Hsbc Holdings PLC Acquires 60,329 Shares of Texas Pacific Land Corporation $TPL

Key Points

• HSBC Holdings PLC increased its stake in Texas Pacific Land by 209.9% in the fourth quarter, buying 60,329 additional shares and bringing its total holding to 89,071 shares valued at about $25.6 million.
• Institutional ownership in Texas Pacific Land (NYSE: TPL) remains high, with several other major investors also sharply boosting positions; overall, institutions own 59.94% of the stock.
• The company reported solid recent results, with quarterly EPS of $2.07 beating estimates and revenue of $236.8 million topping expectations, while it also paid a quarterly dividend of $0.60 per share.

Hsbc Holdings PLC lifted its holdings in shares of Texas Pacific Land Corporation (NYSE:TPL - Free Report) by 209.9% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 89,071 shares of the financial services provider's stock after purchasing an additional 60,329 shares during the quarter. Hsbc Holdings PLC owned 0.13% of Texas Pacific Land worth $25,594,000 at the end of the most recent quarter.

Other institutional investors also recently modified their holdings of the company. Horizon Kinetics Asset Management LLC grew its stake in Texas Pacific Land by 194.9% in the 4th quarter. Horizon Kinetics Asset Management LLC now owns 10,333,762 shares of the financial services provider's stock worth $2,968,063,000 after buying an additional 6,829,070 shares in the last quarter. Vanguard Group Inc. raised its position in shares of Texas Pacific Land by 192.8% during the 4th quarter. Vanguard Group Inc. now owns 7,556,966 shares of the financial services provider's stock valued at $2,170,512,000 after buying an additional 4,975,738 shares in the last quarter. State Street Corp lifted its holdings in shares of Texas Pacific Land by 206.8% during the 4th quarter. State Street Corp now owns 3,587,004 shares of the financial services provider's stock worth $1,030,259,000 after acquiring an additional 2,417,705 shares during the last quarter. Geode Capital Management LLC lifted its holdings in shares of Texas Pacific Land by 203.7% during the 4th quarter. Geode Capital Management LLC now owns 1,759,107 shares of the financial services provider's stock worth $503,581,000 after acquiring an additional 1,179,788 shares during the last quarter. Finally, SoftVest Advisors LLC lifted its holdings in shares of Texas Pacific Land by 200.0% during the 4th quarter. SoftVest Advisors LLC now owns 1,180,800 shares of the financial services provider's stock worth $339,149,000 after acquiring an additional 787,200 shares during the last quarter. 59.94% of the stock is currently owned by institutional investors.

Texas Pacific Land Stock Down 1.1%

Shares of NYSE:TPL opened at $402.67 on Tuesday. The stock has a market cap of $27.77 billion, a PE ratio of 55.16 and a beta of 0.58. The company's fifty day moving average is $396.11 and its 200 day moving average is $405.90. Texas Pacific Land Corporation has a 52 week low of $269.23 and a 52 week 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 earnings per share (EPS) for the quarter, beating the consensus estimate 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 business had revenue of $236.80 million during the quarter, compared to analyst estimates of $233.00 million. Sell-side analysts anticipate that Texas Pacific Land Corporation will post 8.88 EPS for the current year.

Texas Pacific Land Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, June 15th. Investors of record on Monday, June 1st were issued a dividend of $0.60 per share. The ex-dividend date was Monday, June 1st. This represents a $2.40 annualized dividend and a yield of 0.6%. Texas Pacific Land's dividend payout ratio is currently 32.88%.

Insiders Place Their Bets

In related news, CFO Chris Steddum sold 830 shares of the firm's stock in a transaction that occurred on Monday, June 8th. The stock was sold at an average price of $400.33, for a total transaction of $332,273.90. Following the transaction, the chief financial officer directly owned 12,040 shares in the company, valued at $4,819,973.20. This trade represents a 6.45% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 6.90% of the stock is owned by corporate insiders.

Analyst Ratings Changes

Several brokerages have issued reports on TPL. Wall Street Zen raised Texas Pacific Land from a "sell" rating to a "hold" rating in a research note on Sunday, March 15th. Weiss Ratings raised Texas Pacific Land from a "hold (c)" rating to a "hold (c+)" rating in a report on Friday, May 1st. Finally, Zacks Research downgraded Texas Pacific Land from a "hold" rating to a "strong sell" rating in a research report on Tuesday, June 30th. One investment analyst has rated the stock with a Buy rating, one has issued a Hold rating and two have given a Sell rating to the stock. According to MarketBeat.com, Texas Pacific Land presently has a consensus rating of "Reduce" and a consensus 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.

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