Balentine LLC Has $1.71 Million Position in Texas Pacific Land Corporation $TPL

Key Points

• Balentine LLC increased its holding in Texas Pacific Land (TPL) by 200.2% in Q4 to 5,937 shares, a position valued at about $1.705 million.
• Texas Pacific Land beat quarterly estimates with EPS of $1.79 (vs. $1.73 expected) and revenue of $211.6M (vs. $204M), reporting a 60.31% net margin and 36.18% ROE.
• The board raised the quarterly dividend to $0.60 (annualized $2.40, yield ~0.6%), and analysts carry an average "Moderate Buy" view with an average target price of $639 (KeyCorp boosted its target to $639).

Balentine LLC raised its holdings in Texas Pacific Land Corporation (NYSE:TPL - Free Report) by 200.2% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 5,937 shares of the financial services provider's stock after buying an additional 3,959 shares during the period. Balentine LLC's holdings in Texas Pacific Land were worth $1,705,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. Partners in Financial Planning increased its stake in shares of Texas Pacific Land by 200.0% during the 4th quarter. Partners in Financial Planning now owns 2,142 shares of the financial services provider's stock worth $615,000 after purchasing an additional 1,428 shares during the last quarter. Strs Ohio increased its stake in shares of Texas Pacific Land by 200.7% during the 4th quarter. Strs Ohio now owns 1,383 shares of the financial services provider's stock worth $397,000 after purchasing an additional 923 shares during the last quarter. SevenBridge Financial Group LLC increased its stake in shares of Texas Pacific Land by 200.0% during the 4th quarter. SevenBridge Financial Group LLC now owns 2,169 shares of the financial services provider's stock worth $623,000 after purchasing an additional 1,446 shares during the last quarter. Composition Wealth LLC increased its stake in shares of Texas Pacific Land by 210.5% during the 4th quarter. Composition Wealth LLC now owns 22,806 shares of the financial services provider's stock worth $6,550,000 after purchasing an additional 15,462 shares during the last quarter. Finally, Horizon Investments LLC increased its stake in shares of Texas Pacific Land by 138.1% during the 4th quarter. Horizon Investments LLC now owns 3,033 shares of the financial services provider's stock worth $871,000 after purchasing an additional 1,759 shares during the last quarter. 59.94% of the stock is currently owned by institutional investors and hedge funds.

Texas Pacific Land Stock Performance

Shares of TPL opened at $433.94 on Friday. Texas Pacific Land Corporation has a 52 week low of $269.23 and a 52 week high of $547.20. The firm has a market cap of $29.92 billion, a P/E ratio of 62.20 and a beta of 0.67. The firm's 50-day simple moving average is $481.54 and its 200 day simple moving average is $378.28.

Texas Pacific Land (NYSE:TPL - Get Free Report) last announced its quarterly earnings results on Wednesday, February 18th. The financial services provider reported $1.79 EPS for the quarter, beating analysts' consensus estimates of $1.73 by $0.06. Texas Pacific Land had a net margin of 60.31% and a return on equity of 36.18%. The business had revenue of $211.60 million for the quarter, compared to analyst estimates of $204.00 million. As a group, equities analysts forecast that Texas Pacific Land Corporation will post 9.27 earnings per share for the current year.

Texas Pacific Land Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, March 16th. Investors of record on Monday, March 2nd were paid a $0.60 dividend. This is an increase from Texas Pacific Land's previous quarterly dividend of $0.53. The ex-dividend date was Monday, March 2nd. This represents a $2.40 dividend on an annualized basis and a yield of 0.6%. Texas Pacific Land's dividend payout ratio (DPR) is currently 34.38%.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on TPL. Weiss Ratings upgraded shares of Texas Pacific Land from a "hold (c)" rating to a "hold (c+)" rating in a research note on Friday. KeyCorp boosted their price objective on shares of Texas Pacific Land from $350.00 to $639.00 and gave the stock an "overweight" rating in a research note on Monday, February 23rd. Zacks Research upgraded shares of Texas Pacific Land from a "hold" rating to a "strong-buy" rating in a research note on Thursday, April 16th. Finally, Wall Street Zen upgraded shares of Texas Pacific Land from a "sell" rating to a "hold" rating in a research note on Sunday, March 15th. One investment analyst has rated the stock with a Strong Buy rating, one has given a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $639.00.

Insider Transactions at Texas Pacific Land

In related news, Director Donna E. Epps purchased 895 shares of the firm's stock in a transaction that occurred on Wednesday, February 25th. The shares were acquired at an average price of $510.45 per share, for a total transaction of $456,852.75. Following the purchase, the director owned 2,921 shares in the company, valued at approximately $1,491,024.45. This represents a 44.18% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CAO Stephanie Buffington sold 1,608 shares of the company's stock in a transaction dated Tuesday, February 24th. The shares were sold at an average price of $503.00, for a total transaction of $808,824.00. Following the completion of the transaction, the chief accounting officer owned 2,133 shares in the company, valued at approximately $1,072,899. This trade represents a 42.98% decrease in their position. The disclosure for this sale is available in the SEC filing. 6.90% of the stock is currently owned by corporate insiders.

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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