BNP Paribas Financial Markets Grows Position in Texas Pacific Land Corporation $TPL

Key Points

• BNP Paribas Financial Markets increased its stake in Texas Pacific Land by 245.8% in the fourth quarter, bringing its holdings to 107,739 shares valued at about $30.9 million.
• Other major institutions also made sizable moves in TPL, including Vanguard and Geode Capital Management, and institutional investors now own about 59.94% of the stock.
• Texas Pacific Land reported better-than-expected quarterly results with EPS of $2.07 versus $2.03 expected, and it also announced a quarterly dividend of $0.60 per share, payable June 15.

BNP Paribas Financial Markets grew its holdings in shares of Texas Pacific Land Corporation (NYSE:TPL - Free Report) by 245.8% in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 107,739 shares of the financial services provider's stock after buying an additional 76,585 shares during the quarter. BNP Paribas Financial Markets owned 0.16% of Texas Pacific Land worth $30,945,000 at the end of the most recent quarter.

Several other large investors have also recently added to or reduced their stakes in the stock. Vanguard Group Inc. raised its holdings in shares of Texas Pacific Land by 192.8% during 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 period. Geode Capital Management LLC increased its position in shares of Texas Pacific Land by 203.7% during the fourth quarter. Geode Capital Management LLC now owns 1,759,107 shares of the financial services provider's stock worth $503,581,000 after acquiring an additional 1,179,788 shares during the last quarter. State Street Corp grew its stake in Texas Pacific Land by 1.9% during the 3rd quarter. State Street Corp now owns 1,169,299 shares of the financial services provider's stock valued at $1,091,704,000 after purchasing an additional 22,296 shares in the last quarter. Pacific Heights Asset Management LLC increased its holdings in Texas Pacific Land by 235.1% during the 4th quarter. Pacific Heights Asset Management LLC now owns 620,000 shares of the financial services provider's stock worth $178,076,000 after purchasing an additional 435,000 shares during the last quarter. Finally, Schwartz Investment Counsel Inc. boosted its stake in shares of Texas Pacific Land by 209.7% during the 4th quarter. Schwartz Investment Counsel Inc. now owns 475,104 shares of the financial services provider's stock valued at $136,459,000 after buying an additional 321,683 shares during the last quarter. 59.94% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several brokerages have weighed in on TPL. Weiss Ratings raised shares of Texas Pacific Land from a "hold (c)" rating to a "hold (c+)" rating in a report on Friday, May 1st. KeyCorp lifted their price objective on shares of Texas Pacific Land from $350.00 to $639.00 and gave the stock an "overweight" rating in a report on Monday, February 23rd. Zacks Research downgraded shares of Texas Pacific Land from a "strong-buy" rating to a "hold" rating in a research report on Monday. Finally, Wall Street Zen raised Texas Pacific Land from a "sell" rating to a "hold" rating in a report on Sunday, March 15th. One analyst has rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat.com, the stock has an average rating of "Hold" and an average price target of $639.00.

Texas Pacific Land Stock Performance

Shares of TPL stock opened at $407.06 on Friday. Texas Pacific Land Corporation has a 1 year low of $269.23 and a 1 year high of $547.20. The stock has a market cap of $28.07 billion, a PE ratio of 55.76 and a beta of 0.61. The business's fifty day moving average is $423.19 and its 200-day moving average is $391.93.

Texas Pacific Land (NYSE:TPL - Get Free Report) last announced its quarterly earnings data on Wednesday, May 6th. The financial services provider reported $2.07 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.03 by $0.04. The company had revenue of $236.80 million for the quarter, compared to analysts' expectations of $233.00 million. Texas Pacific Land had a net margin of 60.03% and a return on equity of 35.52%. Equities research analysts predict that Texas Pacific Land Corporation will post 9.27 earnings per share for the current year.

Texas Pacific Land Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, June 15th. Investors of record on Monday, June 1st will be paid a $0.60 dividend. The ex-dividend date of this dividend is Monday, June 1st. 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 32.88%.

About Texas Pacific Land

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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