Resona Asset Management Co. Ltd. Acquires 11,791 Shares of Texas Pacific Land Corporation $TPL

Key Points

• Resona Asset Management increased its stake in Texas Pacific Land by 187.9% in the fourth quarter, buying 11,791 additional shares and bringing its total holdings to 18,066 shares valued at about $5.21 million.
• Texas Pacific Land reported better-than-expected quarterly earnings of $2.07 per share, topping estimates, while revenue also slightly exceeded forecasts at $236.8 million.
• The company declared a quarterly dividend of $0.60 per share, which annualizes to $2.40 and implies a yield of 0.6%.

Resona Asset Management Co. Ltd. grew its holdings in Texas Pacific Land Corporation (NYSE:TPL - Free Report) by 187.9% in the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 18,066 shares of the financial services provider's stock after acquiring an additional 11,791 shares during the period. Resona Asset Management Co. Ltd.'s holdings in Texas Pacific Land were worth $5,211,000 as of its most recent SEC filing.

Other large investors also recently added to or reduced their stakes in the company. Bar Harbor Wealth Management boosted its holdings in shares of Texas Pacific Land by 195.1% during the 4th quarter. Bar Harbor Wealth Management now owns 36,873 shares of the financial services provider's stock worth $10,591,000 after buying an additional 24,379 shares during the period. Stratos Wealth Partners LTD. boosted its holdings in shares of Texas Pacific Land by 212.9% during the 4th quarter. Stratos Wealth Partners LTD. now owns 18,211 shares of the financial services provider's stock worth $5,231,000 after buying an additional 12,390 shares during the period. Sumitomo Mitsui Trust Group Inc. boosted its holdings in shares of Texas Pacific Land by 192.8% during the 4th quarter. Sumitomo Mitsui Trust Group Inc. now owns 133,731 shares of the financial services provider's stock worth $38,410,000 after buying an additional 88,053 shares during the period. Schwartz Investment Counsel Inc. boosted its holdings in shares of Texas Pacific Land by 209.7% during the 4th quarter. Schwartz Investment Counsel Inc. now owns 475,104 shares of the financial services provider's stock worth $136,459,000 after buying an additional 321,683 shares during the period. Finally, Wealth Enhancement Advisory Services LLC boosted its holdings in shares of Texas Pacific Land by 187.5% during the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 37,764 shares of the financial services provider's stock worth $11,095,000 after buying an additional 24,629 shares during the period. 59.94% of the stock is owned by institutional investors.

Texas Pacific Land Price Performance

Shares of Texas Pacific Land stock opened at $402.89 on Friday. Texas Pacific Land Corporation has a fifty-two week low of $269.23 and a fifty-two week high of $547.20. The firm has a fifty day moving average price of $447.36 and a two-hundred day moving average price of $387.06. The company has a market cap 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 issued its quarterly earnings results on Wednesday, May 6th. The financial services provider reported $2.07 earnings per share for the quarter, beating 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 firm had revenue of $236.80 million during the quarter, compared to the consensus estimate of $233.00 million. Analysts expect that Texas Pacific Land Corporation will post 9.27 earnings per share for the current fiscal year.

Texas Pacific Land Dividend Announcement

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

Insiders Place Their Bets

In other Texas Pacific Land news, CAO Stephanie Buffington sold 1,608 shares of the stock in a transaction on Tuesday, February 24th. The shares were sold at an average price of $503.00, for a total value 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. This represents a 42.98% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Donna E. Epps purchased 895 shares of Texas Pacific Land stock in a transaction on Wednesday, February 25th. The stock was 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 in the company, valued at approximately $1,491,024.45. This trade represents a 44.18% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. 6.90% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on the stock. Wall Street Zen raised shares of Texas Pacific Land from a "sell" rating to a "hold" rating in a report on Sunday, March 15th. Zacks Research raised shares of Texas Pacific Land from a "hold" rating to a "strong-buy" rating in a 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 report on Friday, May 1st. Finally, KeyCorp upped their price objective on shares of Texas Pacific Land from $350.00 to $639.00 and gave the stock an "overweight" rating in a report on Monday, February 23rd. One research analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has an average 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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