NewEdge Wealth LLC Raises Holdings in Texas Pacific Land Corporation $TPL

Key Points

• NewEdge Wealth LLC increased its stake in Texas Pacific Land by 217.8% in the fourth quarter, ending with 5,965 shares worth about $1.71 million.
• Texas Pacific Land reported better-than-expected quarterly results, posting EPS of $2.07 versus a $2.03 estimate and revenue of $236.8 million versus $233 million expected.
• The company announced a quarterly dividend of $0.60 per share, payable June 15, which equals a 0.6% annualized yield.

NewEdge Wealth LLC lifted its holdings in Texas Pacific Land Corporation (NYSE:TPL - Free Report) by 217.8% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 5,965 shares of the financial services provider's stock after buying an additional 4,088 shares during the quarter. NewEdge Wealth LLC's holdings in Texas Pacific Land were worth $1,713,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently bought and sold shares of TPL. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in shares of 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 purchasing an additional 545 shares in the last quarter. NewEdge Advisors LLC increased its holdings in shares of Texas Pacific Land by 74.1% in the 1st 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 in the last quarter. Woodline Partners LP increased its holdings in shares of Texas Pacific Land by 40.8% in the 1st 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 in the last quarter. EverSource Wealth Advisors LLC lifted 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 valued at $72,000 after purchasing an additional 12 shares during the period. Finally, Marshall Wace LLP lifted 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 valued at $4,812,000 after purchasing an additional 4,355 shares during the period. Institutional investors and hedge funds own 59.94% of the company's stock.

Insider Activity

In other news, 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 transaction, the chief accounting officer owned 2,133 shares of the company's stock, valued at $1,072,899. The trade was a 42.98% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Donna E. Epps acquired 895 shares of Texas Pacific Land stock in a transaction that occurred on Wednesday, February 25th. The shares were purchased at an average cost of $510.45 per share, for a total transaction of $456,852.75. Following the purchase, the director directly owned 2,921 shares of the company's stock, valued at approximately $1,491,024.45. This trade represents a 44.18% increase in their position. The SEC filing for this purchase provides additional information. 6.90% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

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

Texas Pacific Land Stock Performance

Texas Pacific Land stock opened at $387.09 on Thursday. Texas Pacific Land Corporation has a fifty-two week low of $269.23 and a fifty-two week high of $547.20. The company has a market capitalization of $26.70 billion, a price-to-earnings ratio of 53.03 and a beta of 0.66. The stock has a fifty day moving average of $466.04 and a two-hundred day moving average of $383.46.

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

Texas Pacific Land Dividend Announcement

The company 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 yield of 0.6%. The ex-dividend date is Monday, June 1st. Texas Pacific Land's dividend payout ratio is 32.88%.

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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