Bank of Nova Scotia Acquires New Shares in Texas Pacific Land Corporation $TPL

Key Points

• Bank of Nova Scotia acquired 5,872 shares of Texas Pacific Land Corporation in the second quarter, valued at approximately $2.57 million. Institutional investors now own 59.94% of the company.
• Texas Pacific Land reported quarterly earnings of $2.23 per share, beating analyst expectations of $2.18, while revenue of $246.1 million fell slightly short of estimates.
• The company declared a quarterly dividend of $0.60 per share, equivalent to an annualized $2.40 payout and a 0.6% yield. Analysts maintain a consensus “Hold” rating, with a $639 target price.

Bank of Nova Scotia bought a new position in Texas Pacific Land Corporation (NYSE:TPL - Free Report) in the second quarter, according to the company in its most recent disclosure with the SEC. The institutional investor bought 5,872 shares of the financial services provider's stock, valued at approximately $2,570,000.

Other large investors have also recently bought and sold shares of the company. Horizon Kinetics Asset Management LLC grew its holdings in shares of Texas Pacific Land by 194.9% during the fourth 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 holdings in Texas Pacific Land by 192.8% in the 4th quarter. Vanguard Group Inc. now owns 7,556,966 shares of the financial services provider's stock valued at $2,170,512,000 after buying an additional 4,975,738 shares during the last quarter. State Street Corp raised its holdings in Texas Pacific Land by 206.8% in the 4th quarter. State Street Corp now owns 3,587,004 shares of the financial services provider's stock valued at $1,030,259,000 after buying an additional 2,417,705 shares during the last quarter. Geode Capital Management LLC boosted its position in Texas Pacific Land by 203.7% during the 4th quarter. Geode Capital Management LLC now owns 1,759,107 shares of the financial services provider's stock worth $503,581,000 after buying an additional 1,179,788 shares during the period. Finally, SoftVest Advisors LLC boosted its position in Texas Pacific Land by 200.0% during the 4th quarter. SoftVest Advisors LLC now owns 1,180,800 shares of the financial services provider's stock worth $339,149,000 after buying an additional 787,200 shares during the period. 59.94% of the stock is currently owned by institutional investors.

Insider Activity

In other news, CFO Chris Steddum sold 3,170 shares of the business's stock in a transaction dated Friday, June 5th. The stock was sold at an average price of $400.25, for a total value of $1,268,792.50. Following the transaction, the chief financial officer directly owned 12,870 shares of the company's stock, valued at $5,151,217.50. The trade was a 19.76% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through 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 Performance

Texas Pacific Land stock opened at $370.59 on Thursday. The firm has a market cap of $25.56 billion, a price-to-earnings ratio of 47.23 and a beta of 0.60. Texas Pacific Land Corporation has a 52-week low of $269.23 and a 52-week high of $547.20. The firm has a 50 day moving average price of $388.87 and a two-hundred day moving average price of $424.13.

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 net margin of 60.32% and a return on equity of 35.76%. The company had revenue of $246.10 million during the quarter, compared to analysts' expectations of $249.50 million. As a group, equities research analysts predict that Texas Pacific Land Corporation will post 8.88 EPS 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. Stockholders of record on Tuesday, September 1st will be given a $0.60 dividend. The ex-dividend date of this dividend is Tuesday, September 1st. This represents a $2.40 annualized dividend and a dividend yield of 0.6%. Texas Pacific Land's dividend payout ratio (DPR) is 30.57%.

Wall Street Analysts Forecast Growth

Several equities analysts have issued reports on TPL shares. Zacks Research upgraded shares of Texas Pacific Land from a "strong sell" rating to a "hold" rating in a research report on Wednesday, July 29th. Weiss Ratings reiterated 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 issued a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat, the stock has an average rating of "Hold" and a consensus target price of $639.00.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source