Corient Private Wealth LLC Increases Stake in Texas Pacific Land Corporation $TPL

Key Points

• Corient Private Wealth LLC boosted its Texas Pacific Land stake by 131.7% in the fourth quarter, ending with 17,888 shares valued at about $5.14 million.
• Texas Pacific Land reported better-than-expected quarterly results, with EPS of $2.07 versus the $2.03 estimate and revenue of $236.8 million versus the $233 million forecast.
• The company paid a $0.60 quarterly dividend and maintains a 0.6% yield; meanwhile, analyst sentiment is mixed, with an overall Hold rating and an average target price of $639.

Corient Private Wealth LLC increased its stake in Texas Pacific Land Corporation (NYSE:TPL - Free Report) by 131.7% in the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 17,888 shares of the financial services provider's stock after purchasing an additional 10,167 shares during the period. Corient Private Wealth LLC's holdings in Texas Pacific Land were worth $5,139,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also bought and sold shares of the stock. MassMutual Private Wealth & Trust FSB lifted its position 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 valued at $25,000 after purchasing an additional 69 shares during the period. Summit Securities Group LLC lifted its holdings in shares of Texas Pacific Land by 171.9% in the 4th quarter. Summit Securities Group LLC now owns 87 shares of the financial services provider's stock valued at $25,000 after buying an additional 55 shares during the period. IFP Advisors Inc boosted its stake in shares of Texas Pacific Land by 185.3% in the fourth quarter. IFP Advisors Inc now owns 97 shares of the financial services provider's stock worth $28,000 after buying an additional 63 shares during the last quarter. Quarry LP purchased a new stake in shares of Texas Pacific Land in the third quarter worth about $29,000. Finally, Eagle Bay Advisors LLC purchased a new stake in shares of Texas Pacific Land in the fourth quarter worth about $31,000. Institutional investors and hedge funds own 59.94% of the company's stock.

Insider Buying and Selling

In related news, CFO Chris Steddum sold 3,170 shares of the stock in a transaction on Friday, June 5th. The stock was sold at an average price of $400.25, for a total value of $1,268,792.50. Following the transaction, the chief financial officer owned 12,870 shares of the company's stock, valued at $5,151,217.50. This represents a 19.76% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 6.90% of the stock is owned by company insiders.

Texas Pacific Land Stock Up 1.3%

Shares of TPL stock opened at $396.18 on Friday. The firm has a 50 day moving average of $398.39 and a two-hundred day moving average of $399.79. The stock has a market capitalization of $27.32 billion, a PE ratio of 54.27 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 announced its quarterly earnings data on Wednesday, May 6th. The financial services provider reported $2.07 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.03 by $0.04. The business had revenue of $236.80 million for the quarter, compared to analysts' expectations of $233.00 million. Texas Pacific Land had a return on equity of 35.52% and a net margin of 60.03%. Analysts expect that Texas Pacific Land Corporation will post 8.88 EPS for the current fiscal year.

Texas Pacific Land Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, June 15th. Investors of record on Monday, June 1st were issued a $0.60 dividend. The ex-dividend date of this dividend was Monday, June 1st. This represents a $2.40 annualized dividend and a yield of 0.6%. Texas Pacific Land's dividend payout ratio (DPR) is 32.88%.

Analyst Upgrades and Downgrades

Several brokerages recently weighed in on TPL. Wall Street Zen upgraded Texas Pacific Land from a "sell" rating to a "hold" rating in a research report on Sunday, March 15th. Weiss Ratings upgraded Texas Pacific Land from a "hold (c)" rating to a "hold (c+)" rating in a research report on Friday, May 1st. Finally, Zacks Research cut shares of Texas Pacific Land from a "strong-buy" rating to a "hold" rating in a research note on Monday, June 1st. One analyst has rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the stock has an average rating of "Hold" and an average target price of $639.00.

Texas Pacific Land Company 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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