Nitor Capital Management LLC Makes New $3.39 Million Investment in Texas Pacific Land Corporation $TPL

Key Points

• Nitor Capital Management initiated a $3.39 million position in Texas Pacific Land during the second quarter, acquiring 7,743 shares. Institutional investors collectively own 59.94% of the company.
• Texas Pacific Land reported quarterly earnings of $2.23 per share, exceeding analyst expectations of $2.18, while revenue of $246.1 million fell slightly short of estimates.
• The company declared a quarterly dividend of $0.60 per share, equal to a $2.40 annualized payout and a 0.6% yield. Analysts maintain a consensus “Hold” rating, with an average price target of $639.

Nitor Capital Management LLC acquired a new position in shares of Texas Pacific Land Corporation (NYSE:TPL - Free Report) in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm acquired 7,743 shares of the financial services provider's stock, valued at approximately $3,389,000. Texas Pacific Land accounts for about 2.3% of Nitor Capital Management LLC's holdings, making the stock its 13th biggest position.

Several other hedge funds also recently modified their holdings of the stock. Quarry LP bought a new stake in Texas Pacific Land in the third quarter valued at $29,000. Silicon Valley Capital Partners bought a new position in shares of Texas Pacific Land during the 3rd quarter worth about $33,000. Triumph Capital Management acquired a new stake in shares of Texas Pacific Land in the 3rd quarter valued at about $36,000. MUFG Securities EMEA plc acquired a new stake in shares of Texas Pacific Land in the 2nd quarter valued at about $59,000. Finally, EverSource Wealth Advisors LLC increased its position in Texas Pacific Land by 21.4% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 68 shares of the financial services provider's stock valued at $72,000 after buying an additional 12 shares in the last quarter. Institutional investors own 59.94% of the company's stock.

Texas Pacific Land Price Performance

Shares of NYSE TPL opened at $384.52 on Monday. The stock has a market capitalization of $26.52 billion, a P/E ratio of 49.00 and a beta of 0.60. The company has a 50-day moving average price of $388.01 and a 200-day moving average price of $423.50. Texas Pacific Land Corporation has a 1 year low of $269.23 and a 1 year high of $547.20.

Texas Pacific Land (NYSE:TPL - Get Free Report) last posted its earnings results on Wednesday, August 5th. The financial services provider reported $2.23 earnings per share for the quarter, topping analysts' consensus estimates of $2.18 by $0.05. Texas Pacific Land had a net margin of 60.32% and a return on equity of 35.76%. The company had revenue of $246.10 million for the quarter, compared to analyst estimates of $249.50 million. As a group, equities research analysts anticipate that Texas Pacific Land Corporation will post 8.88 earnings per share for the current fiscal year.

Texas Pacific Land Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 15th. Stockholders of record on Tuesday, September 1st will be paid a $0.60 dividend. The ex-dividend date of this dividend is Tuesday, September 1st. This represents a $2.40 annualized dividend and a dividend yield of 0.6%. Texas Pacific Land's dividend payout ratio is 30.57%.

Insider Buying and Selling at Texas Pacific Land

In other news, CFO Chris Steddum sold 3,170 shares of the firm'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 transaction, the chief financial officer owned 12,870 shares in the company, valued at $5,151,217.50. This trade represents a 19.76% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 6.90% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on TPL shares. Zacks Research raised Texas Pacific Land from a "strong sell" rating to a "hold" rating in a research note on Wednesday, July 29th. Weiss Ratings reissued a "hold (c+)" rating on shares of Texas Pacific Land in a research note on Wednesday, July 29th. One investment analyst has rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, Texas Pacific Land presently has an average rating of "Hold" and an average target price of $639.00.

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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