Horizon Kinetics Asset Management LLC Boosts Stock Holdings in Texas Pacific Land Corporation $TPL

Key Points

• Horizon Kinetics Asset Management increased its Texas Pacific Land stake by 194.9% in the fourth quarter, adding 6.83 million shares and bringing its total to 10.33 million shares. The position now represents about 40.1% of the firm’s portfolio and 14.99% of TPL.
• Texas Pacific Land recently reported better-than-expected quarterly results, with EPS of $2.07 versus the $2.03 consensus and revenue of $236.8 million, while maintaining strong profitability metrics such as a 60.03% net margin.
• The company declared a quarterly dividend of $0.60 per share, payable June 15, and analysts currently have a mixed view on the stock, with a consensus rating of “Hold” and an average price target of $639.00.

Horizon Kinetics Asset Management LLC grew its position in shares of Texas Pacific Land Corporation (NYSE:TPL - Free Report) by 194.9% during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 10,333,762 shares of the financial services provider's stock after buying an additional 6,829,070 shares during the quarter. Texas Pacific Land accounts for approximately 40.1% of Horizon Kinetics Asset Management LLC's investment portfolio, making the stock its biggest holding. Horizon Kinetics Asset Management LLC owned 14.99% of Texas Pacific Land worth $2,968,063,000 at the end of the most recent quarter.

Several other hedge funds have also recently modified their holdings of TPL. MassMutual Private Wealth & Trust FSB lifted 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 worth $25,000 after buying an additional 69 shares in the last quarter. IFP Advisors Inc lifted its position in shares of Texas Pacific Land by 185.3% during the 4th quarter. IFP Advisors Inc now owns 97 shares of the financial services provider's stock worth $28,000 after buying an additional 63 shares in the last quarter. Quarry LP bought a new position in shares of Texas Pacific Land during the 3rd quarter worth approximately $29,000. Eagle Bay Advisors LLC bought a new stake in shares of Texas Pacific Land in the 4th quarter worth approximately $31,000. Finally, Los Angeles Capital Management LLC bought a new stake in shares of Texas Pacific Land in the 4th quarter worth approximately $31,000. Institutional investors own 59.94% of the company's stock.

Texas Pacific Land Trading Down 3.7%

NYSE:TPL opened at $381.58 on Wednesday. The stock has a market capitalization of $26.32 billion, a PE ratio of 52.27 and a beta of 0.61. The firm's 50 day moving average is $415.23 and its 200 day moving average is $393.63. Texas Pacific Land Corporation has a 12 month low of $269.23 and a 12 month high of $547.20.

Texas Pacific Land (NYSE:TPL - Get Free Report) last posted its quarterly earnings results on Wednesday, May 6th. The financial services provider reported $2.07 EPS for the quarter, topping 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 company had revenue of $236.80 million for the quarter, compared to analysts' expectations of $233.00 million. Research analysts predict that Texas Pacific Land Corporation will post 8.88 earnings per share for the current year.

Texas Pacific Land Announces Dividend

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 issued a dividend of $0.60 per share. The ex-dividend date of this dividend is Monday, June 1st. This represents a $2.40 dividend on an annualized basis and a yield of 0.6%. Texas Pacific Land's payout ratio is presently 32.88%.

Insider Transactions at Texas Pacific Land

In other Texas Pacific Land news, CFO Chris Steddum sold 830 shares of the business's stock in a transaction on Monday, June 8th. The shares were sold at an average price of $400.33, for a total transaction of $332,273.90. Following the sale, the chief financial officer owned 12,040 shares of the company's stock, valued at $4,819,973.20. The trade was a 6.45% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 6.90% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

A number of equities research analysts recently commented on the stock. KeyCorp lifted their price target on shares of Texas Pacific Land from $350.00 to $639.00 and gave the stock an "overweight" rating in a report on Monday, February 23rd. Wall Street Zen raised shares of Texas Pacific Land from a "sell" rating to a "hold" rating in a report on Sunday, March 15th. Weiss Ratings raised shares of Texas Pacific Land from a "hold (c)" rating to a "hold (c+)" rating in a report on Friday, May 1st. Finally, Zacks Research cut shares of Texas Pacific Land from a "strong-buy" rating to a "hold" rating in a report on Monday, June 1st. One equities research analyst has rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat.com, Texas Pacific Land presently has an average rating of "Hold" and a consensus price target 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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