Ethic Inc. Grows Stock Position in Texas Pacific Land Corporation $TPL

Key Points

• Ethic Inc. increased its Texas Pacific Land position by 204.9% in the fourth quarter, ending with 6,469 shares valued at about $1.86 million.
• Texas Pacific Land reported better-than-expected quarterly results, with EPS of $2.07 versus the $2.03 estimate and revenue of $236.8 million, while maintaining strong profitability metrics.
• The company also announced a quarterly dividend of $0.60 per share, payable June 15, and analysts currently view the stock as a Moderate Buy with a $639 average price target.

Ethic Inc. grew its position in shares of Texas Pacific Land Corporation (NYSE:TPL - Free Report) by 204.9% during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 6,469 shares of the financial services provider's stock after purchasing an additional 4,347 shares during the period. Ethic Inc.'s holdings in Texas Pacific Land were worth $1,858,000 as of its most recent SEC filing.

A number of other institutional investors have also made changes to their positions in the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in Texas Pacific Land by 39.1% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 1,940 shares of the financial services provider's stock valued at $2,570,000 after purchasing an additional 545 shares in the last quarter. NewEdge Advisors LLC lifted its holdings in Texas Pacific Land by 74.1% in the 1st quarter. NewEdge Advisors LLC now owns 914 shares of the financial services provider's stock worth $1,211,000 after buying an additional 389 shares in the last quarter. Woodline Partners LP lifted its holdings in Texas Pacific Land by 40.8% in the 1st quarter. Woodline Partners LP now owns 1,592 shares of the financial services provider's stock worth $2,109,000 after buying an additional 461 shares in the last quarter. EverSource Wealth Advisors LLC boosted its position in Texas Pacific Land by 21.4% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 68 shares of the financial services provider's stock valued at $72,000 after buying an additional 12 shares during the last quarter. Finally, Marshall Wace LLP boosted its position in Texas Pacific Land by 2,177.5% in the 2nd quarter. Marshall Wace LLP now owns 4,555 shares of the financial services provider's stock valued at $4,812,000 after buying an additional 4,355 shares during the last quarter. 59.94% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In other news, Director Donna E. Epps bought 895 shares of Texas Pacific Land stock in a transaction on Wednesday, February 25th. The shares were bought at an average price of $510.45 per share, with a total value of $456,852.75. Following the acquisition, the director directly owned 2,921 shares in the company, valued at approximately $1,491,024.45. This represents a 44.18% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CAO Stephanie Buffington sold 1,608 shares of Texas Pacific Land stock in a transaction that occurred on Tuesday, February 24th. The stock was sold at an average price of $503.00, for a total value of $808,824.00. Following the completion of the transaction, the chief accounting officer owned 2,133 shares of the company's stock, valued at approximately $1,072,899. The trade was a 42.98% decrease in their position. The SEC filing for this sale provides additional information. 6.90% of the stock is owned by insiders.

Analyst Ratings Changes

A number of analysts have recently issued reports on the company. Wall Street Zen raised Texas Pacific Land from a "sell" rating to a "hold" rating in a research report on Sunday, March 15th. Weiss Ratings upgraded Texas Pacific Land from a "hold (c)" rating to a "hold (c+)" rating in a research note on Friday, May 1st. Zacks Research raised Texas Pacific Land from a "hold" rating to a "strong-buy" rating in a report on Thursday, April 16th. Finally, KeyCorp raised their price objective on Texas Pacific Land from $350.00 to $639.00 and gave the company an "overweight" rating in a research note on Monday, February 23rd. One research analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $639.00.

Texas Pacific Land Price Performance

TPL opened at $401.13 on Wednesday. Texas Pacific Land Corporation has a 12-month low of $269.23 and a 12-month high of $547.20. The stock has a market capitalization of $27.67 billion, a PE ratio of 54.95 and a beta of 0.66. The firm's fifty day moving average price is $468.92 and its 200 day moving average price is $382.93.

Texas Pacific Land (NYSE:TPL - Get Free Report) last announced its quarterly earnings data on Wednesday, May 6th. The financial services provider reported $2.07 earnings per share for the quarter, topping 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 net margin of 60.03% and a return on equity of 35.52%. On average, equities research analysts forecast that Texas Pacific Land Corporation will post 9.27 earnings per share for the current fiscal year.

Texas Pacific Land Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, June 15th. Investors of record on Monday, June 1st will be paid a $0.60 dividend. This represents a $2.40 dividend on an annualized basis and a yield of 0.6%. The ex-dividend date is Monday, June 1st. Texas Pacific Land's dividend payout ratio (DPR) is 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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