NCM Capital Management LLC Buys 20,170 Shares of Texas Pacific Land Corporation $TPL

Key Points

• NCM Capital Management LLC boosted its Texas Pacific Land stake by 200.1% in the fourth quarter, buying 20,170 shares to bring its total to 30,248 shares worth about $8.69 million.
• Texas Pacific Land’s latest earnings beat expectations, with Q2 EPS of $2.07 topping estimates and revenue of $236.8 million coming in slightly ahead of forecasts.
• The company also paid a quarterly dividend of $0.60 per share, while analysts currently have an average Hold rating and a consensus price target of $639.00.

NCM Capital Management LLC grew its stake in Texas Pacific Land Corporation (NYSE:TPL - Free Report) by 200.1% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 30,248 shares of the financial services provider's stock after buying an additional 20,170 shares during the period. Texas Pacific Land accounts for 3.2% of NCM Capital Management LLC's holdings, making the stock its 3rd biggest position. NCM Capital Management LLC's holdings in Texas Pacific Land were worth $8,688,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also recently made changes to their positions in the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in Texas Pacific Land by 39.1% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 1,940 shares of the financial services provider's stock worth $2,570,000 after acquiring an additional 545 shares during the period. NewEdge Advisors LLC increased its holdings in shares of Texas Pacific Land by 74.1% in the first quarter. NewEdge Advisors LLC now owns 914 shares of the financial services provider's stock valued at $1,211,000 after purchasing an additional 389 shares during the period. Woodline Partners LP increased its holdings in shares of Texas Pacific Land by 40.8% in the first quarter. Woodline Partners LP now owns 1,592 shares of the financial services provider's stock valued at $2,109,000 after purchasing an additional 461 shares during the period. EverSource Wealth Advisors LLC raised its stake in shares of Texas Pacific Land by 21.4% in the second quarter. EverSource Wealth Advisors LLC now owns 68 shares of the financial services provider's stock worth $72,000 after purchasing an additional 12 shares during the last quarter. Finally, Marshall Wace LLP raised its stake in shares of Texas Pacific Land by 2,177.5% in the second quarter. Marshall Wace LLP now owns 4,555 shares of the financial services provider's stock worth $4,812,000 after purchasing an additional 4,355 shares during the last quarter. 59.94% of the stock is owned by hedge funds and other institutional investors.

Texas Pacific Land Stock Down 0.0%

Shares of TPL opened at $355.05 on Friday. Texas Pacific Land Corporation has a 52 week low of $269.23 and a 52 week high of $547.20. The company has a market capitalization of $24.49 billion, a price-to-earnings ratio of 48.64 and a beta of 0.61. The stock's 50-day moving average price is $401.16 and its 200-day moving average price is $396.96.

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, topping 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 firm had revenue of $236.80 million for the quarter, compared to analyst estimates of $233.00 million. As a group, equities analysts anticipate that Texas Pacific Land Corporation will post 8.88 EPS for the current fiscal year.

Texas Pacific Land Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, June 15th. Investors of record on Monday, June 1st were issued a $0.60 dividend. The ex-dividend date of this dividend was Monday, June 1st. This represents a $2.40 dividend on an annualized basis and a yield of 0.7%. Texas Pacific Land's dividend payout ratio is presently 32.88%.

Analyst Ratings Changes

TPL has been the topic of a number of recent research reports. Wall Street Zen upgraded Texas Pacific Land from a "sell" rating to a "hold" rating in a research report on Sunday, March 15th. Zacks Research cut shares of Texas Pacific Land from a "strong-buy" rating to a "hold" rating in a research note on Monday, June 1st. KeyCorp upped their price objective on shares of Texas Pacific Land from $350.00 to $639.00 and gave the company an "overweight" rating in a report on Monday, February 23rd. Finally, Weiss Ratings upgraded shares of Texas Pacific Land from a "hold (c)" rating to a "hold (c+)" rating in a research note on Friday, May 1st. One research analyst has rated the stock with a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the stock has an average rating of "Hold" and a consensus target price of $639.00.

Insiders Place Their Bets

In other news, CFO Chris Steddum sold 3,170 shares of the business's stock in a transaction that occurred on Friday, June 5th. The stock was sold at an average price of $400.25, for a total value of $1,268,792.50. Following the completion of the sale, the chief financial officer directly owned 12,870 shares in the company, valued at $5,151,217.50. The trade was a 19.76% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 6.90% of the company's stock.

Texas Pacific Land Company 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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