Hsbc Holdings PLC Has $25.59 Million Position in Texas Pacific Land Corporation $TPL

Key Points

• HSBC Holdings PLC increased its stake in Texas Pacific Land by 209.9% in the fourth quarter, ending with 89,071 shares worth about $25.6 million. Institutional investors overall own 59.94% of the company.
• Texas Pacific Land's CFO, Chris Steddum, sold 3,170 shares in a pre-arranged Rule 10b5-1 transaction, reducing his direct holdings by 19.76%. Corporate insiders now own 6.90% of the stock.
• The company reported better-than-expected quarterly results, posting EPS of $2.07 versus estimates of $2.03 and revenue of $236.8 million versus $233.0 million expected. It also paid a quarterly dividend of $0.60 per share, and analysts currently rate the stock a consensus Hold with a $639 target price.

Hsbc Holdings PLC lifted its stake in shares of Texas Pacific Land Corporation (NYSE:TPL - Free Report) by 209.9% in the fourth quarter, according to the company in its most recent filing with the SEC. The fund owned 89,071 shares of the financial services provider's stock after buying an additional 60,329 shares during the quarter. Hsbc Holdings PLC owned about 0.13% of Texas Pacific Land worth $25,594,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also modified their holdings of TPL. EverSource Wealth Advisors LLC raised its holdings in Texas Pacific Land by 21.4% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 68 shares of the financial services provider's stock valued at $72,000 after acquiring an additional 12 shares during the period. Aptus Capital Advisors LLC boosted its holdings in shares of Texas Pacific Land by 1.6% during the third quarter. Aptus Capital Advisors LLC now owns 969 shares of the financial services provider's stock worth $905,000 after acquiring an additional 15 shares during the period. Intech Investment Management LLC grew its position in shares of Texas Pacific Land by 1.6% in the third quarter. Intech Investment Management LLC now owns 1,031 shares of the financial services provider's stock valued at $963,000 after purchasing an additional 16 shares during the last quarter. Sei Investments Co. grew its position in shares of Texas Pacific Land by 1.1% in the third quarter. Sei Investments Co. now owns 1,909 shares of the financial services provider's stock valued at $1,782,000 after purchasing an additional 20 shares during the last quarter. Finally, Larson Financial Group LLC increased its stake in shares of Texas Pacific Land by 5.4% during the third quarter. Larson Financial Group LLC now owns 410 shares of the financial services provider's stock worth $383,000 after purchasing an additional 21 shares during the period. Institutional investors own 59.94% of the company's stock.

Insiders Place Their Bets

In other news, CFO Chris Steddum sold 3,170 shares of the company's stock in a transaction on Friday, June 5th. The stock was sold at an average price of $400.25, for a total transaction of $1,268,792.50. Following the completion of the sale, the chief financial officer directly owned 12,870 shares in the company, valued at approximately $5,151,217.50. This represents a 19.76% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 6.90% of the stock is owned by corporate insiders.

Texas Pacific Land Trading Up 2.2%

Shares of TPL opened at $378.01 on Thursday. Texas Pacific Land Corporation has a 12 month low of $269.23 and a 12 month high of $547.20. The firm's 50 day moving average is $399.22 and its 200-day moving average is $399.22. The stock has a market capitalization of $26.07 billion, a PE ratio of 51.78 and a beta of 0.61.

Texas Pacific Land (NYSE:TPL - Get Free Report) last released its quarterly earnings results on Wednesday, May 6th. The financial services provider reported $2.07 earnings per share for the quarter, beating analysts' consensus estimates of $2.03 by $0.04. The company had revenue of $236.80 million during the quarter, compared to the consensus estimate of $233.00 million. Texas Pacific Land had a net margin of 60.03% and a return on equity of 35.52%. Equities research analysts predict that Texas Pacific Land Corporation will post 8.88 earnings per share for the current fiscal year.

Texas Pacific Land Dividend Announcement

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

Analysts Set New Price Targets

TPL has been the subject of several research reports. Wall Street Zen raised Texas Pacific Land from a "sell" rating to a "hold" rating in a report on Sunday, March 15th. Zacks Research cut Texas Pacific Land from a "strong-buy" rating to a "hold" rating in a research report on Monday, June 1st. Finally, Weiss Ratings raised Texas Pacific Land from a "hold (c)" rating to a "hold (c+)" rating in a report on Friday, May 1st. One research analyst has rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus target price 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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