Clifford Swan Investment Counsel LLC Buys New Position in Texas Pacific Land Corporation $TPL

Key Points

• Clifford Swan Investment Counsel initiated a Texas Pacific Land position by purchasing 5,343 shares worth approximately $2.34 million. Institutional investors collectively own 59.94% of the company.
• Texas Pacific Land reported quarterly EPS of $2.23, exceeding estimates of $2.18, while revenue of $246.1 million fell slightly short of expectations. Shares were trading at $369.12, down 1.4%.
• The company declared a quarterly dividend of $0.60 per share, equivalent to a 0.7% annualized yield. Analysts maintain a consensus “Hold” rating, with an average price target of $639.

Clifford Swan Investment Counsel LLC bought a new stake in shares of Texas Pacific Land Corporation (NYSE:TPL - Free Report) during the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm bought 5,343 shares of the financial services provider's stock, valued at approximately $2,338,000.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings 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 acquiring an additional 545 shares in the last quarter. NewEdge Advisors LLC increased its stake in shares of Texas Pacific Land by 74.1% during the first quarter. NewEdge Advisors LLC now owns 914 shares of the financial services provider's stock valued at $1,211,000 after acquiring an additional 389 shares during the period. Woodline Partners LP raised its holdings in Texas Pacific Land by 40.8% during the first quarter. Woodline Partners LP now owns 1,592 shares of the financial services provider's stock worth $2,109,000 after purchasing an additional 461 shares in the last quarter. EverSource Wealth Advisors LLC raised its holdings in Texas Pacific Land by 21.4% during the second quarter. EverSource Wealth Advisors LLC now owns 68 shares of the financial services provider's stock worth $72,000 after purchasing an additional 12 shares in the last quarter. Finally, Marshall Wace LLP raised its holdings in Texas Pacific Land by 2,177.5% during the second quarter. Marshall Wace LLP now owns 4,555 shares of the financial services provider's stock worth $4,812,000 after purchasing an additional 4,355 shares in the last quarter. 59.94% of the stock is currently owned by institutional investors.

Texas Pacific Land Trading Down 1.4%

NYSE:TPL opened at $369.12 on Wednesday. The company has a 50-day moving average of $389.62 and a 200-day moving average of $423.57. The firm has a market cap of $25.46 billion, a price-to-earnings ratio of 47.04 and a beta of 0.61. Texas Pacific Land Corporation has a twelve month low of $269.23 and a twelve month high of $547.20.

Texas Pacific Land (NYSE:TPL - Get Free Report) last released its earnings results on Wednesday, August 5th. The financial services provider reported $2.23 EPS for the quarter, topping analysts' consensus estimates 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 the consensus estimate of $249.50 million. On average, 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 business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 15th. Stockholders of record on Tuesday, September 1st will be paid a dividend of $0.60 per share. The ex-dividend date of this dividend is Tuesday, September 1st. This represents a $2.40 annualized dividend and a dividend yield of 0.7%. Texas Pacific Land's dividend payout ratio (DPR) is currently 30.57%.

Insider Buying and Selling at Texas Pacific Land

In related news, CFO Chris Steddum sold 830 shares of Texas Pacific Land 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 transaction, the chief financial officer directly owned 12,040 shares in the company, valued at $4,819,973.20. The trade was a 6.45% decrease in their position. The sale was disclosed in a legal filing with the SEC, 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 currently owned by corporate insiders.

Analyst Ratings Changes

A number of brokerages have issued reports on TPL. Weiss Ratings reaffirmed a "hold (c+)" rating on shares of Texas Pacific Land in a research note on Wednesday, July 29th. Zacks Research raised Texas Pacific Land from a "strong sell" rating to a "hold" rating in a research note on Wednesday, July 29th. One analyst has rated the stock with a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat, the company presently has a consensus rating of "Hold" and an average 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.

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