Jupiter Topco LLC Takes $4.03 Million Position in Texas Pacific Land Corporation $TPL

Key Points

• Jupiter Topco LLC acquired 9,201 shares of Texas Pacific Land Corporation in the second quarter, worth approximately $4.03 million. Institutional investors and hedge funds collectively own 59.94% of the company.
• Texas Pacific Land reported quarterly EPS of $2.23, exceeding the $2.18 consensus estimate, while revenue of $246.1 million fell slightly short of expectations. Shares opened at $369.12, down from their 50-day and 200-day moving averages.
• The company declared a quarterly dividend of $0.60 per share, equivalent to $2.40 annually and a 0.7% yield. Analysts maintain a consensus “Hold” rating, with a target price of $639.

Jupiter Topco LLC acquired a new stake in shares of Texas Pacific Land Corporation (NYSE:TPL - Free Report) in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor acquired 9,201 shares of the financial services provider's stock, valued at approximately $4,026,000.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Quarry LP bought a new position in shares of Texas Pacific Land during the third quarter valued at approximately $29,000. Silicon Valley Capital Partners bought a new stake in shares of Texas Pacific Land in the 3rd quarter worth approximately $33,000. Triumph Capital Management acquired a new position in Texas Pacific Land during the 3rd quarter valued at approximately $36,000. MUFG Securities EMEA plc acquired a new position in Texas Pacific Land during the 2nd quarter valued at approximately $59,000. Finally, EverSource Wealth Advisors LLC grew its stake in 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. Institutional investors and hedge funds own 59.94% of the company's stock.

Insider Buying and Selling

In other Texas Pacific Land news, CFO Chris Steddum sold 830 shares of the firm's stock in a transaction dated Monday, June 8th. The shares were 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 in the company, valued at $4,819,973.20. This trade represents a 6.45% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Corporate insiders own 6.90% of the company's stock.

Texas Pacific Land Stock Down 1.4%

Shares of NYSE TPL opened at $369.12 on Wednesday. The stock has a market capitalization of $25.46 billion, a price-to-earnings ratio of 47.04 and a beta of 0.61. The stock's fifty day simple moving average is $389.62 and its 200 day simple moving average is $423.57. 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 announced its earnings results on Wednesday, August 5th. The financial services provider reported $2.23 EPS for the quarter, beating the consensus estimate of $2.18 by $0.05. Texas Pacific Land had a return on equity of 35.76% and a net margin of 60.32%.The business had revenue of $246.10 million during the quarter, compared to the consensus estimate of $249.50 million. As a group, analysts anticipate 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 disclosed a quarterly dividend, which will be paid on Tuesday, September 15th. Shareholders of record on Tuesday, September 1st will be paid a dividend of $0.60 per share. The ex-dividend date of this dividend is Tuesday, September 1st. This represents a $2.40 dividend on an annualized basis and a yield of 0.7%. Texas Pacific Land's dividend payout ratio is currently 30.57%.

Wall Street Analyst Weigh In

Several equities research analysts have weighed in on TPL shares. Zacks Research raised Texas Pacific Land from a "strong sell" rating to a "hold" rating in a research report on Wednesday, July 29th. Weiss Ratings reiterated a "hold (c+)" rating on shares of Texas Pacific Land in a research report on Wednesday, July 29th. One equities research analyst has rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the stock has an average 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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