IFS Group LLC Purchases New Position in Texas Pacific Land Corporation $TPL

Key Points

• IFS Group LLC purchased 6,390 shares of Texas Pacific Land Corporation valued at approximately $3.03 million, making TPL its fourth-largest holding at 2.7% of the portfolio. Institutional investors collectively own 59.94% of the company.
• TPL shares recently traded at $389.97, down 1.7%, while the company’s latest quarterly results modestly exceeded expectations with EPS of $2.07 and revenue of $236.8 million.
• The company declared a quarterly dividend of $0.60, or $2.40 annually, representing a 0.6% yield. Analyst sentiment remains cautious, with a consensus “Reduce” rating despite an average price target of $639.

IFS Group LLC purchased a new stake in Texas Pacific Land Corporation (NYSE:TPL - Free Report) during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 6,390 shares of the financial services provider's stock, valued at approximately $3,032,000. Texas Pacific Land comprises about 2.7% of IFS Group LLC's investment portfolio, making the stock its 4th largest position.

Several other hedge funds also recently added to or reduced their stakes in TPL. Summit Securities Group LLC lifted its position in shares of Texas Pacific Land by 171.9% during the 4th quarter. Summit Securities Group LLC now owns 87 shares of the financial services provider's stock worth $25,000 after buying an additional 55 shares during the last quarter. IFP Advisors Inc grew its position in shares of Texas Pacific Land by 185.3% in the 4th quarter. IFP Advisors Inc now owns 97 shares of the financial services provider's stock valued at $28,000 after buying an additional 63 shares during the last quarter. Quarry LP acquired a new stake in Texas Pacific Land during the 3rd quarter worth $29,000. Eagle Bay Advisors LLC acquired a new stake in Texas Pacific Land during the 4th quarter worth $31,000. Finally, Los Angeles Capital Management LLC purchased a new stake in Texas Pacific Land in the fourth quarter valued at $31,000. 59.94% of the stock is currently owned by hedge funds and other institutional investors.

Texas Pacific Land Trading Down 1.7%

Shares of TPL opened at $389.97 on Wednesday. The company's 50 day simple moving average is $395.35 and its 200-day simple moving average is $418.87. The firm has a market cap of $26.90 billion, a PE ratio of 53.42 and a beta of 0.58. 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 issued 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. The firm had revenue of $236.80 million for the quarter, compared to analysts' expectations of $233.00 million. Texas Pacific Land had a return on equity of 35.52% and a net margin of 60.03%. As a group, equities research analysts forecast that Texas Pacific Land Corporation will post 8.88 EPS for the current fiscal year.

Texas Pacific Land Dividend Announcement

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

Insider Activity at Texas Pacific Land

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 value of $332,273.90. Following the completion of the transaction, the chief financial officer directly owned 12,040 shares of the company's stock, valued at $4,819,973.20. This trade represents a 6.45% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 6.90% of the stock is owned by company insiders.

Analyst Ratings Changes

TPL has been the subject of several research analyst reports. Weiss Ratings upgraded shares of Texas Pacific Land from a "hold (c)" rating to a "hold (c+)" rating in a research note on Friday, May 1st. Zacks Research cut Texas Pacific Land from a "hold" rating to a "strong sell" rating in a research report on Tuesday, June 30th. One equities research analyst has rated the stock with a Buy rating, one has assigned a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat.com, Texas Pacific Land currently has a consensus rating of "Reduce" and an average price target of $639.00.

Texas Pacific Land Company 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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