Cortland Associates Inc. MO Acquires 28,354 Shares of Texas Pacific Land Corporation $TPL

Key Points

• Cortland Associates Inc. MO increased its stake in Texas Pacific Land by 191.5%, buying an additional 28,354 shares to hold 43,157 shares (about $12.396 million), which represents roughly 1.6% of Cortland's portfolio.
• Analysts have turned more positive on TPL—KeyCorp raised its price target to $639 and the consensus rating is a Moderate Buy after recent upgrades from firms including Wall Street Zen and Zacks.
• Insider activity was mixed: CAO Stephanie Buffington sold 1,608 shares at about $503, while Director Donna E. Epps purchased 895 shares at about $510.45.

Cortland Associates Inc. MO grew its holdings in Texas Pacific Land Corporation (NYSE:TPL - Free Report) by 191.5% during the 4th quarter, according to the company in its most recent filing with the SEC. The fund owned 43,157 shares of the financial services provider's stock after purchasing an additional 28,354 shares during the period. Texas Pacific Land makes up about 1.6% of Cortland Associates Inc. MO's portfolio, making the stock its 21st biggest position. Cortland Associates Inc. MO owned about 0.06% of Texas Pacific Land worth $12,396,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently modified their holdings of the company. MassMutual Private Wealth & Trust FSB increased its stake in shares of Texas Pacific Land by 363.2% in the 4th 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 last quarter. Quarry LP bought a new stake in Texas Pacific Land during the 3rd quarter worth $29,000. CX Institutional bought a new stake in Texas Pacific Land during the 3rd quarter worth $30,000. Eagle Bay Advisors LLC bought a new stake in Texas Pacific Land during the 4th quarter worth $31,000. Finally, Silicon Valley Capital Partners bought a new stake in Texas Pacific Land during the 3rd quarter worth $33,000. Institutional investors own 59.94% of the company's stock.

Insider Transactions at Texas Pacific Land

In other Texas Pacific Land news, CAO Stephanie Buffington sold 1,608 shares of the company's stock in a transaction dated Tuesday, February 24th. The stock was sold at an average price of $503.00, for a total value of $808,824.00. Following the sale, the chief accounting officer owned 2,133 shares in the company, valued at approximately $1,072,899. The trade was a 42.98% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Donna E. Epps purchased 895 shares of Texas Pacific Land stock in a transaction on Wednesday, February 25th. The stock was bought at an average price of $510.45 per share, for a total transaction of $456,852.75. Following the transaction, the director directly owned 2,921 shares in the company, valued at approximately $1,491,024.45. The trade was a 44.18% increase in their position. The disclosure for this purchase is available in the SEC filing. Insiders own 6.90% of the company's stock.

Analyst Ratings Changes

A number of equities research analysts recently weighed in on TPL shares. Wall Street Zen upgraded Texas Pacific Land from a "sell" rating to a "hold" rating in a research report on Sunday, March 15th. Zacks Research upgraded Texas Pacific Land from a "hold" rating to a "strong-buy" rating in a research report on Thursday, April 16th. KeyCorp boosted their price objective on Texas Pacific Land from $350.00 to $639.00 and gave the stock an "overweight" rating in a research report on Monday, February 23rd. Finally, Weiss Ratings restated a "hold (c)" rating on shares of Texas Pacific Land in a research report on Friday, March 27th. One analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, Texas Pacific Land currently has an average rating of "Moderate Buy" and a consensus target price of $639.00.

Texas Pacific Land Stock Up 0.9%

Shares of TPL stock opened at $438.78 on Wednesday. The firm has a market capitalization of $30.25 billion, a P/E ratio of 62.89 and a beta of 0.76. Texas Pacific Land Corporation has a twelve month low of $269.23 and a twelve month high of $547.20. The stock's fifty day simple moving average is $481.00 and its 200 day simple moving average is $372.43.

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

Texas Pacific Land Increases Dividend

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

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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