Danske Bank A S Takes $57.95 Million Position in Texas Pacific Land Corporation $TPL

Key Points

• Danske Bank initiated a $57.95 million position in Texas Pacific Land during the second quarter, purchasing 132,412 shares and acquiring approximately 0.19% of the company. Institutional investors collectively own 59.94% of TPL.
• Analysts maintain a consensus “Hold” rating with a $639 price target, while TPL recently traded at $365.48. The company’s latest quarterly earnings of $2.23 per share exceeded estimates, although revenue came in slightly below expectations.
• Texas Pacific Land declared a quarterly dividend of $0.60 per share, equivalent to $2.40 annually and a 0.7% yield. CFO Chris Steddum separately sold 830 shares under a pre-arranged Rule 10b5-1 trading plan.

Danske Bank A S bought a new stake in Texas Pacific Land Corporation (NYSE:TPL - Free Report) in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 132,412 shares of the financial services provider's stock, valued at approximately $57,949,000. Danske Bank A S owned approximately 0.19% of Texas Pacific Land at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the company. Diversify Advisory Services LLC acquired a new stake in Texas Pacific Land during the second quarter worth $1,001,000. First National Bank of Omaha acquired a new position in shares of Texas Pacific Land in the 2nd quarter valued at $394,000. Citizens Financial Group Inc. RI raised its stake in shares of Texas Pacific Land by 18.2% in the 2nd quarter. Citizens Financial Group Inc. RI now owns 2,432 shares of the financial services provider's stock valued at $1,064,000 after buying an additional 374 shares in the last quarter. Pallas Capital Advisors LLC lifted its holdings in shares of Texas Pacific Land by 37.2% during the 2nd quarter. Pallas Capital Advisors LLC now owns 609 shares of the financial services provider's stock worth $267,000 after acquiring an additional 165 shares during the period. Finally, Deutsche Bank AG lifted its holdings in shares of Texas Pacific Land by 23.1% during the 2nd quarter. Deutsche Bank AG now owns 249,202 shares of the financial services provider's stock worth $109,061,000 after acquiring an additional 46,692 shares during the period. 59.94% of the stock is owned by institutional investors.

Insider Buying and Selling at Texas Pacific Land

In other news, CFO Chris Steddum sold 830 shares of the business's stock in a transaction on Monday, June 8th. The stock was sold at an average price of $400.33, for a total transaction of $332,273.90. Following the completion of the sale, the chief financial officer owned 12,040 shares in the company, valued at $4,819,973.20. The trade was a 6.45% decrease in their ownership of the stock. The transaction 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 insiders.

Analyst Upgrades and Downgrades

Several analysts have recently weighed in on the stock. Weiss Ratings reiterated a "hold (c+)" rating on shares of Texas Pacific Land in a research report on Wednesday, July 29th. Zacks Research raised shares of Texas Pacific Land from a "strong sell" rating to a "hold" rating in a research report on Wednesday, July 29th. One research analyst has rated the stock with a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, Texas Pacific Land presently has an average rating of "Hold" and a consensus price target of $639.00.

Texas Pacific Land Trading Up 1.3%

Shares of TPL stock opened at $365.48 on Wednesday. Texas Pacific Land Corporation has a 1 year low of $269.23 and a 1 year high of $547.20. The firm's 50 day moving average is $388.01 and its 200-day moving average is $422.89. The firm has a market capitalization of $25.21 billion, a price-to-earnings ratio of 46.58 and a beta of 0.60.

Texas Pacific Land (NYSE:TPL - Get Free Report) last issued its quarterly earnings results on Wednesday, August 5th. The financial services provider reported $2.23 earnings per share for the quarter, beating 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 during the quarter, compared to analyst estimates of $249.50 million. On average, equities research analysts forecast that Texas Pacific Land Corporation will post 8.88 earnings per share for the current fiscal year.

Texas Pacific Land Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 15th. Stockholders of record on Tuesday, September 1st will be paid a $0.60 dividend. This represents a $2.40 annualized dividend and a dividend yield of 0.7%. The ex-dividend date of this dividend is Tuesday, September 1st. Texas Pacific Land's dividend payout ratio (DPR) is 30.57%.

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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