Commonwealth of Pennsylvania Public School Empls Retrmt SYS Grows Position in Texas Pacific Land Corporation $TPL

Key Points

• Commonwealth of Pennsylvania Public School Empls Retrmt SYS boosted its Texas Pacific Land stake by 190.5% in the fourth quarter, holding 13,470 shares valued at about $3.87 million. Several other institutional investors also increased their positions, and hedge funds and other institutions now own 59.94% of the stock.
• Texas Pacific Land reported strong quarterly results, posting EPS of $2.07 versus estimates of $2.03 and revenue of $236.8 million versus expectations of $233 million. The company also showed a 35.52% return on equity and a 60.03% net margin.
• The company declared a quarterly dividend of $0.60 per share, payable June 15, for an annualized payout of $2.40 and a 0.6% yield. Analysts currently have a Hold consensus on the stock, with an average price target of $639.

Commonwealth of Pennsylvania Public School Empls Retrmt SYS raised its position in Texas Pacific Land Corporation (NYSE:TPL - Free Report) by 190.5% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 13,470 shares of the financial services provider's stock after acquiring an additional 8,833 shares during the quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS's holdings in Texas Pacific Land were worth $3,869,000 at the end of the most recent quarter.

Other hedge funds have also recently modified their holdings of the company. Bar Harbor Wealth Management increased its position in shares of Texas Pacific Land by 195.1% in the fourth quarter. Bar Harbor Wealth Management now owns 36,873 shares of the financial services provider's stock valued at $10,591,000 after acquiring an additional 24,379 shares during the period. Stratos Wealth Partners LTD. lifted its stake in Texas Pacific Land by 212.9% in the fourth quarter. Stratos Wealth Partners LTD. now owns 18,211 shares of the financial services provider's stock worth $5,231,000 after acquiring an additional 12,390 shares during the period. Schwartz Investment Counsel Inc. lifted its stake in Texas Pacific Land by 209.7% in the fourth quarter. Schwartz Investment Counsel Inc. now owns 475,104 shares of the financial services provider's stock worth $136,459,000 after acquiring an additional 321,683 shares during the period. Sumitomo Mitsui Trust Group Inc. lifted its stake in Texas Pacific Land by 192.8% in the fourth quarter. Sumitomo Mitsui Trust Group Inc. now owns 133,731 shares of the financial services provider's stock worth $38,410,000 after acquiring an additional 88,053 shares during the period. Finally, New York State Teachers Retirement System lifted its stake in Texas Pacific Land by 184.1% in the fourth quarter. New York State Teachers Retirement System now owns 38,841 shares of the financial services provider's stock worth $11,156,000 after acquiring an additional 25,170 shares during the period. Hedge funds and other institutional investors own 59.94% of the company's stock.

Texas Pacific Land Stock Up 0.1%

Shares of TPL stock opened at $407.06 on Friday. The stock has a fifty day moving average of $423.19 and a 200 day moving average of $391.93. Texas Pacific Land Corporation has a 52 week low of $269.23 and a 52 week high of $547.20. The firm has a market capitalization of $28.07 billion, a price-to-earnings ratio of 55.76 and a beta of 0.61.

Texas Pacific Land (NYSE:TPL - Get Free Report) last posted its quarterly earnings data on Wednesday, May 6th. The financial services provider reported $2.07 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $2.03 by $0.04. The business had revenue of $236.80 million during the quarter, compared to the consensus estimate of $233.00 million. Texas Pacific Land had a return on equity of 35.52% and a net margin of 60.03%. Equities research analysts anticipate that Texas Pacific Land Corporation will post 9.27 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 Monday, June 15th. Shareholders of record on Monday, June 1st will be issued a $0.60 dividend. The ex-dividend date 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 is 32.88%.

Analysts Set New Price Targets

A number of analysts recently commented on TPL shares. Wall Street Zen raised Texas Pacific Land from a "sell" rating to a "hold" rating in a research note on Sunday, March 15th. Zacks Research lowered Texas Pacific Land from a "strong-buy" rating to a "hold" rating in a research note on Monday. Weiss Ratings raised Texas Pacific Land from a "hold (c)" rating to a "hold (c+)" rating in a research note on Friday, May 1st. Finally, KeyCorp raised their price target on Texas Pacific Land from $350.00 to $639.00 and gave the stock an "overweight" rating in a research note on Monday, February 23rd. One equities research 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 data from MarketBeat.com, the stock has a consensus rating of "Hold" and an average price target 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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