Pittenger & Anderson Inc. Purchases 5,829 Shares of Texas Pacific Land Corporation $TPL

Key Points

• Pittenger & Anderson Inc. increased its stake in Texas Pacific Land Corporation (NYSE:TPL) by 3,238.3% in Q4, buying an additional 5,829 shares to hold 6,009 shares valued at $1.726 million.
• Several other institutions (Bar Harbor, Stratos, Wealth Enhancement, Sumitomo Mitsui Trust, Nordea) also materially increased positions in Q4, lifting institutional ownership to about 59.94%; insiders own 6.90% with the CAO selling 1,608 shares and a director buying 895 shares.
• TPL posted a Q4 EPS beat ($1.79 vs. $1.73) and revenue beat, has a market cap of about $29.9B and a PE of 62.2, recently raised its quarterly dividend to $0.60 (annualized $2.40, yield 0.6%), and carries an average analyst price target of $639 with a "Moderate Buy" consensus.

Pittenger & Anderson Inc. increased its position in shares of Texas Pacific Land Corporation (NYSE:TPL - Free Report) by 3,238.3% in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 6,009 shares of the financial services provider's stock after buying an additional 5,829 shares during the period. Pittenger & Anderson Inc.'s holdings in Texas Pacific Land were worth $1,726,000 at the end of the most recent reporting period.

Other hedge funds have also bought and sold shares of the company. Bar Harbor Wealth Management increased its stake in Texas Pacific Land by 195.1% in the fourth quarter. Bar Harbor Wealth Management now owns 36,873 shares of the financial services provider's stock valued at $10,591,000 after purchasing an additional 24,379 shares in the last quarter. Stratos Wealth Partners LTD. increased its stake in Texas Pacific Land by 212.9% in the fourth quarter. Stratos Wealth Partners LTD. now owns 18,211 shares of the financial services provider's stock valued at $5,231,000 after purchasing an additional 12,390 shares in the last quarter. Wealth Enhancement Advisory Services LLC increased its stake in Texas Pacific Land by 187.5% in the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 37,764 shares of the financial services provider's stock valued at $11,095,000 after purchasing an additional 24,629 shares in the last quarter. Sumitomo Mitsui Trust Group Inc. increased its stake in Texas Pacific Land by 192.8% in the fourth quarter. Sumitomo Mitsui Trust Group Inc. now owns 133,731 shares of the financial services provider's stock valued at $38,410,000 after purchasing an additional 88,053 shares in the last quarter. Finally, Nordea Investment Management AB increased its stake in Texas Pacific Land by 200.6% in the fourth quarter. Nordea Investment Management AB now owns 3,024 shares of the financial services provider's stock valued at $873,000 after purchasing an additional 2,018 shares in the last quarter. Institutional investors own 59.94% of the company's stock.

Texas Pacific Land Price Performance

NYSE:TPL opened at $433.94 on Monday. The firm has a 50-day moving average of $481.54 and a 200-day moving average of $378.81. The company has a market cap of $29.92 billion, a PE ratio of 62.20 and a beta of 0.67. Texas Pacific Land Corporation has a one year low of $269.23 and a one year high of $547.20.

Texas Pacific Land (NYSE:TPL - Get Free Report) last posted its earnings results on Wednesday, February 18th. The financial services provider reported $1.79 EPS for the quarter, topping the consensus estimate of $1.73 by $0.06. The company had revenue of $211.60 million during the quarter, compared to the consensus estimate of $204.00 million. Texas Pacific Land had a net margin of 60.31% and a return on equity of 36.18%. On average, equities research analysts expect that Texas Pacific Land Corporation will post 9.27 earnings per share for the current fiscal year.

Texas Pacific Land Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, March 16th. Stockholders of record on Monday, March 2nd were given a dividend of $0.60 per share. The ex-dividend date of this dividend was Monday, March 2nd. This is a boost from Texas Pacific Land's previous quarterly dividend of $0.53. This represents a $2.40 annualized dividend and a dividend yield of 0.6%. Texas Pacific Land's payout ratio is presently 34.38%.

Wall Street Analysts Forecast Growth

TPL has been the subject of several research analyst reports. Zacks Research raised shares of Texas Pacific Land from a "hold" rating to a "strong-buy" rating in a research note on Thursday, April 16th. Weiss Ratings raised shares of Texas Pacific Land from a "hold (c)" rating to a "hold (c+)" rating in a research note on Friday. 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 note on Monday, February 23rd. Finally, Wall Street Zen raised shares of Texas Pacific Land from a "sell" rating to a "hold" rating in a research note on Sunday, March 15th. One equities research analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating, one has given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $639.00.

Insider Activity

In other news, CAO Stephanie Buffington sold 1,608 shares of the business's stock in a transaction dated Tuesday, February 24th. The shares were sold at an average price of $503.00, for a total transaction of $808,824.00. Following the completion of the sale, the chief accounting officer directly 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 legal filing with the SEC, which is available at this link. Also, Director Donna E. Epps bought 895 shares of the firm's stock in a transaction dated Wednesday, February 25th. The shares were acquired at an average cost of $510.45 per share, with a total value of $456,852.75. Following the completion of the transaction, the director owned 2,921 shares of the company's stock, valued at $1,491,024.45. This represents a 44.18% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Insiders own 6.90% of the company's stock.

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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