Mirae Asset Global Investments Co. Ltd. Has $2.72 Million Holdings in Texas Pacific Land Corporation $TPL

Key Points

• Mirae Asset Global Investments boosted its stake in Texas Pacific Land by 269.9% in Q4, buying 6,905 shares to hold 9,463 shares worth about $2.72 million.
• Texas Pacific Land beat Q4 estimates with EPS of $1.79 vs. $1.73 and revenue of $211.6M, and raised its quarterly dividend to $0.60 (annualized $2.40, ~0.5% yield).
• The company has a market cap of $30.33B and a P/E of 63.07, institutional investors own ~59.94%, analysts' consensus is "Moderate Buy" with an average target of $639, and insiders recently both sold (CAO 1,608 shares) and bought (director 895 shares).

Mirae Asset Global Investments Co. Ltd. boosted its holdings in shares of Texas Pacific Land Corporation (NYSE:TPL - Free Report) by 269.9% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 9,463 shares of the financial services provider's stock after buying an additional 6,905 shares during the quarter. Mirae Asset Global Investments Co. Ltd.'s holdings in Texas Pacific Land were worth $2,718,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently bought and sold shares of TPL. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position in Texas Pacific Land by 39.1% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 1,940 shares of the financial services provider's stock worth $2,570,000 after buying an additional 545 shares during the last quarter. NewEdge Advisors LLC increased its position in Texas Pacific Land by 74.1% during the first quarter. NewEdge Advisors LLC now owns 914 shares of the financial services provider's stock worth $1,211,000 after buying an additional 389 shares during the last quarter. Woodline Partners LP increased its position in Texas Pacific Land by 40.8% during the first quarter. Woodline Partners LP now owns 1,592 shares of the financial services provider's stock worth $2,109,000 after buying an additional 461 shares during the last quarter. EverSource Wealth Advisors LLC increased its position in Texas Pacific Land by 21.4% during the second 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. Finally, Marshall Wace LLP increased its position in Texas Pacific Land by 2,177.5% during the second quarter. Marshall Wace LLP now owns 4,555 shares of the financial services provider's stock worth $4,812,000 after buying an additional 4,355 shares during the last quarter. Institutional investors and hedge funds own 59.94% of the company's stock.

Texas Pacific Land Stock Up 0.5%

Shares of NYSE:TPL opened at $439.99 on Thursday. Texas Pacific Land Corporation has a 12-month low of $269.23 and a 12-month high of $547.20. The stock has a market cap of $30.33 billion, a PE ratio of 63.07 and a beta of 0.76. The business has a 50 day moving average of $481.52 and a 200-day moving average of $372.90.

Texas Pacific Land (NYSE:TPL - Get Free Report) last issued its quarterly earnings data on Wednesday, February 18th. The financial services provider reported $1.79 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.73 by $0.06. Texas Pacific Land had a return on equity of 36.18% and a net margin of 60.31%.The company had revenue of $211.60 million during the quarter, compared to analysts' expectations of $204.00 million. Equities research analysts expect that Texas Pacific Land Corporation will post 9.27 earnings per share for the current year.

Texas Pacific Land Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, March 16th. Stockholders of record on Monday, March 2nd were issued a dividend of $0.60 per share. 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 dividend yield of 0.5%. The ex-dividend date was Monday, March 2nd. Texas Pacific Land's dividend payout ratio is presently 34.38%.

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on TPL shares. Zacks Research raised Texas Pacific Land from a "hold" rating to a "strong-buy" rating in a research report on Thursday, April 16th. KeyCorp boosted their price objective on Texas Pacific Land from $350.00 to $639.00 and gave the stock an "overweight" rating in a report on Monday, February 23rd. Wall Street Zen upgraded Texas Pacific Land from a "sell" rating to a "hold" rating in a report on Sunday, March 15th. Finally, Weiss Ratings restated a "hold (c)" rating on shares of Texas Pacific Land in a report on Friday, March 27th. One 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 company. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average target price of $639.00.

Insider Buying and Selling

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 stock was sold at an average price of $503.00, for a total value of $808,824.00. Following the completion of the sale, the chief accounting officer directly 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 filing with the SEC, which is accessible through this link. Also, Director Donna E. Epps purchased 895 shares of the business's stock in a transaction that occurred on Wednesday, February 25th. The stock was bought at an average price of $510.45 per share, with a total value of $456,852.75. Following the completion of the purchase, the director owned 2,921 shares of the company's stock, valued at $1,491,024.45. This trade represents a 44.18% increase in their position. The SEC filing for this purchase provides additional information. Insiders own 6.90% of the company's stock.

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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