ProShare Advisors LLC Acquires 8,840 Shares of Texas Pacific Land Corporation $TPL

Key Points

• ProShare Advisors increased its stake in Texas Pacific Land by 169.6% in the fourth quarter, buying 8,840 more shares and bringing its total holding to 14,053 shares worth about $4.0 million.
• Institutional ownership remains heavy, with hedge funds and other institutions holding 59.94% of the company; several other funds also boosted their positions during recent quarters.
• Texas Pacific Land reported better-than-expected quarterly results, with EPS of $2.07 versus the $2.03 consensus, and it also announced a quarterly dividend of $0.60 per share, payable June 15.

ProShare Advisors LLC lifted its holdings in shares of Texas Pacific Land Corporation (NYSE:TPL - Free Report) by 169.6% during the 4th quarter, according to the company in its most recent filing with the SEC. The fund owned 14,053 shares of the financial services provider's stock after purchasing an additional 8,840 shares during the period. ProShare Advisors LLC's holdings in Texas Pacific Land were worth $4,036,000 as of its most recent filing with the SEC.

Several other institutional investors have also added to or reduced their stakes in TPL. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in Texas Pacific Land by 39.1% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 1,940 shares of the financial services provider's stock valued at $2,570,000 after buying an additional 545 shares during the period. NewEdge Advisors LLC boosted its position in Texas Pacific Land by 74.1% during the 1st quarter. NewEdge Advisors LLC now owns 914 shares of the financial services provider's stock valued at $1,211,000 after buying an additional 389 shares during the period. Woodline Partners LP boosted its position in Texas Pacific Land by 40.8% during the 1st quarter. Woodline Partners LP now owns 1,592 shares of the financial services provider's stock valued at $2,109,000 after buying an additional 461 shares during the period. EverSource Wealth Advisors LLC boosted its position in 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 buying an additional 12 shares during the period. Finally, Marshall Wace LLP boosted its position in Texas Pacific Land by 2,177.5% during the 2nd quarter. Marshall Wace LLP now owns 4,555 shares of the financial services provider's stock valued at $4,812,000 after buying an additional 4,355 shares during the period. Hedge funds and other institutional investors own 59.94% of the company's stock.

Insider Activity

In related news, Director Donna E. Epps bought 895 shares of the company's stock in a transaction dated Wednesday, February 25th. The stock was purchased at an average cost of $510.45 per share, with a total value of $456,852.75. Following the transaction, the director owned 2,921 shares in the company, valued at approximately $1,491,024.45. This trade represents a 44.18% increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CAO Stephanie Buffington sold 1,608 shares of the firm's stock in a transaction dated Tuesday, February 24th. The stock was 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 approximately $1,072,899. This represents a 42.98% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Company insiders own 6.90% of the company's stock.

Texas Pacific Land Trading Up 1.5%

NYSE:TPL opened at $402.89 on Friday. The company has a 50-day moving average price of $447.36 and a 200-day moving average price of $387.06. Texas Pacific Land Corporation has a 12 month low of $269.23 and a 12 month high of $547.20. The stock has a market cap of $27.79 billion, a price-to-earnings ratio of 55.19 and a beta of 0.66.

Texas Pacific Land (NYSE:TPL - Get Free Report) last posted 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 firm had revenue of $236.80 million during the quarter, compared to analysts' expectations of $233.00 million. Equities analysts forecast that Texas Pacific Land Corporation will post 9.27 EPS for the current fiscal year.

Texas Pacific Land Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, June 15th. Stockholders of record on Monday, June 1st will be given a $0.60 dividend. This represents a $2.40 annualized dividend and a dividend yield of 0.6%. The ex-dividend date of this dividend is Monday, June 1st. Texas Pacific Land's dividend payout ratio (DPR) is currently 32.88%.

Analyst Upgrades and Downgrades

Several brokerages have weighed in on TPL. Zacks Research raised shares of Texas Pacific Land from a "hold" rating to a "strong-buy" rating in a research report 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 report on Friday, May 1st. Wall Street Zen raised shares of Texas Pacific Land from a "sell" rating to a "hold" rating in a research report on Sunday, March 15th. Finally, KeyCorp increased 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 report on Monday, February 23rd. One investment 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. According to MarketBeat.com, Texas Pacific Land has a consensus rating of "Moderate Buy" and an average target price 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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