HighTower Advisors LLC Has $28.61 Million Stake in Texas Pacific Land Corporation $TPL

Key Points

• HighTower Advisors boosted its Texas Pacific Land stake by 214.9% in the fourth quarter, ending with 99,611 shares valued at about $28.6 million.
• Texas Pacific Land reported better-than-expected quarterly results, with EPS of $2.07 versus $2.03 estimated and revenue of $236.8 million versus $233 million expected.
• The company declared a quarterly dividend of $0.60 per share, payable June 15, and analysts currently have a Moderate Buy consensus with an average price target of $639.

HighTower Advisors LLC increased its holdings in shares of Texas Pacific Land Corporation (NYSE:TPL - Free Report) by 214.9% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 99,611 shares of the financial services provider's stock after buying an additional 67,980 shares during the period. HighTower Advisors LLC owned 0.14% of Texas Pacific Land worth $28,610,000 at the end of the most recent quarter.

Several other large investors have also bought and sold shares of TPL. MassMutual Private Wealth & Trust FSB raised its position in shares of Texas Pacific Land by 363.2% during the 4th quarter. MassMutual Private Wealth & Trust FSB now owns 88 shares of the financial services provider's stock valued at $25,000 after acquiring an additional 69 shares during the last quarter. Quarry LP acquired a new position in shares of Texas Pacific Land in the 3rd quarter valued at $29,000. Eagle Bay Advisors LLC bought a new position in shares of Texas Pacific Land in the 4th quarter worth $31,000. Silicon Valley Capital Partners bought a new position in shares of Texas Pacific Land in the 3rd quarter worth $33,000. Finally, Triumph Capital Management acquired a new stake in shares of Texas Pacific Land during the third quarter worth $36,000. 59.94% of the stock is currently owned by institutional investors and hedge funds.

Texas Pacific Land Stock Up 1.5%

TPL opened at $402.89 on Friday. The stock has a market cap of $27.79 billion, a P/E ratio of 55.19 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 company has a fifty day simple moving average of $447.36 and a 200 day simple moving average of $387.06.

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 for the quarter, topping the consensus estimate of $2.03 by $0.04. Texas Pacific Land had a return on equity of 35.52% and a net margin of 60.03%.The firm had revenue of $236.80 million for the quarter, compared to analyst estimates of $233.00 million. On average, equities research analysts expect that Texas Pacific Land Corporation will post 9.27 earnings per share for the current fiscal year.

Texas Pacific Land Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, June 15th. Stockholders of record on Monday, June 1st will be issued 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%.

Insider Activity

In related 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 value of $808,824.00. Following the completion of the transaction, the chief accounting officer directly owned 2,133 shares in the company, valued at approximately $1,072,899. The trade was a 42.98% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Donna E. Epps bought 895 shares of the stock in a transaction that occurred on Wednesday, February 25th. The shares were acquired at an average cost of $510.45 per share, with a total value 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. The SEC filing for this purchase provides additional information. Insiders own 6.90% of the company's stock.

Analyst Ratings Changes

A number of research firms recently commented on TPL. KeyCorp upped their price objective on Texas Pacific Land from $350.00 to $639.00 and gave the company an "overweight" rating in a report on Monday, February 23rd. Wall Street Zen upgraded Texas Pacific Land from a "sell" rating to a "hold" rating in a report on Sunday, March 15th. Weiss Ratings upgraded Texas Pacific Land from a "hold (c)" rating to a "hold (c+)" rating in a research report on Friday, May 1st. Finally, Zacks Research raised Texas Pacific Land from a "hold" rating to a "strong-buy" rating in a research note on Thursday, April 16th. One research 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 issued a Sell rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $639.00.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.