Garrett Wealth Advisory Group LLC Has $1.73 Million Holdings in Texas Pacific Land Corporation $TPL

Key Points

• Garrett Wealth Advisory Group boosted its Texas Pacific Land stake by 200% in the fourth quarter, ending with 6,021 shares worth about $1.73 million.
• Texas Pacific Land reported better-than-expected quarterly results, with EPS of $2.07 versus $2.03 expected and revenue of $236.8 million versus $233 million estimated.
• The company also announced a quarterly dividend of $0.60 per share, while analysts currently rate the stock a consensus Moderate Buy with a $639 target price.

Garrett Wealth Advisory Group LLC lifted its holdings in Texas Pacific Land Corporation (NYSE:TPL - Free Report) by 200.0% during the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor owned 6,021 shares of the financial services provider's stock after acquiring an additional 4,014 shares during the period. Texas Pacific Land makes up approximately 0.3% of Garrett Wealth Advisory Group LLC's investment portfolio, making the stock its 27th largest position. Garrett Wealth Advisory Group LLC's holdings in Texas Pacific Land were worth $1,729,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also modified their holdings of the business. Vanguard Group Inc. grew 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 valued at $2,170,512,000 after acquiring an additional 4,975,738 shares in the last quarter. State Street Corp grew its stake 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 valued at $1,091,704,000 after acquiring an additional 22,296 shares in the last quarter. UBS Group AG grew its stake 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 valued at $130,982,000 after acquiring an additional 318,842 shares in the last quarter. Invesco Ltd. grew its stake in shares of Texas Pacific Land by 3.4% in the third quarter. Invesco Ltd. now owns 283,910 shares of the financial services provider's stock valued at $265,070,000 after acquiring an additional 9,389 shares in the last quarter. Finally, York GP Ltd. grew its stake in shares of Texas Pacific Land by 195.1% in the fourth quarter. York GP Ltd. now owns 270,600 shares of the financial services provider's stock valued at $77,722,000 after acquiring an additional 178,900 shares in the last quarter. 59.94% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In other news, CAO Stephanie Buffington sold 1,608 shares of the firm's stock in a transaction that occurred on Tuesday, February 24th. The shares were sold at an average price of $503.00, for a total value of $808,824.00. Following the sale, the chief accounting officer directly owned 2,133 shares in the company, valued at approximately $1,072,899. This trade represents a 42.98% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Donna E. Epps purchased 895 shares of Texas Pacific Land stock in a transaction dated Wednesday, February 25th. The stock was bought at an average price of $510.45 per share, for a total transaction of $456,852.75. Following the completion of the purchase, the director owned 2,921 shares in the company, valued at $1,491,024.45. This represents a 44.18% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. Company insiders own 6.90% of the company's stock.

Texas Pacific Land Stock Down 1.2%

Shares of Texas Pacific Land stock opened at $394.49 on Friday. The company has a market capitalization of $27.21 billion, a price-to-earnings ratio of 54.04 and a beta of 0.66. Texas Pacific Land Corporation has a 12-month low of $269.23 and a 12-month high of $547.20. The firm's 50-day moving average price is $475.88 and its two-hundred day moving average price is $381.04.

Texas Pacific Land (NYSE:TPL - Get Free Report) last announced its quarterly earnings data on Wednesday, May 6th. The financial services provider reported $2.07 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $2.03 by $0.04. The firm had revenue of $236.80 million for the quarter, compared to the consensus estimate of $233.00 million. Texas Pacific Land had a net margin of 60.03% and a return on equity of 35.52%. On average, sell-side analysts expect that Texas Pacific Land Corporation will post 9.27 earnings per share for the current year.

Texas Pacific Land Announces Dividend

The business also recently declared 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. 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 (DPR) is presently 32.88%.

Analyst Upgrades and Downgrades

TPL has been the topic of several research reports. 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. KeyCorp increased their price objective on shares of Texas Pacific Land from $350.00 to $639.00 and gave the stock an "overweight" rating in a research note on Monday, February 23rd. 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. Finally, 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. One equities research analyst has rated the stock with a Strong Buy rating, one has given a Buy rating, one has given a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, Texas Pacific Land 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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