Korea Investment CORP Grows Position in Texas Pacific Land Corporation $TPL

Key Points

• Korea Investment CORP boosted its position in Texas Pacific Land (TPL) by 27.8% in the third quarter, buying 3,059 shares to hold 14,076 shares worth about $13.14 million (≈0.06% of the company).
• TPL beat the recent quarter's expectations with $1.79 EPS (vs. $1.73 est.) and $211.6M revenue (vs. $204M est.), and raised its quarterly dividend to $0.60 ($2.40 annualized, ~0.5% yield).
• Analyst views are mixed but notable — KeyCorp raised its target to $639 and gave an overweight — while MarketBeat shows a consensus "Hold" (1 Buy, 2 Hold, 1 Sell); institutional ownership stands around 59.94% with Vanguard increasing its stake.

Korea Investment CORP increased its holdings in Texas Pacific Land Corporation (NYSE:TPL - Free Report) by 27.8% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 14,076 shares of the financial services provider's stock after buying an additional 3,059 shares during the period. Korea Investment CORP owned 0.06% of Texas Pacific Land worth $13,142,000 as of its most recent SEC filing.

A number of other hedge funds have also bought and sold shares of the business. Vanguard Group Inc. boosted its holdings in shares of Texas Pacific Land by 7.9% in the third quarter. Vanguard Group Inc. now owns 2,581,228 shares of the financial services provider's stock worth $2,409,938,000 after acquiring an additional 189,842 shares during the period. Geode Capital Management LLC grew its position in shares of Texas Pacific Land by 3.9% in the second quarter. Geode Capital Management LLC now owns 605,760 shares of the financial services provider's stock valued at $648,866,000 after purchasing an additional 22,796 shares in the last quarter. Pacific Heights Asset Management LLC raised its stake in shares of Texas Pacific Land by 12.1% during the 3rd quarter. Pacific Heights Asset Management LLC now owns 185,000 shares of the financial services provider's stock valued at $172,723,000 after purchasing an additional 20,000 shares during the period. Charles Schwab Investment Management Inc. raised its stake in shares of Texas Pacific Land by 0.4% during the 2nd quarter. Charles Schwab Investment Management Inc. now owns 184,205 shares of the financial services provider's stock valued at $194,592,000 after purchasing an additional 720 shares during the period. Finally, Dimensional Fund Advisors LP lifted its holdings in Texas Pacific Land by 13.1% during the 3rd quarter. Dimensional Fund Advisors LP now owns 147,557 shares of the financial services provider's stock worth $137,747,000 after purchasing an additional 17,107 shares in the last quarter. 59.94% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on TPL. KeyCorp lifted their target price on Texas Pacific Land from $350.00 to $639.00 and gave the company an "overweight" rating in a report on Monday, February 23rd. Wall Street Zen downgraded shares of Texas Pacific Land from a "hold" rating to a "sell" rating in a report on Saturday, March 7th. Weiss Ratings restated a "hold (c)" rating on shares of Texas Pacific Land in a research report on Monday, December 29th. Finally, Zacks Research raised shares of Texas Pacific Land to a "hold" rating in a research note on Wednesday, December 3rd. One research analyst has rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus target price of $639.00.

Insider Transactions at Texas Pacific Land

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

Texas Pacific Land Trading Up 0.8%

Shares of TPL opened at $524.76 on Thursday. Texas Pacific Land Corporation has a 12-month low of $269.23 and a 12-month high of $547.20. The company has a market cap of $36.18 billion, a PE ratio of 75.22 and a beta of 0.83. The stock has a 50-day moving average price of $400.09 and a 200-day moving average price of $338.63.

Texas Pacific Land (NYSE:TPL - Get Free Report) last issued its quarterly earnings results on Wednesday, February 18th. The financial services provider reported $1.79 EPS for the quarter, topping analysts' consensus estimates of $1.73 by $0.06. Texas Pacific Land had a net margin of 60.31% and a return on equity of 36.18%. The firm had revenue of $211.60 million for the quarter, compared to analyst estimates of $204.00 million.

Texas Pacific Land Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, March 16th. Investors of record on Monday, March 2nd will be paid a $0.60 dividend. This is a boost from Texas Pacific Land's previous quarterly dividend of $0.53. This represents a $2.40 dividend on an annualized basis and a yield of 0.5%. The ex-dividend date of this dividend is Monday, March 2nd. Texas Pacific Land's payout ratio is currently 34.38%.

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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