Mission Wealth Management LP Purchases 14,453 Shares of Texas Pacific Land Corporation $TPL

Key Points

• Mission Wealth Management LP increased its stake in Texas Pacific Land by 200% in the fourth quarter, buying 14,453 shares and bringing its total holdings to 21,681 shares valued at about $6.23 million.
• Texas Pacific Land reported better-than-expected earnings for the latest quarter, with EPS of $2.07 versus estimates of $2.03 and revenue of $236.8 million versus expectations of $233 million.
• The company announced a quarterly dividend of $0.60 per share, payable June 15, which works out to an annualized dividend of $2.40 and a yield of about 0.6%.

Mission Wealth Management LP grew its position in Texas Pacific Land Corporation (NYSE:TPL - Free Report) by 200.0% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 21,681 shares of the financial services provider's stock after purchasing an additional 14,453 shares during the period. Mission Wealth Management LP's holdings in Texas Pacific Land were worth $6,227,000 at the end of the most recent quarter.

Other institutional investors also recently modified their holdings of the company. MassMutual Private Wealth & Trust FSB raised its holdings in 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 acquiring an additional 69 shares in the last quarter. Quarry LP bought a new stake in Texas Pacific Land during the third quarter worth about $29,000. Eagle Bay Advisors LLC bought a new stake in Texas Pacific Land during the fourth quarter worth about $31,000. Silicon Valley Capital Partners bought a new stake in Texas Pacific Land during the third quarter worth about $33,000. Finally, Triumph Capital Management bought a new stake in Texas Pacific Land during the third quarter worth about $36,000. 59.94% of the stock is currently owned by institutional investors.

Texas Pacific Land Trading Up 0.1%

Texas Pacific Land stock opened at $385.55 on Monday. Texas Pacific Land Corporation has a 12 month low of $269.23 and a 12 month high of $547.20. The stock's 50 day moving average is $460.34 and its 200-day moving average is $384.54. The company has a market capitalization of $26.59 billion, a price-to-earnings ratio of 52.82 and a beta of 0.66.

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

Texas Pacific Land Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, June 15th. Stockholders of record on Monday, June 1st will be given a $0.60 dividend. The ex-dividend date of this dividend is Monday, June 1st. This represents a $2.40 annualized dividend and a dividend yield of 0.6%. Texas Pacific Land's dividend payout ratio is presently 32.88%.

Analyst Upgrades and Downgrades

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

Insider Activity at Texas Pacific Land

In other news, Director Donna E. Epps bought 895 shares of the firm's stock in a transaction dated Wednesday, February 25th. The shares were bought at an average price of $510.45 per share, with a total value of $456,852.75. Following the completion of the transaction, 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 ownership of the stock. The purchase was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, 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 value of $808,824.00. Following the completion of the sale, the chief accounting officer owned 2,133 shares of the company's stock, valued at approximately $1,072,899. This trade represents a 42.98% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 6.90% of the stock is currently owned by corporate insiders.

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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