Gabelli Funds LLC Has $2.50 Million Position in Texas Pacific Land Corporation $TPL

Key Points

• Gabelli Funds LLC increased its Texas Pacific Land position by 200% in the fourth quarter, ending with 8,700 shares valued at about $2.5 million.
• Several other institutional investors also raised their stakes, and hedge funds and institutions now own 59.94% of Texas Pacific Land’s stock.
• Analysts remain generally positive: the stock has a Moderate Buy consensus and a $639 price target, while the company recently beat quarterly EPS and revenue estimates.

Gabelli Funds LLC lifted its stake in shares of Texas Pacific Land Corporation (NYSE:TPL - Free Report) by 200.0% during the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 8,700 shares of the financial services provider's stock after acquiring an additional 5,800 shares during the period. Gabelli Funds LLC's holdings in Texas Pacific Land were worth $2,499,000 at the end of the most recent reporting period.

A number of other institutional investors also recently modified their holdings of TPL. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in shares of 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 acquiring an additional 545 shares during the period. NewEdge Advisors LLC lifted its position in shares of Texas Pacific Land by 74.1% during the 1st quarter. NewEdge Advisors LLC now owns 914 shares of the financial services provider's stock valued at $1,211,000 after acquiring an additional 389 shares during the period. Woodline Partners LP lifted its position in shares of Texas Pacific Land by 40.8% during the 1st quarter. Woodline Partners LP now owns 1,592 shares of the financial services provider's stock valued at $2,109,000 after acquiring an additional 461 shares during the period. EverSource Wealth Advisors LLC lifted its position in shares of Texas Pacific Land by 21.4% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 68 shares of the financial services provider's stock valued at $72,000 after acquiring an additional 12 shares during the period. Finally, Marshall Wace LLP increased its stake in Texas Pacific Land by 2,177.5% during the 2nd quarter. Marshall Wace LLP now owns 4,555 shares of the financial services provider's stock valued at $4,812,000 after purchasing an additional 4,355 shares in the last quarter. Institutional investors and hedge funds own 59.94% of the company's stock.

Analyst Ratings Changes

A number of brokerages have commented on TPL. Zacks Research upgraded shares of Texas Pacific Land from a "hold" rating to a "strong-buy" rating in a research note on Thursday, April 16th. Weiss Ratings upgraded shares of Texas Pacific Land from a "hold (c)" rating to a "hold (c+)" rating in a research note on Friday, May 1st. Wall Street Zen upgraded shares of Texas Pacific Land from a "sell" rating to a "hold" rating in a research note on Sunday, March 15th. Finally, KeyCorp boosted their price target on shares of 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 equities research analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus price target of $639.00.

Texas Pacific Land Price Performance

NYSE TPL opened at $397.60 on Friday. Texas Pacific Land Corporation has a 1 year low of $269.23 and a 1 year high of $547.20. The firm has a market cap of $27.42 billion, a price-to-earnings ratio of 54.47 and a beta of 0.66. The company has a fifty day moving average price of $449.80 and a 200-day moving average price of $386.95.

Texas Pacific Land (NYSE:TPL - Get Free Report) last posted its earnings results on Wednesday, May 6th. The financial services provider reported $2.07 earnings per share (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 firm had revenue of $236.80 million during the quarter, compared to analyst estimates of $233.00 million. On average, research analysts anticipate that Texas Pacific Land Corporation will post 9.27 EPS for the current fiscal year.

Texas Pacific Land Dividend Announcement

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

Insider Buying and Selling at Texas Pacific Land

In other news, Director Donna E. Epps bought 895 shares of Texas Pacific Land stock in a transaction dated 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 purchase, the director directly owned 2,921 shares in the company, valued at $1,491,024.45. The trade was a 44.18% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CAO Stephanie Buffington sold 1,608 shares of the company's stock in a transaction 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 completion of the sale, 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. Corporate insiders own 6.90% of the company's stock.

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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