Hsbc Holdings PLC Buys 17,679 Shares of Texas Pacific Land Corporation $TPL

Key Points

• Hsbc Holdings PLC increased its Texas Pacific Land stake by 17.8% in the second quarter, adding 17,679 shares to own 117,052 shares valued at approximately $51.1 million. Institutional investors collectively own 59.94% of TPL.
• Texas Pacific Land reported quarterly earnings of $2.23 per share, beating estimates of $2.18, while revenue of $246.1 million fell slightly short of expectations. The company posted a 60.32% net margin and analysts expect full-year EPS of $8.88.
• TPL declared a quarterly dividend of $0.60 per share, or $2.40 annualized, representing a 0.7% yield. Analysts maintain a consensus “Hold” rating, with a target price of $639 versus the stock’s recent price of $362.47.

Hsbc Holdings PLC grew its stake in shares of Texas Pacific Land Corporation (NYSE:TPL - Free Report) by 17.8% during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 117,052 shares of the financial services provider's stock after buying an additional 17,679 shares during the period. Hsbc Holdings PLC owned 0.17% of Texas Pacific Land worth $51,127,000 at the end of the most recent reporting period.

Other hedge funds also recently made changes to their positions in the company. EverSource Wealth Advisors LLC increased its holdings in shares of Texas Pacific Land by 21.4% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 68 shares of the financial services provider's stock worth $72,000 after buying an additional 12 shares during the last quarter. Sei Investments Co. raised its position in shares of Texas Pacific Land by 1.1% during the 3rd quarter. Sei Investments Co. now owns 1,909 shares of the financial services provider's stock valued at $1,782,000 after buying an additional 20 shares during the period. Larson Financial Group LLC lifted its holdings in Texas Pacific Land by 5.4% in the third quarter. Larson Financial Group LLC now owns 410 shares of the financial services provider's stock valued at $383,000 after acquiring an additional 21 shares during the last quarter. Van ECK Associates Corp lifted its holdings in Texas Pacific Land by 0.5% in the third quarter. Van ECK Associates Corp now owns 4,685 shares of the financial services provider's stock valued at $4,374,000 after acquiring an additional 24 shares during the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in Texas Pacific Land by 1.3% in the third quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 1,916 shares of the financial services provider's stock worth $1,789,000 after acquiring an additional 24 shares during the period. 59.94% of the stock is currently owned by institutional investors.

Texas Pacific Land Stock Performance

Texas Pacific Land stock opened at $362.47 on Tuesday. The company's 50 day simple moving average is $387.06 and its 200-day simple moving average is $421.84. Texas Pacific Land Corporation has a 1 year low of $269.23 and a 1 year high of $547.20. The company has a market capitalization of $25.00 billion, a price-to-earnings ratio of 46.19 and a beta of 0.61.

Texas Pacific Land (NYSE:TPL - Get Free Report) last posted its quarterly earnings data on Wednesday, August 5th. The financial services provider reported $2.23 earnings per share for the quarter, topping analysts' consensus estimates of $2.18 by $0.05. Texas Pacific Land had a net margin of 60.32% and a return on equity of 35.76%. The firm had revenue of $246.10 million during the quarter, compared to analysts' expectations of $249.50 million. Equities analysts expect that Texas Pacific Land Corporation will post 8.88 earnings per share for the current year.

Texas Pacific Land Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 15th. Stockholders of record on Tuesday, September 1st will be given a dividend of $0.60 per share. This represents a $2.40 annualized dividend and a dividend yield of 0.7%. The ex-dividend date is Tuesday, September 1st. Texas Pacific Land's dividend payout ratio (DPR) is currently 30.57%.

Wall Street Analyst Weigh In

TPL has been the subject of several recent analyst reports. Weiss Ratings reissued a "hold (c+)" rating on shares of Texas Pacific Land in a research note on Wednesday, July 29th. Zacks Research raised Texas Pacific Land from a "strong sell" rating to a "hold" rating in a research note on Wednesday, July 29th. One analyst has rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, Texas Pacific Land currently has a consensus rating of "Hold" and a consensus target price 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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