Pacer Advisors Inc. Grows Holdings in Texas Pacific Land Corporation $TPL

Key Points

• Pacer Advisors more than doubled its Texas Pacific Land stake in the first quarter, increasing holdings by 119.8% to 96,189 shares valued at approximately $45.6 million. Institutional investors collectively own 59.94% of TPL.
• Analyst sentiment remains cautious, with one Buy, two Hold, and one Sell rating producing an overall “Hold” consensus and an average price target of $639.
• TPL reported quarterly earnings of $2.07 per share, slightly above estimates, while revenue reached $236.8 million; the stock opened at $405.77 and has a market capitalization of about $28 billion.

Pacer Advisors Inc. lifted its stake in shares of Texas Pacific Land Corporation (NYSE:TPL - Free Report) by 119.8% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 96,189 shares of the financial services provider's stock after buying an additional 52,432 shares during the quarter. Pacer Advisors Inc. owned approximately 0.14% of Texas Pacific Land worth $45,647,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also made changes to their positions in TPL. Quarry LP bought a new position in Texas Pacific Land during the 3rd quarter valued at $29,000. Silicon Valley Capital Partners bought a new stake in shares of Texas Pacific Land in the 3rd quarter worth about $33,000. Triumph Capital Management bought a new stake in shares of Texas Pacific Land in the 3rd quarter worth 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 raised its stake in shares of 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 purchasing an additional 12 shares in the last quarter. Institutional investors own 59.94% of the company's stock.

Analysts Set New Price Targets

Several equities analysts have recently commented on the stock. Zacks Research raised shares of Texas Pacific Land from a "strong sell" rating to a "hold" rating in a research report on Wednesday, July 29th. Weiss Ratings restated 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 given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the company has an average rating of "Hold" and an average target price of $639.00.

Insiders Place Their Bets

In related news, CFO Chris Steddum sold 830 shares of the stock in a transaction dated Monday, June 8th. The shares were sold at an average price of $400.33, for a total transaction of $332,273.90. Following the sale, the chief financial officer owned 12,040 shares in the company, valued at $4,819,973.20. This represents a 6.45% decrease in their ownership of the stock. The transaction was disclosed in a legal filing 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 currently owned by company insiders.

Texas Pacific Land Price Performance

TPL stock opened at $405.77 on Tuesday. Texas Pacific Land Corporation has a 1-year low of $269.23 and a 1-year high of $547.20. The firm has a fifty day moving average price of $395.12 and a two-hundred day moving average price of $421.32. The firm has a market cap of $27.99 billion, a price-to-earnings ratio of 55.59 and a beta of 0.58.

Texas Pacific Land (NYSE:TPL - Get Free Report) last issued its earnings results on Wednesday, May 6th. The financial services provider reported $2.07 earnings per share for the quarter, topping analysts' consensus estimates of $2.03 by $0.04. Texas Pacific Land had a net margin of 60.03% and a return on equity of 35.52%. The company had revenue of $236.80 million for the quarter, compared to analysts' expectations of $233.00 million. As a group, analysts expect that Texas Pacific Land Corporation will post 8.88 EPS for the current fiscal year.

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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