DNB Asset Management AS Has $3.42 Million Holdings in Texas Pacific Land Corporation $TPL

Key Points

• DNB Asset Management AS increased its Texas Pacific Land stake by 200% in the fourth quarter, ending with 11,889 shares worth about $3.42 million.
• Insider activity was mixed: director Donna E. Epps bought 895 shares, while CAO Stephanie Buffington sold 1,608 shares. Insiders collectively own about 6.90% of the company.
• Texas Pacific Land reported better-than-expected Q1 results, with EPS of $2.07 versus $2.03 expected and revenue of $236.8 million versus $233 million expected. The company also announced a quarterly dividend of $0.60 per share.

DNB Asset Management AS raised its position in Texas Pacific Land Corporation (NYSE:TPL - Free Report) by 200.0% in the fourth quarter, according to its most recent disclosure with the SEC. The firm owned 11,889 shares of the financial services provider's stock after acquiring an additional 7,926 shares during the period. DNB Asset Management AS's holdings in Texas Pacific Land were worth $3,415,000 as of its most recent filing with the SEC.

Other hedge funds have also recently added to or reduced their stakes in the company. MassMutual Private Wealth & Trust FSB grew its stake in Texas Pacific Land by 363.2% in the fourth quarter. MassMutual Private Wealth & Trust FSB now owns 88 shares of the financial services provider's stock valued at $25,000 after acquiring an additional 69 shares during the period. Quarry LP acquired a new stake in Texas Pacific Land in the third quarter valued at approximately $29,000. Eagle Bay Advisors LLC acquired a new stake in Texas Pacific Land in the fourth quarter valued at approximately $31,000. Silicon Valley Capital Partners bought a new stake in Texas Pacific Land during the 3rd quarter worth approximately $33,000. Finally, Triumph Capital Management bought a new stake in Texas Pacific Land during the 3rd quarter worth approximately $36,000. Institutional investors and hedge funds own 59.94% of the company's stock.

Insider Buying and Selling at Texas Pacific Land

In other news, Director Donna E. Epps acquired 895 shares of Texas Pacific Land stock in a transaction on Wednesday, February 25th. The stock was acquired 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 owned 2,921 shares in the company, valued at approximately $1,491,024.45. This trade represents a 44.18% increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CAO Stephanie Buffington sold 1,608 shares of the stock in a transaction on Tuesday, February 24th. The shares were sold at an average price of $503.00, for a total value of $808,824.00. Following the transaction, the chief accounting officer directly owned 2,133 shares of the company's stock, valued at approximately $1,072,899. This trade represents a 42.98% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 6.90% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

TPL has been the subject of a number of recent research reports. Zacks Research raised Texas Pacific Land from a "hold" rating to a "strong-buy" rating in a report on Thursday, April 16th. Wall Street Zen raised Texas Pacific Land from a "sell" rating to a "hold" rating in a report on Sunday, March 15th. Weiss Ratings raised Texas Pacific Land from a "hold (c)" rating to a "hold (c+)" rating in a report on Friday, May 1st. Finally, KeyCorp boosted their price objective on 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 issued a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $639.00.

Texas Pacific Land Stock Up 2.0%

TPL stock opened at $394.39 on Wednesday. The firm has a market cap of $27.20 billion, a PE ratio of 54.03 and a beta of 0.66. The business has a 50 day moving average of $454.99 and a 200-day moving average of $385.72. Texas Pacific Land Corporation has a 12-month low of $269.23 and a 12-month high of $547.20.

Texas Pacific Land (NYSE:TPL - Get Free Report) last released its earnings results 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 company had revenue of $236.80 million during the quarter, compared to analyst estimates of $233.00 million. Texas Pacific Land had a return on equity of 35.52% and a net margin of 60.03%. On average, research analysts expect that Texas Pacific Land Corporation will post 9.27 earnings per share for the current year.

Texas Pacific Land Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, June 15th. Stockholders of record on Monday, June 1st will be issued a $0.60 dividend. The ex-dividend date of this dividend is Monday, June 1st. This represents a $2.40 annualized dividend and a dividend yield of 0.6%. Texas Pacific Land's dividend payout ratio is currently 32.88%.

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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