First Dallas Securities Inc. Has $18.57 Million Stock Holdings in Texas Pacific Land Corporation $TPL

Key Points

• First Dallas Securities increased its stake in Texas Pacific Land by 196.4% in the fourth quarter, ending with 64,655 shares worth about $18.57 million. The position now represents 6.9% of the firm’s portfolio and its second-largest holding.
• Texas Pacific Land reported better-than-expected quarterly results, posting EPS of $2.07 versus the $2.03 estimate and revenue of $236.8 million versus $233 million expected. The company also showed strong profitability, with a 35.52% return on equity and 60.03% net margin.
• The company announced a quarterly dividend of $0.60 per share, payable June 15, and CFO Chris Steddum sold 3,170 shares in a pre-arranged transaction. Analysts currently have a Hold consensus on TPL, with a target price of $639.00.

First Dallas Securities Inc. lifted its holdings in shares of Texas Pacific Land Corporation (NYSE:TPL - Free Report) by 196.4% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 64,655 shares of the financial services provider's stock after acquiring an additional 42,839 shares during the quarter. Texas Pacific Land makes up about 6.9% of First Dallas Securities Inc.'s portfolio, making the stock its 2nd biggest holding. First Dallas Securities Inc. owned 0.09% of Texas Pacific Land worth $18,570,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently made changes to their positions in TPL. Bar Harbor Wealth Management boosted its stake in Texas Pacific Land by 195.1% in the 4th quarter. Bar Harbor Wealth Management now owns 36,873 shares of the financial services provider's stock valued at $10,591,000 after purchasing an additional 24,379 shares during the period. Stratos Wealth Partners LTD. boosted its stake in Texas Pacific Land by 212.9% in the 4th quarter. Stratos Wealth Partners LTD. now owns 18,211 shares of the financial services provider's stock valued at $5,231,000 after purchasing an additional 12,390 shares during the period. Schwartz Investment Counsel Inc. boosted its stake in Texas Pacific Land by 209.7% in the 4th quarter. Schwartz Investment Counsel Inc. now owns 475,104 shares of the financial services provider's stock valued at $136,459,000 after purchasing an additional 321,683 shares during the period. New York State Teachers Retirement System boosted its stake in Texas Pacific Land by 184.1% in the 4th quarter. New York State Teachers Retirement System now owns 38,841 shares of the financial services provider's stock valued at $11,156,000 after purchasing an additional 25,170 shares during the period. Finally, Sumitomo Mitsui Trust Group Inc. boosted its stake in Texas Pacific Land by 192.8% in the 4th quarter. Sumitomo Mitsui Trust Group Inc. now owns 133,731 shares of the financial services provider's stock valued at $38,410,000 after purchasing an additional 88,053 shares during the period. 59.94% of the stock is currently owned by institutional investors.

Texas Pacific Land Stock Performance

NYSE:TPL opened at $381.58 on Wednesday. The stock has a fifty day moving average price of $415.23 and a 200-day moving average price of $393.63. The company has a market cap of $26.32 billion, a price-to-earnings ratio of 52.27 and a beta of 0.61. Texas Pacific Land Corporation has a fifty-two week low of $269.23 and a fifty-two week 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 for the quarter, beating analysts' consensus estimates of $2.03 by $0.04. The firm had revenue of $236.80 million during the quarter, compared to the consensus estimate of $233.00 million. Texas Pacific Land had a return on equity of 35.52% and a net margin of 60.03%. Research analysts predict that Texas Pacific Land Corporation will post 8.88 EPS for the current fiscal year.

Texas Pacific Land Dividend Announcement

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

Insider Activity at Texas Pacific Land

In other news, CFO Chris Steddum sold 3,170 shares of the business's stock in a transaction on Friday, June 5th. The stock was sold at an average price of $400.25, for a total transaction of $1,268,792.50. Following the completion of the transaction, the chief financial officer owned 12,870 shares of the company's stock, valued at approximately $5,151,217.50. The trade was a 19.76% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Company insiders own 6.90% of the company's stock.

Analyst Ratings Changes

Several analysts recently issued reports on TPL shares. Zacks Research downgraded Texas Pacific Land from a "strong-buy" rating to a "hold" rating in a research note on Monday, June 1st. KeyCorp boosted their price target 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. Wall Street Zen upgraded Texas Pacific Land from a "sell" rating to a "hold" rating in a research report on Sunday, March 15th. Finally, Weiss Ratings upgraded Texas Pacific Land from a "hold (c)" rating to a "hold (c+)" rating in a research report on Friday, May 1st. One research analyst has rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat.com, the company presently has a consensus rating of "Hold" and a consensus target price of $639.00.

Texas Pacific Land 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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