Jefferies Financial Group Inc. Buys 2,480 Shares of Texas Pacific Land Corporation $TPL

Key Points

• Jefferies Financial Group boosted its stake in Texas Pacific Land by 32.9%, buying 2,480 shares to hold 10,015 shares valued at about $9.35 million per its latest SEC filing.
• Strong quarter and dividend increase: TPL beat EPS and revenue estimates (EPS $1.79 vs. $1.73; revenue $211.6M vs. $204M) and raised its quarterly dividend to $0.60 (annualized $2.40; yield ~0.4%; ex-dividend March 2).
• Analyst move: KeyCorp upgraded TPL to "overweight" and raised its price target from $350 to $639, while the MarketBeat consensus rating remains a "Hold" with a $639 target.

Jefferies Financial Group Inc. grew its stake in shares of Texas Pacific Land Corporation (NYSE:TPL - Free Report) by 32.9% in the third quarter, according to its most recent disclosure with the SEC. The fund owned 10,015 shares of the financial services provider's stock after buying an additional 2,480 shares during the period. Jefferies Financial Group Inc.'s holdings in Texas Pacific Land were worth $9,350,000 as of its most recent filing with the SEC.

Several other hedge funds have also made changes to their positions in the stock. CX Institutional acquired a new position in Texas Pacific Land in the 3rd quarter valued at approximately $30,000. Versant Capital Management Inc grew its holdings in shares of Texas Pacific Land by 75.0% during the 3rd quarter. Versant Capital Management Inc now owns 42 shares of the financial services provider's stock worth $39,000 after purchasing an additional 18 shares in the last quarter. IMA Advisory Services Inc. grew its holdings in shares of Texas Pacific Land by 77.8% during the 3rd quarter. IMA Advisory Services Inc. now owns 48 shares of the financial services provider's stock worth $45,000 after purchasing an additional 21 shares in the last quarter. Rothschild Investment LLC bought a new stake in shares of Texas Pacific Land during the third quarter valued at approximately $46,000. Finally, Assetmark Inc. increased its position in shares of Texas Pacific Land by 33.3% during the second quarter. Assetmark Inc. now owns 52 shares of the financial services provider's stock valued at $55,000 after purchasing an additional 13 shares during the period. Institutional investors own 59.94% of the company's stock.

Analyst Upgrades and Downgrades

TPL has been the subject of a number of recent research reports. KeyCorp increased their price objective on shares of Texas Pacific Land from $350.00 to $639.00 and gave the company an "overweight" rating in a research note on Monday, February 23rd. Zacks Research raised shares of Texas Pacific Land to a "hold" rating in a research note on Wednesday, December 3rd. Weiss Ratings reissued a "hold (c)" rating on shares of Texas Pacific Land in a research report on Monday, December 29th. Finally, Wall Street Zen cut shares of Texas Pacific Land from a "hold" rating to a "sell" rating in a research note on Saturday. One equities research analyst has rated the stock with a Buy rating, two have given a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus target price of $639.00.

Insider Transactions at Texas Pacific Land

In related news, CAO Stephanie Buffington sold 1,608 shares of the business's stock in a transaction that occurred on Tuesday, February 24th. The shares were sold at an average price of $503.00, for a total transaction of $808,824.00. Following the completion of the transaction, the chief accounting officer owned 2,133 shares in the company, valued at approximately $1,072,899. The trade was a 42.98% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Donna E. Epps purchased 895 shares of the firm's stock in a transaction dated Wednesday, February 25th. The stock was purchased at an average cost of $510.45 per share, with a total value of $456,852.75. Following the acquisition, the director directly owned 2,921 shares in the company, valued at $1,491,024.45. This trade represents a 44.18% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Corporate insiders own 6.90% of the company's stock.

Texas Pacific Land Stock Up 2.7%

Texas Pacific Land stock opened at $539.11 on Tuesday. The stock has a 50-day simple moving average of $390.79 and a 200 day simple moving average of $335.79. The stock has a market capitalization of $37.17 billion, a price-to-earnings ratio of 77.27 and a beta of 0.82. 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 announced its quarterly earnings data on Wednesday, February 18th. The financial services provider reported $1.79 EPS for the quarter, beating analysts' consensus estimates of $1.73 by $0.06. The firm had revenue of $211.60 million for the quarter, compared to analyst estimates of $204.00 million. Texas Pacific Land had a return on equity of 36.18% and a net margin of 60.31%.

Texas Pacific Land Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, March 16th. Stockholders of record on Monday, March 2nd will be given a dividend of $0.60 per share. This represents a $2.40 annualized dividend and a dividend yield of 0.4%. The ex-dividend date is Monday, March 2nd. This is an increase from Texas Pacific Land's previous quarterly dividend of $0.53. Texas Pacific Land's dividend payout ratio is presently 34.38%.

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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