Gamco Investors INC. ET AL Boosts Stake in Texas Pacific Land Corporation $TPL

Key Points

• Gamco Investors dramatically increased its Texas Pacific Land stake by 257.8% in the fourth quarter, ending with 13,653 shares worth about $3.9 million.
• Wall Street sentiment has improved, with several analysts upgrading the stock and KeyCorp raising its price target to $639; the consensus rating is now Moderate Buy.
• Texas Pacific Land reported better-than-expected Q1 earnings of $2.07 per share and announced a quarterly dividend of $0.60 per share, payable June 15.

Gamco Investors INC. ET AL lifted its stake in Texas Pacific Land Corporation (NYSE:TPL - Free Report) by 257.8% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 13,653 shares of the financial services provider's stock after purchasing an additional 9,837 shares during the period. Gamco Investors INC. ET AL's holdings in Texas Pacific Land were worth $3,921,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. MassMutual Private Wealth & Trust FSB increased its stake in shares of Texas Pacific Land by 363.2% in the 4th quarter. MassMutual Private Wealth & Trust FSB now owns 88 shares of the financial services provider's stock worth $25,000 after purchasing an additional 69 shares in the last quarter. Quarry LP purchased a new stake in shares of Texas Pacific Land in the 3rd quarter worth $29,000. Eagle Bay Advisors LLC purchased a new stake in shares of Texas Pacific Land in the 4th quarter worth $31,000. Silicon Valley Capital Partners purchased a new stake in shares of Texas Pacific Land in the 3rd quarter worth $33,000. Finally, Triumph Capital Management purchased a new stake in shares of Texas Pacific Land in the 3rd quarter worth $36,000. 59.94% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently commented on the company. Weiss Ratings upgraded 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 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. Finally, KeyCorp increased 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 analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus price target of $639.00.

Insider Activity at Texas Pacific Land

In other Texas Pacific Land news, CAO Stephanie Buffington sold 1,608 shares of the business'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 completion of the transaction, the chief accounting officer owned 2,133 shares in the company, valued at $1,072,899. The trade was a 42.98% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Donna E. Epps bought 895 shares of the company's stock in a transaction on Wednesday, February 25th. The shares were acquired at an average price of $510.45 per share, with a total value of $456,852.75. Following the transaction, the director directly owned 2,921 shares of the company's stock, valued at approximately $1,491,024.45. This trade represents a 44.18% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. 6.90% of the stock is owned by insiders.

Texas Pacific Land Trading Up 2.0%

Shares of NYSE:TPL opened at $402.34 on Thursday. Texas Pacific Land Corporation has a 12 month low of $269.23 and a 12 month high of $547.20. The company has a 50-day moving average price of $452.26 and a 200 day moving average price of $386.37. The company has a market cap of $27.75 billion, a price-to-earnings ratio of 55.12 and a beta of 0.66.

Texas Pacific Land (NYSE:TPL - Get Free Report) last announced its quarterly earnings results on Wednesday, May 6th. The financial services provider reported $2.07 EPS for the quarter, beating analysts' consensus estimates 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 the consensus estimate of $233.00 million. As a group, equities analysts forecast that Texas Pacific Land Corporation will post 9.27 EPS for the current year.

Texas Pacific Land Dividend Announcement

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

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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