Confluence Wealth Services Inc. Acquires 3,329 Shares of Texas Pacific Land Corporation $TPL

Key Points

• Confluence Wealth Services boosted its stake in Texas Pacific Land (TPL) by 220.8% in Q4, acquiring 3,329 shares to hold 4,837 shares worth about $1.389 million.
• TPL reported a quarterly beat with EPS $1.79 versus $1.73 expected and revenue $211.6M versus $204M, and raised its quarterly dividend to $0.60 (annualized $2.40, yield 0.5%).
• KeyCorp raised its price target to $639 and analysts’ average price target sits at $639; TPL trades with a market cap of $30.32B and a PE of 63.05.

Confluence Wealth Services Inc. increased its holdings in shares of Texas Pacific Land Corporation (NYSE:TPL - Free Report) by 220.8% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 4,837 shares of the financial services provider's stock after acquiring an additional 3,329 shares during the period. Confluence Wealth Services Inc.'s holdings in Texas Pacific Land were worth $1,389,000 at the end of the most recent reporting period.

Other hedge funds have also bought and sold shares of the company. MassMutual Private Wealth & Trust FSB boosted its stake in Texas Pacific Land by 363.2% during the fourth quarter. MassMutual Private Wealth & Trust FSB now owns 88 shares of the financial services provider's stock worth $25,000 after acquiring an additional 69 shares in the last quarter. Quarry LP bought a new stake in Texas Pacific Land during the third quarter worth about $29,000. CX Institutional bought a new stake in Texas Pacific Land during the third quarter worth about $30,000. Eagle Bay Advisors LLC bought a new stake in Texas Pacific Land during the fourth quarter worth about $31,000. Finally, Silicon Valley Capital Partners bought a new stake in Texas Pacific Land during the third quarter worth about $33,000. Institutional investors own 59.94% of the company's stock.

Texas Pacific Land Stock Performance

Shares of Texas Pacific Land stock opened at $439.87 on Friday. The stock has a market capitalization of $30.32 billion, a PE ratio of 63.05 and a beta of 0.76. Texas Pacific Land Corporation has a 52-week low of $269.23 and a 52-week high of $547.20. The company has a 50-day simple moving average of $482.07 and a two-hundred day simple moving average of $373.36.

Texas Pacific Land (NYSE:TPL - Get Free Report) last issued its earnings results on Wednesday, February 18th. The financial services provider reported $1.79 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.73 by $0.06. The business had revenue of $211.60 million during the quarter, compared to analysts' expectations of $204.00 million. Texas Pacific Land had a net margin of 60.31% and a return on equity of 36.18%. As a group, equities research analysts forecast that Texas Pacific Land Corporation will post 9.27 EPS for the current fiscal year.

Texas Pacific Land Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, March 16th. Shareholders of record on Monday, March 2nd were issued a $0.60 dividend. This represents a $2.40 annualized dividend and a yield of 0.5%. This is a boost from Texas Pacific Land's previous quarterly dividend of $0.53. The ex-dividend date of this dividend was Monday, March 2nd. Texas Pacific Land's dividend payout ratio is presently 34.38%.

Insider Activity

In other news, CAO Stephanie Buffington sold 1,608 shares of the business's stock in a transaction that occurred on Tuesday, February 24th. The shares were sold at an average price of $503.00, for a total transaction of $808,824.00. Following the completion of the transaction, the chief accounting officer directly owned 2,133 shares of the company's stock, valued at $1,072,899. The trade was a 42.98% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Donna E. Epps acquired 895 shares of the firm's stock in a transaction dated Wednesday, February 25th. The shares were bought at an average cost of $510.45 per share, with a total value of $456,852.75. Following the completion of the acquisition, the director directly owned 2,921 shares of the company's stock, valued at $1,491,024.45. The trade was a 44.18% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. 6.90% of the stock is currently owned by insiders.

Analysts Set New Price Targets

Several equities research analysts recently commented on the stock. Zacks Research raised shares of Texas Pacific Land from a "hold" rating to a "strong-buy" rating in a research note on Thursday, April 16th. Wall Street Zen raised shares of Texas Pacific Land from a "sell" rating to a "hold" rating in a research note on Sunday, March 15th. Weiss Ratings reissued a "hold (c)" rating on shares of Texas Pacific Land in a research note on Friday, March 27th. Finally, KeyCorp lifted their target price 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. One investment analyst has rated the stock with a Strong Buy rating, one has given a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, Texas Pacific Land has an average rating of "Moderate Buy" 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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