Empirical Asset Management LLC Has $1.89 Million Stock Position in Texas Pacific Land Corporation $TPL

Key Points

• Empirical Asset Management increased its stake in Texas Pacific Land by 203.3% in the fourth quarter, owning 6,564 shares valued at about $1.89 million.
• Texas Pacific Land has seen mixed but generally positive analyst sentiment, with a consensus rating of Moderate Buy and a consensus price target of $639.
• The company recently beat earnings expectations, reporting $2.07 EPS versus $2.03 expected, and announced a quarterly dividend of $0.60 per share payable June 15.

Empirical Asset Management LLC raised its position in Texas Pacific Land Corporation (NYSE:TPL - Free Report) by 203.3% in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 6,564 shares of the financial services provider's stock after acquiring an additional 4,400 shares during the period. Empirical Asset Management LLC's holdings in Texas Pacific Land were worth $1,885,000 as of its most recent SEC filing.

Other large investors have also recently added to or reduced their stakes in the company. MassMutual Private Wealth & Trust FSB raised its holdings in 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 acquiring an additional 69 shares in the last quarter. IFP Advisors Inc raised its holdings in Texas Pacific Land by 185.3% in the 4th quarter. IFP Advisors Inc now owns 97 shares of the financial services provider's stock valued at $28,000 after acquiring an additional 63 shares in the last quarter. Quarry LP acquired a new position in Texas Pacific Land in the 3rd quarter valued at approximately $29,000. Eagle Bay Advisors LLC acquired a new position in Texas Pacific Land in the 4th quarter valued at approximately $31,000. Finally, Silicon Valley Capital Partners acquired a new position in Texas Pacific Land in the 3rd quarter valued at approximately $33,000. Institutional investors and hedge funds own 59.94% of the company's stock.

Analyst Upgrades and Downgrades

TPL has been the subject of several recent research reports. 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. KeyCorp upped their price target on Texas Pacific Land from $350.00 to $639.00 and gave the company an "overweight" rating in a report on Monday, February 23rd. Finally, Zacks Research raised Texas Pacific Land from a "hold" rating to a "strong-buy" rating in a report on Thursday, April 16th. One research analyst has rated the stock with a Strong Buy rating, one has given a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat, Texas Pacific Land currently has a consensus rating of "Moderate Buy" and a consensus price target of $639.00.

Insider Activity at Texas Pacific Land

In related news, Director Donna E. Epps acquired 895 shares of the stock in a transaction dated Wednesday, February 25th. The shares were bought at an average cost of $510.45 per share, for a total transaction of $456,852.75. Following the purchase, 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 position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CAO Stephanie Buffington sold 1,608 shares of the company's stock in a transaction that occurred 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 completion of the sale, the chief accounting officer owned 2,133 shares in the company, valued at approximately $1,072,899. This represents a 42.98% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Corporate insiders own 6.90% of the company's stock.

Texas Pacific Land Trading Down 1.2%

TPL stock opened at $397.60 on Friday. Texas Pacific Land Corporation has a 1-year low of $269.23 and a 1-year high of $547.20. The firm has a market cap of $27.42 billion, a P/E ratio of 54.47 and a beta of 0.66. The business's 50 day moving average is $449.80 and its 200-day moving average is $386.95.

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 earnings per share for the quarter, beating the consensus estimate 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 company had revenue of $236.80 million for the quarter, compared to analyst estimates of $233.00 million. Sell-side analysts forecast that Texas Pacific Land Corporation will post 9.27 EPS for the current year.

Texas Pacific Land Dividend Announcement

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

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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