Bank of America Corp DE Invests $115.21 Million in Texas Pacific Land Corporation $TPL

Key Points

• Bank of America acquired 263,251 shares of Texas Pacific Land during the second quarter, valued at approximately $115.2 million and representing a 0.38% stake.
• Analysts maintain a generally neutral view of TPL, with an average rating of “Hold” and a consensus price target of $639. One analyst rates it Buy, two Hold, and one Sell.
• Texas Pacific Land reported quarterly EPS of $2.23, exceeding estimates of $2.18, while revenue reached $246.1 million. The company also declared a quarterly dividend of $0.60 per share, equal to a 0.7% annualized yield.

Bank of America Corp DE purchased a new position in shares of Texas Pacific Land Corporation (NYSE:TPL - Free Report) during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 263,251 shares of the financial services provider's stock, valued at approximately $115,209,000. Bank of America Corp DE owned 0.38% of Texas Pacific Land as of its most recent SEC filing.

Several other hedge funds have also modified their holdings of TPL. Global Retirement Partners LLC acquired a new position in shares of Texas Pacific Land in the second quarter worth $41,000. IFP Advisors Inc boosted its position in Texas Pacific Land by 185.3% during the fourth quarter. IFP Advisors Inc now owns 97 shares of the financial services provider's stock worth $28,000 after acquiring an additional 63 shares during the last quarter. Rothschild Investment LLC boosted its position in Texas Pacific Land by 187.8% during the fourth quarter. Rothschild Investment LLC now owns 141 shares of the financial services provider's stock worth $40,000 after acquiring an additional 92 shares during the last quarter. IMA Advisory Services Inc. grew its stake in Texas Pacific Land by 200.0% in the 4th quarter. IMA Advisory Services Inc. now owns 144 shares of the financial services provider's stock worth $41,000 after acquiring an additional 96 shares during the period. Finally, Quantbot Technologies LP purchased a new stake in Texas Pacific Land in the 2nd quarter worth approximately $67,000. 59.94% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of equities research analysts have recently commented on the company. Weiss Ratings reaffirmed a "hold (c+)" rating on shares of Texas Pacific Land in a research report on Wednesday, July 29th. Zacks Research upgraded Texas Pacific Land from a "strong sell" rating to a "hold" rating in a report on Wednesday, July 29th. One investment analyst has rated the stock with a Buy rating, two have given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the company currently has an average rating of "Hold" and a consensus target price of $639.00.

Texas Pacific Land Price Performance

Shares of Texas Pacific Land stock opened at $352.38 on Friday. Texas Pacific Land Corporation has a 1-year low of $269.23 and a 1-year high of $547.20. The business's fifty day moving average price is $379.50 and its two-hundred day moving average price is $413.79. The company has a market capitalization of $24.30 billion, a P/E ratio of 44.91 and a beta of 0.61.

Texas Pacific Land (NYSE:TPL - Get Free Report) last announced its earnings results on Wednesday, August 5th. The financial services provider reported $2.23 EPS for the quarter, topping the consensus estimate of $2.18 by $0.05. The firm had revenue of $246.10 million for the quarter, compared to analysts' expectations of $249.50 million. Texas Pacific Land had a return on equity of 35.76% and a net margin of 60.32%. On average, research 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 firm also recently declared a quarterly dividend, which was paid on Tuesday, September 15th. Stockholders of record on Tuesday, September 1st were issued a dividend of $0.60 per share. The ex-dividend date was Tuesday, September 1st. This represents a $2.40 dividend on an annualized basis and a dividend yield of 0.7%. Texas Pacific Land's payout ratio is currently 30.57%.

Texas Pacific Land Profile

Texas Pacific Land Corporation NYSE: TPL is a land and natural resources company focused primarily on properties in the Permian Basin of West Texas. The company owns and manages a large portfolio of land and mineral interests, generating revenue from oil and gas royalties, easements, surface leases, grazing leases, and other land-use arrangements.

Texas Pacific Land also provides water-related services to customers engaged in oil and gas development. Its activities include sourcing, handling, treating, and disposing of water, as well as developing and managing water infrastructure.

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