GRIMES & Co WEALTH MANAGEMENT LLC Has $3.54 Million Stake in Texas Pacific Land Corporation $TPL

Key Points

• GRIMES & Co Wealth Management boosted its Texas Pacific Land stake by 179.5% in the fourth quarter, ending with 12,329 shares valued at about $3.54 million.
• The company reported better-than-expected quarterly results, posting EPS of $2.07 versus the $2.03 consensus and revenue of $236.8 million versus $233.0 million expected.
• Texas Pacific Land also announced a quarterly dividend of $0.60 per share, payable June 15, while analysts currently have a Moderate Buy consensus with an average price target of $639.

GRIMES & Co WEALTH MANAGEMENT LLC raised its position in Texas Pacific Land Corporation (NYSE:TPL - Free Report) by 179.5% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 12,329 shares of the financial services provider's stock after purchasing an additional 7,918 shares during the quarter. GRIMES & Co WEALTH MANAGEMENT LLC's holdings in Texas Pacific Land were worth $3,541,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently modified their holdings of TPL. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its stake in shares of Texas Pacific Land by 39.1% in 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 purchasing an additional 545 shares during the period. NewEdge Advisors LLC raised its stake in shares of Texas Pacific Land by 74.1% in the 1st quarter. NewEdge Advisors LLC now owns 914 shares of the financial services provider's stock valued at $1,211,000 after purchasing an additional 389 shares during the period. Woodline Partners LP increased its position in shares of Texas Pacific Land by 40.8% in the first 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 last quarter. EverSource Wealth Advisors LLC increased its position in shares of Texas Pacific Land by 21.4% in the second 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 last quarter. Finally, Marshall Wace LLP increased its position in shares of Texas Pacific Land by 2,177.5% in the second quarter. Marshall Wace LLP now owns 4,555 shares of the financial services provider's stock valued at $4,812,000 after acquiring an additional 4,355 shares during the last quarter. Institutional investors and hedge funds own 59.94% of the company's stock.

Insider Buying and Selling

In other 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 sale, 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 legal filing with the SEC, which is available at this hyperlink. Also, Director Donna E. Epps acquired 895 shares of Texas Pacific Land stock in a transaction dated Wednesday, February 25th. The shares were purchased at an average price of $510.45 per share, with a total value of $456,852.75. Following the acquisition, the director 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.

Analyst Ratings Changes

TPL has been the topic of a number of recent research reports. KeyCorp lifted their target price on Texas Pacific Land from $350.00 to $639.00 and gave the company an "overweight" rating in a research report on Monday, February 23rd. Weiss Ratings raised Texas Pacific Land from a "hold (c)" rating to a "hold (c+)" rating in a research report on Friday, May 1st. Wall Street Zen raised Texas Pacific Land from a "sell" rating to a "hold" rating in a research report on Sunday, March 15th. Finally, Zacks Research raised Texas Pacific Land from a "hold" rating to a "strong-buy" rating in a research report on Thursday, April 16th. One analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating, one has given a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $639.00.

Texas Pacific Land Stock Down 1.2%

Shares of NYSE TPL opened at $394.49 on Friday. The business's 50 day moving average price is $475.88 and its two-hundred day moving average price is $381.04. The company has a market cap of $27.21 billion, a PE ratio of 54.04 and a beta of 0.66. Texas Pacific Land Corporation has a twelve month low of $269.23 and a twelve month high of $547.20.

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 earnings per share 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 return on equity of 35.52% and a net margin of 60.03%. As a group, research analysts anticipate that Texas Pacific Land Corporation will post 9.27 EPS for the current fiscal year.

Texas Pacific Land Dividend Announcement

The firm also recently declared 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 dividend on an annualized basis and a yield of 0.6%. The ex-dividend date of this dividend is Monday, June 1st. Texas Pacific Land's payout ratio is 34.38%.

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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