Beacon Pointe Advisors LLC Takes $7.30 Million Position in Texas Pacific Land Corporation $TPL

Key Points

• Beacon Pointe Advisors initiated a $7.30 million position in Texas Pacific Land during the second quarter, purchasing 16,689 shares. Institutional investors collectively own 59.94% of TPL.
• Analyst sentiment remains cautious: TPL has an average “Hold” rating and a $639 price target, with ratings ranging from Buy to Sell. The stock opened at $364.29 and has traded between $269.23 and $547.20 over the past year.
• Texas Pacific Land beat quarterly EPS expectations, reporting $2.23 versus the $2.18 consensus, while revenue of $246.1 million fell slightly short of estimates. The company declared a quarterly dividend of $0.60 per share, equal to a 0.7% yield.

Beacon Pointe Advisors 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 13F filing with the SEC. The fund bought 16,689 shares of the financial services provider's stock, valued at approximately $7,304,000.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Bank of America Corp DE boosted its holdings in shares of Texas Pacific Land by 143.0% in the 1st quarter. Bank of America Corp DE now owns 264,740 shares of the financial services provider's stock valued at $125,635,000 after acquiring an additional 155,781 shares during the last quarter. Daiwa Securities Group Inc. raised its holdings in shares of Texas Pacific Land by 200.7% during the fourth quarter. Daiwa Securities Group Inc. now owns 9,450 shares of the financial services provider's stock worth $2,714,000 after purchasing an additional 6,307 shares during the last quarter. New York State Teachers Retirement System lifted its position in Texas Pacific Land by 184.1% during the fourth quarter. New York State Teachers Retirement System now owns 38,841 shares of the financial services provider's stock valued at $11,156,000 after purchasing an additional 25,170 shares during the period. Schwartz Investment Counsel Inc. lifted its position in Texas Pacific Land by 209.7% during the fourth quarter. Schwartz Investment Counsel Inc. now owns 475,104 shares of the financial services provider's stock valued at $136,459,000 after purchasing an additional 321,683 shares during the period. Finally, Comerica Bank boosted its holdings in Texas Pacific Land by 152.6% in the fourth quarter. Comerica Bank now owns 8,087 shares of the financial services provider's stock valued at $2,323,000 after purchasing an additional 4,886 shares during the last quarter. 59.94% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

TPL has been the topic of several analyst reports. Weiss Ratings reaffirmed a "hold (c+)" rating on shares of Texas Pacific Land in a research report on Wednesday, July 29th. Zacks Research raised Texas Pacific Land from a "strong sell" rating to a "hold" rating in a report on Wednesday, July 29th. One analyst has rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, Texas Pacific Land currently has an average rating of "Hold" and an average target price of $639.00.

Texas Pacific Land Stock Performance

NYSE:TPL opened at $364.29 on Friday. The stock has a market capitalization of $25.13 billion, a PE ratio of 46.43 and a beta of 0.60. Texas Pacific Land Corporation has a fifty-two week low of $269.23 and a fifty-two week high of $547.20. The company has a fifty day moving average of $389.35 and a two-hundred day moving average of $423.73.

Texas Pacific Land (NYSE:TPL - Get Free Report) last announced its earnings results on Wednesday, August 5th. The financial services provider reported $2.23 earnings per share (EPS) for the quarter, beating 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 business had revenue of $246.10 million for the quarter, compared to analyst estimates of $249.50 million. Research analysts forecast that Texas Pacific Land Corporation will post 8.88 earnings per share for the current year.

Texas Pacific Land Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 15th. Investors of record on Tuesday, September 1st will be issued a $0.60 dividend. This represents a $2.40 annualized dividend and a yield of 0.7%. The ex-dividend date is Tuesday, September 1st. Texas Pacific Land's payout ratio is presently 30.57%.

Insider Buying and Selling

In related news, CFO Chris Steddum sold 830 shares of the stock in a transaction on Monday, June 8th. The stock was sold at an average price of $400.33, for a total value of $332,273.90. Following the completion of the transaction, the chief financial officer directly owned 12,040 shares of the company's stock, valued at approximately $4,819,973.20. This represents a 6.45% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Company insiders own 6.90% of the company's stock.

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.

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