California State Teachers Retirement System Increases Stock Holdings in Texas Pacific Land Corporation $TPL

Key Points

• California State Teachers Retirement System dramatically increased its TPL stake by adding 94.2 million shares in the second quarter, bringing its reported holdings to 94.46 million shares valued at approximately $41.34 billion.
• Texas Pacific Land reported quarterly EPS of $2.23, exceeding the $2.18 consensus estimate, while revenue of $246.1 million was slightly below expectations. Institutional investors collectively own 59.94% of the company.
• TPL shares opened at $362.47, well below their 52-week high of $547.20. Analysts maintain an average “Hold” rating, despite an average price target of $639, and the company announced a quarterly dividend of $0.60 per share.

California State Teachers Retirement System boosted its stake in Texas Pacific Land Corporation (NYSE:TPL - Free Report) by 39,712.8% during the second quarter, according to its most recent 13F filing with the SEC. The firm owned 94,456,716 shares of the financial services provider's stock after acquiring an additional 94,219,464 shares during the quarter. California State Teachers Retirement System owned 136.95% of Texas Pacific Land worth $41,338,037,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in shares of Texas Pacific Land by 39.1% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 1,940 shares of the financial services provider's stock valued at $2,570,000 after purchasing an additional 545 shares during the period. NewEdge Advisors LLC lifted its stake in Texas Pacific Land by 74.1% in the 1st quarter. NewEdge Advisors LLC now owns 914 shares of the financial services provider's stock valued at $1,211,000 after buying an additional 389 shares in the last quarter. Woodline Partners LP lifted its stake in Texas Pacific Land by 40.8% in the 1st quarter. Woodline Partners LP now owns 1,592 shares of the financial services provider's stock valued at $2,109,000 after buying an additional 461 shares in the last quarter. EverSource Wealth Advisors LLC boosted its holdings in Texas Pacific Land by 21.4% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 68 shares of the financial services provider's stock worth $72,000 after buying an additional 12 shares during the last quarter. Finally, Marshall Wace LLP boosted its holdings in Texas Pacific Land by 2,177.5% in the 2nd quarter. Marshall Wace LLP now owns 4,555 shares of the financial services provider's stock worth $4,812,000 after buying an additional 4,355 shares during the last quarter. Hedge funds and other institutional investors own 59.94% of the company's stock.

Texas Pacific Land Stock Up 0.0%

Shares of NYSE TPL opened at $362.47 on Monday. The firm has a 50-day simple moving average of $388.21 and a 200-day simple moving average of $422.29. The stock has a market capitalization of $25.00 billion, a price-to-earnings ratio of 46.19 and a beta of 0.61. Texas Pacific Land Corporation has a 52 week low of $269.23 and a 52 week high of $547.20.

Texas Pacific Land (NYSE:TPL - Get Free Report) last posted its quarterly earnings results 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 firm had revenue of $246.10 million for the quarter, compared to the consensus estimate of $249.50 million. As a group, equities research analysts expect that Texas Pacific Land Corporation will post 8.88 EPS for the current year.

Texas Pacific Land Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 15th. Shareholders of record on Tuesday, September 1st will be paid a $0.60 dividend. This represents a $2.40 dividend on an annualized basis and a yield of 0.7%. The ex-dividend date of this dividend is Tuesday, September 1st. Texas Pacific Land's dividend payout ratio (DPR) is 30.57%.

Wall Street Analyst Weigh In

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

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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