Nomura Asset Management Co. Ltd. Purchases 15,012 Shares of Texas Pacific Land Corporation $TPL

Key Points

• Nomura Asset Management increased its stake in Texas Pacific Land by 199.3% in the fourth quarter, buying 15,012 additional shares to bring its total to 22,545 shares valued at about $6.48 million.
• Texas Pacific Land reported better-than-expected quarterly results, posting EPS of $2.07 versus estimates of $2.03 and revenue of $236.8 million, while maintaining strong profitability with a 35.52% return on equity.
• The company declared a quarterly dividend of $0.60 per share, equal to an annualized dividend of $2.40 and a 0.6% yield; analyst sentiment is mixed, with a consensus rating of Hold and a consensus price target of $639.

Nomura Asset Management Co. Ltd. boosted its position in Texas Pacific Land Corporation (NYSE:TPL - Free Report) by 199.3% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 22,545 shares of the financial services provider's stock after purchasing an additional 15,012 shares during the quarter. Nomura Asset Management Co. Ltd.'s holdings in Texas Pacific Land were worth $6,475,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently modified their holdings of the stock. EverSource Wealth Advisors LLC lifted its position in shares of Texas Pacific Land by 21.4% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 68 shares of the financial services provider's stock valued at $72,000 after acquiring an additional 12 shares during the period. Truist Financial Corp lifted its position in shares of Texas Pacific Land by 0.6% during the 3rd quarter. Truist Financial Corp now owns 2,195 shares of the financial services provider's stock valued at $2,050,000 after acquiring an additional 14 shares during the period. Jones Financial Companies Lllp lifted its position in shares of Texas Pacific Land by 9.1% during the 3rd quarter. Jones Financial Companies Lllp now owns 168 shares of the financial services provider's stock valued at $160,000 after acquiring an additional 14 shares during the period. Northwestern Mutual Investment Management Company LLC lifted its position in shares of Texas Pacific Land by 2.5% during the 3rd quarter. Northwestern Mutual Investment Management Company LLC now owns 616 shares of the financial services provider's stock valued at $575,000 after acquiring an additional 15 shares during the period. Finally, Bridgewater Advisors Inc. lifted its position in shares of Texas Pacific Land by 7.0% during the 3rd quarter. Bridgewater Advisors Inc. now owns 229 shares of the financial services provider's stock valued at $232,000 after acquiring an additional 15 shares during the period. 59.94% of the stock is currently owned by institutional investors.

Texas Pacific Land Stock Performance

Texas Pacific Land stock opened at $407.22 on Thursday. Texas Pacific Land Corporation has a 52 week low of $269.23 and a 52 week high of $547.20. The stock has a market capitalization of $28.09 billion, a P/E ratio of 55.78 and a beta of 0.61. The stock has a fifty day moving average of $425.75 and a 200-day moving average of $391.47.

Texas Pacific Land (NYSE:TPL - Get Free Report) last posted its quarterly earnings results 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 company had revenue of $236.80 million during the quarter, compared to analysts' expectations of $233.00 million. On average, research analysts forecast that Texas Pacific Land Corporation will post 9.27 earnings per share for the current year.

Texas Pacific Land Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, June 15th. Stockholders of record on Monday, June 1st will be issued a dividend of $0.60 per share. The ex-dividend date of this dividend is Monday, June 1st. This represents a $2.40 dividend on an annualized basis and a dividend yield of 0.6%. Texas Pacific Land's payout ratio is 32.88%.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on TPL shares. Zacks Research downgraded Texas Pacific Land from a "strong-buy" rating to a "hold" rating in a research report on Monday. KeyCorp boosted their price target on Texas Pacific Land from $350.00 to $639.00 and gave the stock an "overweight" rating in a report on Monday, February 23rd. Wall Street Zen raised Texas Pacific Land from a "sell" rating to a "hold" rating in a report on Sunday, March 15th. Finally, Weiss Ratings raised Texas Pacific Land from a "hold (c)" rating to a "hold (c+)" rating in a report on Friday, May 1st. 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 company. Based on data from MarketBeat, the company has a consensus rating of "Hold" and a consensus price target of $639.00.

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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