Decatur Capital Management Inc. Takes $3.06 Million Position in Texas Pacific Land Corporation $TPL

Decatur Capital Management Inc. purchased a new position in shares of Texas Pacific Land Corporation (NYSE:TPL - Free Report) during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm purchased 6,445 shares of the financial services provider's stock, valued at approximately $3,059,000. Texas Pacific Land comprises approximately 1.4% of Decatur Capital Management Inc.'s holdings, making the stock its 23rd biggest position.

A number of other hedge funds also recently added to or reduced their stakes in the stock. Horizon Kinetics Asset Management LLC increased its holdings in shares of Texas Pacific Land by 194.9% in the fourth quarter. Horizon Kinetics Asset Management LLC now owns 10,333,762 shares of the financial services provider's stock valued at $2,968,063,000 after purchasing an additional 6,829,070 shares during the period. Vanguard Group Inc. grew its position in Texas Pacific Land by 192.8% in the 4th quarter. Vanguard Group Inc. now owns 7,556,966 shares of the financial services provider's stock valued at $2,170,512,000 after buying an additional 4,975,738 shares during the last quarter. State Street Corp grew its position in Texas Pacific Land by 206.8% in the 4th quarter. State Street Corp now owns 3,587,004 shares of the financial services provider's stock valued at $1,030,259,000 after buying an additional 2,417,705 shares during the last quarter. Geode Capital Management LLC increased its stake in Texas Pacific Land by 203.7% in the 4th quarter. Geode Capital Management LLC now owns 1,759,107 shares of the financial services provider's stock valued at $503,581,000 after buying an additional 1,179,788 shares during the period. Finally, SoftVest Advisors LLC increased its stake in Texas Pacific Land by 200.0% in the 4th quarter. SoftVest Advisors LLC now owns 1,180,800 shares of the financial services provider's stock valued at $339,149,000 after buying an additional 787,200 shares during the period. 59.94% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Texas Pacific Land

In other news, CFO Chris Steddum sold 3,170 shares of the firm's stock in a transaction dated 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 directly owned 12,870 shares in the company, valued at $5,151,217.50. This trade represents a 19.76% decrease in their position. The transaction was disclosed in a document filed 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 currently owned by company insiders.

Texas Pacific Land Stock Up 3.5%

Shares of NYSE TPL opened at $433.75 on Thursday. Texas Pacific Land Corporation has a 52-week low of $269.23 and a 52-week high of $547.20. The firm has a fifty day moving average of $393.83 and a 200-day moving average of $415.63. The stock has a market capitalization of $29.92 billion, a PE ratio of 59.42 and a beta of 0.58.

Texas Pacific Land (NYSE:TPL - Get Free Report) last released its quarterly earnings data on Wednesday, May 6th. The financial services provider reported $2.07 EPS for the quarter, topping analysts' consensus estimates of $2.03 by $0.04. Texas Pacific Land had a return on equity of 35.52% and a net margin of 60.03%.The business had revenue of $236.80 million during the quarter, compared to the consensus estimate of $233.00 million. Equities research analysts expect that Texas Pacific Land Corporation will post 8.88 EPS for the current fiscal year.

Texas Pacific Land Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, June 15th. Shareholders of record on Monday, June 1st were paid a dividend of $0.60 per share. The ex-dividend date was Monday, June 1st. This represents a $2.40 annualized dividend and a yield of 0.6%. Texas Pacific Land's dividend payout ratio is currently 32.88%.

Analysts Set New Price Targets

Several research analysts recently issued reports on TPL shares. Zacks Research cut shares of Texas Pacific Land from a "hold" rating to a "strong sell" rating in a report on Tuesday, June 30th. Weiss Ratings raised Texas Pacific Land from a "hold (c)" rating to a "hold (c+)" rating in a research note on Friday, May 1st. One investment analyst has rated the stock with a Buy rating, one has issued a Hold rating and two have assigned a Sell rating to the company's stock. Based on data from MarketBeat.com, Texas Pacific Land currently has an average rating of "Reduce" and a consensus price target of $639.00.

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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