EverSource Wealth Advisors LLC Buys 11,062 Shares of Texas Pacific Land Corporation $TPL

Key Points

• EverSource Wealth Advisors dramatically increased its Texas Pacific Land stake in the fourth quarter, buying 11,062 additional shares and lifting its position to 11,159 shares valued at about $3.2 million.
• Texas Pacific Land posted better-than-expected quarterly results, with EPS of $2.07 versus estimates of $2.03 and revenue of $236.8 million, while maintaining strong profitability metrics including a 60.03% net margin.
• The company announced a quarterly dividend of $0.60 per share, payable June 15, and analysts currently have a consensus Moderate Buy rating with a target price of $639.

EverSource Wealth Advisors LLC raised its stake in Texas Pacific Land Corporation (NYSE:TPL - Free Report) by 11,404.1% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 11,159 shares of the financial services provider's stock after acquiring an additional 11,062 shares during the quarter. EverSource Wealth Advisors LLC's holdings in Texas Pacific Land were worth $3,205,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently made changes to their positions in the stock. Vanguard Group Inc. lifted its holdings in shares of Texas Pacific Land by 192.8% in the fourth quarter. Vanguard Group Inc. now owns 7,556,966 shares of the financial services provider's stock worth $2,170,512,000 after acquiring an additional 4,975,738 shares during the last quarter. State Street Corp lifted its holdings in shares of Texas Pacific Land by 1.9% in the third quarter. State Street Corp now owns 1,169,299 shares of the financial services provider's stock worth $1,091,704,000 after acquiring an additional 22,296 shares during the last quarter. Pacific Heights Asset Management LLC lifted its holdings in shares of Texas Pacific Land by 235.1% in the fourth quarter. Pacific Heights Asset Management LLC now owns 620,000 shares of the financial services provider's stock worth $178,076,000 after acquiring an additional 435,000 shares during the last quarter. Schwartz Investment Counsel Inc. lifted its holdings in shares of Texas Pacific Land by 209.7% in the fourth quarter. Schwartz Investment Counsel Inc. now owns 475,104 shares of the financial services provider's stock worth $136,459,000 after acquiring an additional 321,683 shares during the last quarter. Finally, UBS Group AG lifted its holdings in shares of Texas Pacific Land by 232.4% in the fourth quarter. UBS Group AG now owns 456,034 shares of the financial services provider's stock worth $130,982,000 after acquiring an additional 318,842 shares during the last quarter. Institutional investors own 59.94% of the company's stock.

Texas Pacific Land Price Performance

NYSE:TPL opened at $402.89 on Friday. The firm's 50 day simple moving average is $447.36 and its 200 day simple moving average is $387.06. Texas Pacific Land Corporation has a one year low of $269.23 and a one year high of $547.20. The company has a market cap of $27.79 billion, a PE ratio of 55.19 and a beta of 0.66.

Texas Pacific Land (NYSE:TPL - Get Free Report) last posted its earnings results on Wednesday, May 6th. The financial services provider reported $2.07 EPS for the quarter, topping the consensus estimate of $2.03 by $0.04. Texas Pacific Land had a net margin of 60.03% and a return on equity of 35.52%. The business had revenue of $236.80 million for the quarter, compared to the consensus estimate of $233.00 million. Equities research analysts expect that Texas Pacific Land Corporation will post 9.27 EPS for the current year.

Texas Pacific Land Dividend Announcement

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

Insider Activity at Texas Pacific Land

In other news, Director Donna E. Epps purchased 895 shares of the stock in a transaction on Wednesday, February 25th. The stock was purchased at an average price of $510.45 per share, for a total transaction of $456,852.75. Following the acquisition, the director owned 2,921 shares in the company, valued at $1,491,024.45. This trade represents a 44.18% increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CAO Stephanie Buffington sold 1,608 shares of the firm'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 transaction of $808,824.00. Following 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 currently owned by company insiders.

Analysts Set New Price Targets

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