Mad River Investors Has $82.17 Million Stock Holdings in Texas Pacific Land Corporation $TPL

Key Points

• Mad River Investors boosted its Texas Pacific Land stake by 203.1% in the fourth quarter, now holding 286,083 shares worth about $82.17 million. The stock is its largest position, making up 37.4% of the fund’s portfolio.
• Texas Pacific Land has seen mixed but generally constructive analyst action, including multiple upgrades and a consensus Moderate Buy rating with an average price target of $639. KeyCorp notably raised its target from $350 to $639 and assigned an overweight rating.
• The company reported stronger-than-expected quarterly results, with EPS of $2.07 and revenue of $236.8 million, and it also declared a quarterly dividend of $0.60 per share. The dividend will be paid June 15, with a 0.6% annualized yield.

Mad River Investors grew its holdings in shares of Texas Pacific Land Corporation (NYSE:TPL - Free Report) by 203.1% in the 4th quarter, according to its most recent disclosure with the SEC. The fund owned 286,083 shares of the financial services provider's stock after acquiring an additional 191,711 shares during the period. Texas Pacific Land comprises 37.4% of Mad River Investors' holdings, making the stock its largest holding. Mad River Investors owned about 0.41% of Texas Pacific Land worth $82,169,000 as of its most recent SEC filing.

Several other large investors have also recently modified their holdings of the business. MassMutual Private Wealth & Trust FSB increased its position in shares of Texas Pacific Land by 363.2% during the fourth quarter. MassMutual Private Wealth & Trust FSB now owns 88 shares of the financial services provider's stock worth $25,000 after buying an additional 69 shares during the period. Quarry LP acquired a new stake in shares of Texas Pacific Land during the third quarter worth $29,000. Eagle Bay Advisors LLC acquired a new stake in shares of Texas Pacific Land during the fourth quarter worth $31,000. Silicon Valley Capital Partners acquired a new stake in shares of Texas Pacific Land during the third quarter worth $33,000. Finally, Triumph Capital Management acquired a new stake in shares of Texas Pacific Land during the third quarter worth $36,000. Institutional investors own 59.94% of the company's stock.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on TPL. Wall Street Zen upgraded shares of Texas Pacific Land from a "sell" rating to a "hold" rating in a research report on Sunday, March 15th. Weiss Ratings upgraded shares of Texas Pacific Land from a "hold (c)" rating to a "hold (c+)" rating in a research report on Friday, May 1st. KeyCorp raised their price target on shares of Texas Pacific Land from $350.00 to $639.00 and gave the stock an "overweight" rating in a report on Monday, February 23rd. Finally, Zacks Research upgraded shares of Texas Pacific Land from a "hold" rating to a "strong-buy" rating in a report on Thursday, April 16th. One equities research analyst has rated the stock with a Strong Buy rating, one has given a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average price target of $639.00.

Insider Transactions at Texas Pacific Land

In other news, CAO Stephanie Buffington sold 1,608 shares of Texas Pacific Land stock in a transaction dated 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 directly owned 2,133 shares in the company, valued at $1,072,899. This trade represents a 42.98% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Donna E. Epps acquired 895 shares of Texas Pacific Land stock in a transaction dated Wednesday, February 25th. The shares were acquired at an average price of $510.45 per share, with a total value of $456,852.75. Following the completion of the acquisition, the director directly owned 2,921 shares of the company's stock, valued at approximately $1,491,024.45. The trade was a 44.18% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. 6.90% of the stock is owned by company insiders.

Texas Pacific Land Price Performance

Shares of NYSE TPL opened at $394.39 on Wednesday. The stock has a market capitalization of $27.20 billion, a P/E ratio of 54.03 and a beta of 0.66. The company has a 50-day moving average price of $454.99 and a 200-day moving average price of $385.72. Texas Pacific Land Corporation has a 1 year low of $269.23 and a 1 year high of $547.20.

Texas Pacific Land (NYSE:TPL - Get Free Report) last issued its quarterly earnings data on Wednesday, May 6th. The financial services provider reported $2.07 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $2.03 by $0.04. The firm had revenue of $236.80 million during the quarter, compared to analysts' expectations of $233.00 million. Texas Pacific Land had a net margin of 60.03% and a return on equity of 35.52%. As a group, equities research analysts anticipate that Texas Pacific Land Corporation will post 9.27 earnings per share for the current fiscal year.

Texas Pacific Land Dividend Announcement

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

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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