Mitsubishi UFJ Asset Management Co. Ltd. Purchases 84,988 Shares of Texas Pacific Land Corporation $TPL

Key Points

• Mitsubishi UFJ Asset Management increased its Texas Pacific Land stake by 225.6% in the fourth quarter, buying 84,988 more shares and bringing its total to 122,658 shares worth about $36.5 million.
• Other institutional investors also boosted holdings, and institutions now own 59.94% of the company. Analysts remain broadly positive, with Texas Pacific Land carrying an average Moderate Buy rating and a $639 price target.
• The company reported better-than-expected quarterly results, with EPS of $2.07 topping estimates and revenue of $236.8 million. Texas Pacific Land also announced a quarterly dividend of $0.60 per share, payable June 15.

Mitsubishi UFJ Asset Management Co. Ltd. lifted its position in shares of Texas Pacific Land Corporation (NYSE:TPL - Free Report) by 225.6% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 122,658 shares of the financial services provider's stock after purchasing an additional 84,988 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. owned 0.18% of Texas Pacific Land worth $36,548,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors also recently made changes to their positions in the company. BOKF NA increased its stake in shares of Texas Pacific Land by 200.0% during the fourth quarter. BOKF NA now owns 3,189 shares of the financial services provider's stock worth $916,000 after purchasing an additional 2,126 shares during the period. Sumitomo Mitsui DS Asset Management Company Ltd increased its stake in shares of Texas Pacific Land by 208.1% during the fourth quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 7,737 shares of the financial services provider's stock worth $2,222,000 after purchasing an additional 5,226 shares during the period. Harel Insurance Investments & Financial Services Ltd. increased its stake in shares of Texas Pacific Land by 275.0% during the fourth quarter. Harel Insurance Investments & Financial Services Ltd. now owns 975 shares of the financial services provider's stock worth $280,000 after purchasing an additional 715 shares during the period. McIlrath & Eck LLC bought a new position in shares of Texas Pacific Land during the fourth quarter worth approximately $72,000. Finally, Nicholas Hoffman & Company LLC. increased its stake in shares of Texas Pacific Land by 200.0% during the fourth quarter. Nicholas Hoffman & Company LLC. now owns 2,034 shares of the financial services provider's stock worth $584,000 after purchasing an additional 1,356 shares during the period. Institutional investors own 59.94% of the company's stock.

Wall Street Analysts Forecast Growth

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

Insiders Place Their Bets

In other Texas Pacific Land news, CAO Stephanie Buffington sold 1,608 shares of the firm's stock in a transaction 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 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 position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Donna E. Epps bought 895 shares of Texas Pacific Land stock in a transaction on Wednesday, February 25th. The stock was acquired at an average cost of $510.45 per share, for a total transaction of $456,852.75. Following the acquisition, the director owned 2,921 shares in the company, valued at approximately $1,491,024.45. This represents a 44.18% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. Company insiders own 6.90% of the company's stock.

Texas Pacific Land Price Performance

Texas Pacific Land stock opened at $394.49 on Friday. The stock's fifty day moving average price is $475.88 and its two-hundred day moving average price is $381.04. Texas Pacific Land Corporation has a one year low of $269.23 and a one year high of $547.20. The firm has a market cap of $27.21 billion, a PE ratio of 54.04 and a beta of 0.66.

Texas Pacific Land (NYSE:TPL - Get Free Report) last posted its quarterly earnings data on Wednesday, May 6th. The financial services provider reported $2.07 EPS for the quarter, topping analysts' consensus estimates 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 firm had revenue of $236.80 million for the quarter, compared to analyst estimates of $233.00 million. Sell-side analysts expect 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 announced a quarterly dividend, which will be paid on Monday, June 15th. Shareholders of record on Monday, June 1st will be issued a $0.60 dividend. This represents a $2.40 dividend on an annualized basis and a dividend yield of 0.6%. The ex-dividend date of this dividend is Monday, June 1st. Texas Pacific Land's dividend payout ratio (DPR) 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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