RIHO Partners LLC Invests $6.28 Million in Texas Pacific Land Corporation $TPL

Key Points

• RIHO Partners LLC initiated a $6.28 million position in Texas Pacific Land during the second quarter, purchasing 14,338 shares. TPL now represents 3.5% of the firm’s portfolio and is its 10th-largest holding.
• Institutional investors own 59.94% of TPL, while CFO Chris Steddum sold 3,170 shares worth about $1.27 million under a pre-arranged Rule 10b5-1 trading plan.
• TPL recently reported quarterly EPS of $2.23, exceeding estimates, and declared a $0.60 quarterly dividend. Shares opened at $364.29, while analysts maintain a consensus Hold rating despite an average target price of $639.

RIHO Partners LLC bought a new stake in Texas Pacific Land Corporation (NYSE:TPL - Free Report) during the second quarter, according to its most recent filing with the SEC. The firm bought 14,338 shares of the financial services provider's stock, valued at approximately $6,275,000. Texas Pacific Land comprises 3.5% of RIHO Partners LLC's holdings, making the stock its 10th biggest holding.

Several other institutional investors have also recently bought and sold shares of the company. Summit Securities Group LLC increased its stake in shares of Texas Pacific Land by 171.9% in the fourth quarter. Summit Securities Group LLC now owns 87 shares of the financial services provider's stock worth $25,000 after purchasing an additional 55 shares during the period. IFP Advisors Inc increased its position in Texas Pacific Land by 185.3% in the 4th quarter. IFP Advisors Inc now owns 97 shares of the financial services provider's stock worth $28,000 after buying an additional 63 shares during the period. Quarry LP acquired a new position in shares of Texas Pacific Land during the third quarter worth approximately $29,000. Los Angeles Capital Management LLC bought a new stake in shares of Texas Pacific Land in the fourth quarter valued at approximately $31,000. Finally, Silicon Valley Capital Partners acquired a new stake in shares of Texas Pacific Land in the third quarter worth $33,000. Institutional investors own 59.94% of the company's stock.

Insider Activity

In other news, CFO Chris Steddum sold 3,170 shares of the firm's stock in a transaction dated Friday, June 5th. The shares were sold at an average price of $400.25, for a total transaction of $1,268,792.50. Following the completion of the transaction, the chief financial officer directly owned 12,870 shares of the company's stock, valued at approximately $5,151,217.50. This trade represents a 19.76% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Corporate insiders own 6.90% of the company's stock.

Texas Pacific Land Trading Down 1.5%

Shares of NYSE:TPL opened at $364.29 on Friday. Texas Pacific Land Corporation has a 1-year low of $269.23 and a 1-year high of $547.20. The firm has a market capitalization of $25.13 billion, a PE ratio of 46.43 and a beta of 0.60. The business's 50 day moving average is $389.35 and its 200-day moving average is $423.73.

Texas Pacific Land (NYSE:TPL - Get Free Report) last released its quarterly earnings data on Wednesday, August 5th. The financial services provider reported $2.23 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $2.18 by $0.05. The business had revenue of $246.10 million for the quarter, compared to analysts' expectations of $249.50 million. Texas Pacific Land had a return on equity of 35.76% and a net margin of 60.32%. On average, sell-side analysts predict that Texas Pacific Land Corporation will post 8.88 EPS for the current year.

Texas Pacific Land Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 15th. Shareholders of record on Tuesday, September 1st will be issued a $0.60 dividend. This represents a $2.40 annualized dividend and a yield of 0.7%. The ex-dividend date of this dividend is Tuesday, September 1st. Texas Pacific Land's payout ratio is 30.57%.

Analyst Ratings Changes

Several equities analysts recently commented on the stock. Weiss Ratings reiterated a "hold (c+)" rating on shares of Texas Pacific Land in a research note on Wednesday, July 29th. Zacks Research upgraded shares of Texas Pacific Land from a "strong sell" rating to a "hold" rating in a report on Wednesday, July 29th. One analyst has rated the stock with a Buy rating, two have given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of "Hold" and an average target price of $639.00.

About Texas Pacific Land

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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