Evergreen Capital Management LLC Buys 2,659 Shares of Texas Pacific Land Corporation $TPL

Key Points

• Evergreen Capital Management LLC boosted its stake in Texas Pacific Land (NYSE:TPL) by 193.7% in Q4, acquiring 2,659 additional shares to hold 4,032 shares valued at about $1.158 million.
• Analyst sentiment has improved recently—Zacks upgraded TPL to a "strong-buy" and KeyCorp raised its price target to $639—leaving an average MarketBeat rating of "Moderate Buy" with an average target of $639.
• TPL reported a quarterly beat (EPS $1.79 vs. $1.73 expected; revenue $211.6M vs. $204M) and increased its quarterly dividend to $0.60 (annualized $2.40, ~0.5% yield).

Evergreen Capital Management LLC lifted its stake in shares of Texas Pacific Land Corporation (NYSE:TPL - Free Report) by 193.7% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 4,032 shares of the financial services provider's stock after acquiring an additional 2,659 shares during the quarter. Evergreen Capital Management LLC's holdings in Texas Pacific Land were worth $1,158,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in TPL. MassMutual Private Wealth & Trust FSB grew its stake in shares of Texas Pacific Land by 363.2% during 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 during the period. Quarry LP bought a new position in shares of Texas Pacific Land during the 3rd quarter valued at approximately $29,000. CX Institutional bought a new position in shares of Texas Pacific Land during the 3rd quarter valued at approximately $30,000. Eagle Bay Advisors LLC bought a new position in shares of Texas Pacific Land during the 4th quarter valued at approximately $31,000. Finally, Silicon Valley Capital Partners bought a new position in shares of Texas Pacific Land during the 3rd quarter valued at approximately $33,000. 59.94% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on TPL. Wall Street Zen upgraded Texas Pacific Land from a "sell" rating to a "hold" rating in a research note on Sunday, March 15th. Zacks Research upgraded Texas Pacific Land from a "hold" rating to a "strong-buy" rating in a research note on Thursday, April 16th. Weiss Ratings reiterated a "hold (c)" rating on shares of Texas Pacific Land in a research note on Friday, March 27th. Finally, KeyCorp upped their price target on Texas Pacific Land from $350.00 to $639.00 and gave the stock an "overweight" rating in a research note on Monday, February 23rd. One equities research analyst has rated the stock with a Strong Buy rating, one has given a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, Texas Pacific Land currently has an average rating of "Moderate Buy" and an average price target of $639.00.

Insider Activity at Texas Pacific Land

In other news, Director Donna E. Epps acquired 895 shares of the firm's stock in a transaction dated Wednesday, February 25th. The shares were acquired at an average cost of $510.45 per share, with a total value of $456,852.75. Following the acquisition, the director directly owned 2,921 shares of the company's stock, valued at approximately $1,491,024.45. The trade was a 44.18% increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, 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 stock was sold at an average price of $503.00, for a total value of $808,824.00. Following the sale, the chief accounting officer directly owned 2,133 shares in the company, valued at $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. Corporate insiders own 6.90% of the company's stock.

Texas Pacific Land Price Performance

TPL stock opened at $439.87 on Friday. Texas Pacific Land Corporation has a 1-year low of $269.23 and a 1-year high of $547.20. The company has a market capitalization of $30.32 billion, a price-to-earnings ratio of 63.05 and a beta of 0.76. The business has a 50 day simple moving average of $482.07 and a two-hundred day simple moving average of $373.36.

Texas Pacific Land (NYSE:TPL - Get Free Report) last posted its quarterly earnings results on Wednesday, February 18th. The financial services provider reported $1.79 earnings per share for the quarter, topping the consensus estimate of $1.73 by $0.06. Texas Pacific Land had a return on equity of 36.18% and a net margin of 60.31%.The business had revenue of $211.60 million during the quarter, compared to the consensus estimate of $204.00 million. Sell-side analysts anticipate that Texas Pacific Land Corporation will post 9.27 EPS for the current fiscal year.

Texas Pacific Land Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, March 16th. Shareholders of record on Monday, March 2nd were paid a $0.60 dividend. This represents a $2.40 annualized dividend and a yield of 0.5%. The ex-dividend date was Monday, March 2nd. This is a positive change from Texas Pacific Land's previous quarterly dividend of $0.53. Texas Pacific Land's dividend payout ratio is currently 34.38%.

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.

Want to see what other hedge funds are holding TPL? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Texas Pacific Land Corporation (NYSE:TPL - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.