Hosking Partners LLP Increases Position in Texas Pacific Land Corporation $TPL

Key Points

• Hosking Partners LLP boosted its stake in Texas Pacific Land by 239.1% in the fourth quarter, ending with 37,470 shares worth about $10.8 million. Several other institutional investors also increased their holdings, and hedge funds and institutions now own 59.94% of the stock.
• Insider activity was mixed: CAO Stephanie Buffington sold 1,608 shares, while Director Donna E. Epps bought 895 shares. Company insiders collectively own 6.90% of Texas Pacific Land.
• Texas Pacific Land reported quarterly EPS of $2.07, topping estimates, and revenue of $236.8 million, also above expectations. The company also announced a quarterly dividend of $0.60 per share, or $2.40 annually, for a yield of 0.6%.

Hosking Partners LLP grew its holdings in Texas Pacific Land Corporation (NYSE:TPL - Free Report) by 239.1% in the fourth quarter, according to its most recent disclosure with the SEC. The fund owned 37,470 shares of the financial services provider's stock after buying an additional 26,419 shares during the period. Hosking Partners LLP owned 0.05% of Texas Pacific Land worth $10,762,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also made changes to their positions in TPL. Bar Harbor Wealth Management raised its holdings in Texas Pacific Land by 195.1% during the fourth quarter. Bar Harbor Wealth Management now owns 36,873 shares of the financial services provider's stock worth $10,591,000 after purchasing an additional 24,379 shares in the last quarter. Stratos Wealth Partners LTD. raised its holdings in Texas Pacific Land by 212.9% during the fourth quarter. Stratos Wealth Partners LTD. now owns 18,211 shares of the financial services provider's stock worth $5,231,000 after purchasing an additional 12,390 shares in the last quarter. Sumitomo Mitsui Trust Group Inc. raised its holdings in Texas Pacific Land by 192.8% during the fourth quarter. Sumitomo Mitsui Trust Group Inc. now owns 133,731 shares of the financial services provider's stock worth $38,410,000 after purchasing an additional 88,053 shares in the last quarter. Wealth Enhancement Advisory Services LLC raised its holdings in Texas Pacific Land by 187.5% during the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 37,764 shares of the financial services provider's stock worth $11,095,000 after purchasing an additional 24,629 shares in the last quarter. Finally, New York State Teachers Retirement System raised its holdings in Texas Pacific Land by 184.1% during the fourth quarter. New York State Teachers Retirement System now owns 38,841 shares of the financial services provider's stock worth $11,156,000 after purchasing an additional 25,170 shares in the last quarter. 59.94% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, CAO Stephanie Buffington sold 1,608 shares of the firm's stock in a transaction 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 owned 2,133 shares in the company, valued at $1,072,899. This trade represents a 42.98% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Donna E. Epps purchased 895 shares of the company's stock in a transaction dated Wednesday, February 25th. The stock was purchased at an average price of $510.45 per share, with a total value of $456,852.75. Following the transaction, the director owned 2,921 shares of the company's stock, valued at approximately $1,491,024.45. This represents a 44.18% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Company insiders own 6.90% of the company's stock.

Analysts Set New Price Targets

TPL has been the subject of several analyst reports. 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. Zacks Research upgraded Texas Pacific Land from a "hold" rating to a "strong-buy" rating in a research report on Thursday, April 16th. KeyCorp increased their price objective on Texas Pacific Land from $350.00 to $639.00 and gave the stock an "overweight" rating in a research report on Monday, February 23rd. Finally, Wall Street Zen upgraded Texas Pacific Land from a "sell" rating to a "hold" rating in a research report on Sunday, March 15th. One research analyst has rated the stock with a Strong Buy rating, one has given a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $639.00.

Texas Pacific Land Trading Up 0.1%

Shares of Texas Pacific Land stock opened at $394.49 on Monday. Texas Pacific Land Corporation has a 12-month low of $269.23 and a 12-month high of $547.20. The stock has a market cap of $27.21 billion, a PE ratio of 54.04 and a beta of 0.66. The company has a 50-day moving average of $475.88 and a two-hundred day moving average of $381.04.

Texas Pacific Land (NYSE:TPL - Get Free Report) last issued its earnings results on Wednesday, May 6th. The financial services provider reported $2.07 earnings per share (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 company had revenue of $236.80 million during the quarter, compared to analysts' expectations of $233.00 million. On average, sell-side analysts forecast that Texas Pacific Land Corporation will post 9.27 EPS for the current fiscal year.

Texas Pacific Land Announces Dividend

The business 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 $0.60 dividend. 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 dividend payout ratio (DPR) is 32.88%.

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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