Bar Harbor Wealth Management Buys 24,379 Shares of Texas Pacific Land Corporation $TPL

Key Points

• Bar Harbor Wealth Management increased its stake in Texas Pacific Land by 195.1%, acquiring 24,379 shares to hold 36,873 shares worth about $10.59 million (≈0.05% of the company).
• Texas Pacific Land beat quarterly estimates with EPS of $1.79 vs. $1.73 and revenue of $211.6M vs. $204M, demonstrating strong profitability (ROE 36.18%, net margin 60.31%).
• The company raised its quarterly dividend to $0.60 (annualized $2.40, 0.6% yield) as shares jumped ~8.5%, and analysts carry an average "Hold" rating with a consensus target of $639 after KeyCorp lifted its price target to $639.

Bar Harbor Wealth Management increased its stake in shares of Texas Pacific Land Corporation (NYSE:TPL - Free Report) by 195.1% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 36,873 shares of the financial services provider's stock after acquiring an additional 24,379 shares during the quarter. Bar Harbor Wealth Management owned about 0.05% of Texas Pacific Land worth $10,591,000 at the end of the most recent reporting period.

Several other large investors have also made changes to their positions in TPL. MassMutual Private Wealth & Trust FSB lifted its position in Texas Pacific Land by 363.2% during the 4th quarter. MassMutual Private Wealth & Trust FSB now owns 88 shares of the financial services provider's stock worth $25,000 after buying an additional 69 shares in the last quarter. Quarry LP acquired a new stake in shares of Texas Pacific Land in the 3rd quarter valued at approximately $29,000. CX Institutional acquired a new stake in Texas Pacific Land during the 3rd quarter valued at $30,000. Silicon Valley Capital Partners acquired a new stake in Texas Pacific Land during the 3rd quarter valued at $33,000. Finally, Triumph Capital Management acquired a new stake in shares of Texas Pacific Land during the third quarter worth $36,000. Institutional investors own 59.94% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research analysts recently commented on TPL shares. Wall Street Zen upgraded Texas Pacific Land from a "sell" rating to a "hold" rating in a research report on Sunday, March 15th. Weiss Ratings reaffirmed a "hold (c)" rating on shares of Texas Pacific Land in a research note on Friday, March 27th. Finally, KeyCorp boosted their price target on Texas Pacific Land from $350.00 to $639.00 and gave the company an "overweight" rating in a research note on Monday, February 23rd. One investment analyst has rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus target price of $639.00.

Texas Pacific Land Trading Up 8.5%

Shares of Texas Pacific Land stock opened at $410.07 on Friday. The stock has a fifty day simple moving average of $471.78 and a 200 day simple moving average of $366.25. 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 capitalization of $28.27 billion, a P/E ratio of 58.78 and a beta of 0.76.

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 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.73 by $0.06. The business had revenue of $211.60 million during the quarter, compared to the consensus estimate of $204.00 million. Texas Pacific Land had a return on equity of 36.18% and a net margin of 60.31%.

Texas Pacific Land Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, March 16th. Shareholders of record on Monday, March 2nd were paid a $0.60 dividend. This is a boost 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 is currently 34.38%.

Insiders Place Their Bets

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

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.