Royal Bank of Canada Has $57.54 Million Stock Position in Texas Pacific Land Corporation $TPL

Key Points

• Royal Bank of Canada increased its Texas Pacific Land stake by 130% in the first quarter, owning 121,247 shares valued at approximately $57.54 million. Institutional investors and hedge funds collectively own 59.94% of TPL.
• Analyst sentiment remains neutral, with a consensus “Hold” rating and a $639 target price. TPL recently traded at $403.23, within a 52-week range of $269.23 to $547.20.
• Texas Pacific Land exceeded quarterly earnings expectations, reporting $2.07 in EPS and $236.8 million in revenue. The company also declared a $0.60 quarterly dividend, equivalent to a 0.6% yield.

Royal Bank of Canada increased its position in shares of Texas Pacific Land Corporation (NYSE:TPL - Free Report) by 130.0% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 121,247 shares of the financial services provider's stock after buying an additional 68,534 shares during the period. Royal Bank of Canada owned 0.18% of Texas Pacific Land worth $57,538,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of TPL. Quarry LP acquired a new stake in shares of Texas Pacific Land in the third quarter valued at about $29,000. Silicon Valley Capital Partners acquired a new position in shares of Texas Pacific Land during the 3rd quarter worth about $33,000. Triumph Capital Management acquired a new position in shares of Texas Pacific Land during the 3rd quarter worth about $36,000. MUFG Securities EMEA plc bought a new stake in Texas Pacific Land during the 2nd quarter valued at approximately $59,000. Finally, EverSource Wealth Advisors LLC boosted its stake 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 purchasing an additional 12 shares during the period. 59.94% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

TPL has been the topic of several recent analyst reports. Zacks Research raised Texas Pacific Land from a "strong sell" rating to a "hold" rating in a research report on Wednesday. Weiss Ratings reiterated a "hold (c+)" rating on shares of Texas Pacific Land in a report on Wednesday. One investment analyst has rated the stock with a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, Texas Pacific Land presently has a consensus rating of "Hold" and a consensus target price of $639.00.

Insider Buying and Selling

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

Texas Pacific Land Stock Performance

NYSE:TPL opened at $403.23 on Friday. The firm's 50-day moving average is $395.06 and its 200-day moving average is $419.95. Texas Pacific Land Corporation has a 52-week low of $269.23 and a 52-week high of $547.20. The company has a market cap of $27.81 billion, a price-to-earnings ratio of 55.24 and a beta of 0.58.

Texas Pacific Land (NYSE:TPL - Get Free Report) last announced its quarterly earnings data on Wednesday, May 6th. The financial services provider reported $2.07 EPS 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 business had revenue of $236.80 million during the quarter, compared to analyst estimates of $233.00 million. Equities analysts predict that Texas Pacific Land Corporation will post 8.88 EPS for the current year.

Texas Pacific Land Announces Dividend

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