Principle Wealth Partners LLC Has $1.23 Million Stock Position in Texas Pacific Land Corporation $TPL

Key Points

• Principle Wealth Partners LLC increased its stake in Texas Pacific Land by 163.5% in the fourth quarter, ending with 4,280 shares valued at about $1.23 million.
• Texas Pacific Land reported better-than-expected quarterly earnings, posting $2.07 EPS versus the $2.03 estimate and revenue of $236.8 million. Analysts now expect the company to earn $9.27 per share for the current fiscal year.
• The company announced a quarterly dividend of $0.60 per share, payable June 15, which annualizes to $2.40 per share and a 0.6% yield. Meanwhile, analyst sentiment remains Moderate Buy with a $639 average price target.

Principle Wealth Partners LLC grew its stake in shares of Texas Pacific Land Corporation (NYSE:TPL - Free Report) by 163.5% in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 4,280 shares of the financial services provider's stock after acquiring an additional 2,656 shares during the period. Principle Wealth Partners LLC's holdings in Texas Pacific Land were worth $1,229,000 at the end of the most recent quarter.

Other hedge funds have also recently bought and sold shares of the company. Quarry LP acquired a new stake in Texas Pacific Land during the third quarter worth approximately $29,000. Silicon Valley Capital Partners acquired a new stake in Texas Pacific Land during the third quarter worth approximately $33,000. Triumph Capital Management acquired a new stake in Texas Pacific Land during the third quarter worth approximately $36,000. IMA Advisory Services Inc. lifted its position in Texas Pacific Land by 77.8% during the third quarter. IMA Advisory Services Inc. now owns 48 shares of the financial services provider's stock worth $45,000 after acquiring an additional 21 shares during the last quarter. Finally, Rothschild Investment LLC acquired a new stake in Texas Pacific Land during the third quarter worth approximately $46,000. 59.94% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Texas Pacific Land

In other Texas Pacific Land news, Director Donna E. Epps bought 895 shares of the stock in a transaction dated Wednesday, February 25th. The shares were bought at an average cost of $510.45 per share, with a total value of $456,852.75. Following the completion of the acquisition, the director owned 2,921 shares of the company's stock, valued at $1,491,024.45. This trade represents a 44.18% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is accessible through this link. Also, CAO Stephanie Buffington sold 1,608 shares of the firm's stock in a transaction that occurred on Tuesday, February 24th. The stock was sold at an average price of $503.00, for a total transaction of $808,824.00. Following the transaction, the chief accounting officer directly owned 2,133 shares in the company, valued at $1,072,899. This represents a 42.98% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 6.90% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on TPL. Wall Street Zen upgraded shares of Texas Pacific Land from a "sell" rating to a "hold" rating in a research report on Sunday, March 15th. Zacks Research upgraded shares of Texas Pacific Land from a "hold" rating to a "strong-buy" rating in a research report on Thursday, April 16th. KeyCorp raised their price objective on shares of Texas Pacific Land from $350.00 to $639.00 and gave the stock an "overweight" rating in a research report on Monday, February 23rd. Finally, 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. One equities research analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, Texas Pacific Land currently has an average rating of "Moderate Buy" and an average price target of $639.00.

Texas Pacific Land Trading Up 1.5%

Shares of TPL opened at $402.89 on Friday. Texas Pacific Land Corporation has a 12 month low of $269.23 and a 12 month high of $547.20. The firm's 50 day moving average is $447.36 and its 200-day moving average is $387.06. The stock has a market capitalization of $27.79 billion, a PE ratio of 55.19 and a beta of 0.66.

Texas Pacific Land (NYSE:TPL - Get Free Report) last announced its earnings results on Wednesday, May 6th. The financial services provider reported $2.07 EPS for the quarter, topping the consensus estimate 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. Equities research analysts predict that Texas Pacific Land Corporation will post 9.27 earnings per share for the current fiscal year.

Texas Pacific Land Announces Dividend

The firm also recently announced 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 annualized dividend and a dividend yield of 0.6%. Texas Pacific Land's dividend payout ratio (DPR) is currently 32.88%.

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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