NewEdge Advisors LLC Raises Stake in Texas Pacific Land Corporation $TPL

Key Points

• NewEdge Advisors LLC increased its Texas Pacific Land stake by 832% in the first quarter, ending with 28,697 shares valued at approximately $13.6 million. Institutional investors collectively own 59.94% of the company.
• Texas Pacific Land reported quarterly EPS of $2.23, exceeding the $2.18 consensus estimate, while revenue of $246.1 million fell slightly short of forecasts. The company maintains strong profitability, with a 60.32% net margin and 35.76% return on equity.
• The company declared a quarterly dividend of $0.60 per share, equivalent to $2.40 annually and a 0.7% yield. Analysts maintain a consensus “Hold” rating, with an average price target of $639.

NewEdge Advisors LLC lifted its stake in Texas Pacific Land Corporation (NYSE:TPL - Free Report) by 832.0% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 28,697 shares of the financial services provider's stock after purchasing an additional 25,618 shares during the period. NewEdge Advisors LLC's holdings in Texas Pacific Land were worth $13,618,000 at the end of the most recent quarter.

Several other institutional investors also recently added to or reduced their stakes in the stock. Summit Securities Group LLC grew its stake in Texas Pacific Land by 171.9% in the 4th quarter. Summit Securities Group LLC now owns 87 shares of the financial services provider's stock worth $25,000 after acquiring an additional 55 shares in the last quarter. IFP Advisors Inc raised its stake in shares of Texas Pacific Land by 185.3% during the fourth quarter. IFP Advisors Inc now owns 97 shares of the financial services provider's stock valued at $28,000 after acquiring an additional 63 shares in the last quarter. Quarry LP purchased a new stake in shares of Texas Pacific Land in the third quarter valued at approximately $29,000. Eagle Bay Advisors LLC purchased a new stake in shares of Texas Pacific Land in the fourth quarter valued at approximately $31,000. Finally, Los Angeles Capital Management LLC bought a new position in Texas Pacific Land in the fourth quarter worth approximately $31,000. Hedge funds and other institutional investors own 59.94% of the company's stock.

Insider Buying and Selling at Texas Pacific Land

In related news, CFO Chris Steddum sold 830 shares of the business's stock in a transaction on Monday, June 8th. The stock was sold at an average price of $400.33, for a total transaction of $332,273.90. Following the transaction, the chief financial officer directly owned 12,040 shares in the company, valued at $4,819,973.20. The trade was a 6.45% decrease in their position. The sale 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. 6.90% of the stock is owned by insiders.

Texas Pacific Land Stock Performance

NYSE:TPL opened at $341.75 on Friday. Texas Pacific Land Corporation has a fifty-two week low of $269.23 and a fifty-two week high of $547.20. The stock has a market capitalization of $23.57 billion, a P/E ratio of 43.55 and a beta of 0.60. The company's 50-day simple moving average is $392.64 and its 200-day simple moving average is $421.73.

Texas Pacific Land (NYSE:TPL - Get Free Report) last posted its quarterly earnings data on Wednesday, August 5th. The financial services provider reported $2.23 EPS for the quarter, topping the consensus estimate of $2.18 by $0.05. The firm had revenue of $246.10 million during the quarter, compared to analyst estimates of $249.50 million. Texas Pacific Land had a net margin of 60.32% and a return on equity of 35.76%. On average, research analysts forecast that Texas Pacific Land Corporation will post 8.88 EPS for the current year.

Texas Pacific Land Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 15th. Stockholders of record on Tuesday, September 1st will be issued a dividend of $0.60 per share. This represents a $2.40 annualized dividend and a dividend yield of 0.7%. The ex-dividend date is Tuesday, September 1st. Texas Pacific Land's dividend payout ratio is currently 30.57%.

Analysts Set New Price Targets

Several research analysts have commented on TPL shares. Weiss Ratings restated a "hold (c+)" rating on shares of Texas Pacific Land in a report on Wednesday, July 29th. Zacks Research raised Texas Pacific Land from a "strong sell" rating to a "hold" rating in a research report on Wednesday, July 29th. One investment 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's stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Hold" and a consensus target price of $639.00.

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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