by 200.0% in the fourth quarter. SoftVest Advisors LLC now owns 1,180,800 shares of the financial services provider's stock valued at $339,149,000 after acquiring an additional 787,200 shares during the last quarter. 59.94% of the stock is owned by institutional investors.

Insider Buying and Selling at Texas Pacific Land

In related news, CFO Chris Steddum sold 830 shares of the business's stock in a transaction on 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 owned 12,040 shares in the company, valued at $4,819,973.20. The trade was a 6.45% decrease in their position. The transaction 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 owned by corporate insiders.

Texas Pacific Land Trading Up 1.6%

Shares of Texas Pacific Land stock opened at $348.13 on Friday. The business has a 50-day moving average price of $389.66 and a two-hundred day moving average price of $422.59. Texas Pacific Land Corporation has a 1-year low of $269.23 and a 1-year high of $547.20. The company has a market cap of $24.01 billion, a P/E ratio of 44.37 and a beta of 0.60.

Texas Pacific Land (NYSE:TPL - Get Free Report) last posted 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 firm had revenue of $246.10 million during the quarter, compared to analyst estimates of $249.50 million. Equities research analysts forecast that Texas Pacific Land Corporation will post 8.88 EPS for the current fiscal year.

Texas Pacific Land Announces Dividend

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 is Tuesday, September 1st. This represents a $2.40 annualized dividend and a dividend yield of 0.7%. Texas Pacific Land's payout ratio is currently 30.57%.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on the stock. Zacks Research raised shares of Texas Pacific Land from a "strong sell" rating to a "hold" rating in a research report on Wednesday, July 29th. Weiss Ratings restated a "hold (c+)" rating on shares of Texas Pacific Land in a research report on Wednesday, July 29th. One research analyst has rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat, the stock has an average rating of "Hold" and an average price target of $639.00.

About Texas Pacific Land

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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