Flputnam Investment Management Co. Grows Stake in Texas Pacific Land Corporation $TPL

Key Points

• Flputnam Investment Management Co. more than doubled its TPL stake by 129.8% in the second quarter, bringing its holdings to 13,569 shares valued at approximately $5.94 million. Hedge funds and institutional investors collectively own 59.94% of the company.
• Texas Pacific Land reported quarterly EPS of $2.23, beating estimates of $2.18, while revenue of $246.1 million fell slightly short of expectations. The company declared a quarterly dividend of $0.60 per share, representing a 0.7% annualized yield.
• TPL shares opened at $359.22, well below their 12-month high of $547.20. Analysts maintain a consensus “Hold” rating, with an average price target of $639.

Flputnam Investment Management Co. increased its stake in shares of Texas Pacific Land Corporation (NYSE:TPL - Free Report) by 129.8% in the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 13,569 shares of the financial services provider's stock after purchasing an additional 7,665 shares during the period. Flputnam Investment Management Co.'s holdings in Texas Pacific Land were worth $5,938,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Horizon Kinetics Asset Management LLC raised its holdings in shares of Texas Pacific Land by 194.9% during the fourth quarter. Horizon Kinetics Asset Management LLC now owns 10,333,762 shares of the financial services provider's stock valued at $2,968,063,000 after acquiring an additional 6,829,070 shares during the last quarter. Vanguard Group Inc. boosted its stake 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 boosted its stake in shares of Texas Pacific Land by 206.8% in the fourth quarter. State Street Corp now owns 3,587,004 shares of the financial services provider's stock worth $1,030,259,000 after acquiring an additional 2,417,705 shares during the last quarter. Geode Capital Management LLC increased its position in shares of Texas Pacific Land by 203.7% during the fourth quarter. Geode Capital Management LLC now owns 1,759,107 shares of the financial services provider's stock worth $503,581,000 after purchasing an additional 1,179,788 shares in the last quarter. Finally, SoftVest Advisors LLC increased its position in shares of Texas Pacific Land by 200.0% during the fourth quarter. SoftVest Advisors LLC now owns 1,180,800 shares of the financial services provider's stock worth $339,149,000 after purchasing an additional 787,200 shares in the last quarter. 59.94% of the stock is owned by hedge funds and other institutional investors.

Texas Pacific Land Trading Up 0.2%

Shares of NYSE:TPL opened at $359.22 on Monday. The company has a market capitalization of $24.78 billion, a price-to-earnings ratio of 45.78 and a beta of 0.60. Texas Pacific Land Corporation has a 12-month low of $269.23 and a 12-month high of $547.20. The business has a 50-day moving average price of $389.05 and a 200 day moving average price of $422.71.

Texas Pacific Land (NYSE:TPL - Get Free Report) last posted its earnings results on Wednesday, August 5th. The financial services provider reported $2.23 EPS for the quarter, beating analysts' consensus estimates of $2.18 by $0.05. The company had revenue of $246.10 million for the quarter, compared to analysts' expectations of $249.50 million. Texas Pacific Land had a net margin of 60.32% and a return on equity of 35.76%. As a group, equities research analysts predict that Texas Pacific Land Corporation will post 8.88 earnings per share for the current fiscal year.

Texas Pacific Land Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 15th. Investors of record on Tuesday, September 1st will be given a dividend of $0.60 per share. The ex-dividend date of this dividend is Tuesday, September 1st. This represents a $2.40 dividend on an annualized basis and a dividend yield of 0.7%. Texas Pacific Land's dividend payout ratio (DPR) is presently 30.57%.

Wall Street Analyst Weigh In

Several research analysts recently commented on the company. Zacks Research raised Texas Pacific Land from a "strong sell" rating to a "hold" rating in a research note on Wednesday, July 29th. Weiss Ratings reaffirmed a "hold (c+)" rating on shares of Texas Pacific Land in a report on Wednesday, July 29th. One equities research analyst has rated the stock with a Buy rating, two have issued 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 "Hold" and a consensus target price of $639.00.

Insiders Place Their Bets

In related news, CFO Chris Steddum sold 830 shares of Texas Pacific Land stock in a transaction that occurred on Monday, June 8th. The shares were sold at an average price of $400.33, for a total value of $332,273.90. Following the completion of the sale, the chief financial officer owned 12,040 shares in the company, valued at approximately $4,819,973.20. This trade represents a 6.45% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Company insiders own 6.90% of the company's stock.

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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