Schwartz Investment Counsel Inc. Has $195.01 Million Position in Texas Pacific Land Corporation $TPL

Key Points

• Schwartz Investment Counsel cut its Texas Pacific Land stake by 13.5% in Q1, but the position remains its largest holding at about $195.0 million, or 6.9% of its portfolio.
• Texas Pacific Land reported solid quarterly results, with EPS of $2.07 beating estimates and revenue of $236.8 million topping expectations; analysts now expect full-year EPS of 8.88.
• The stock has seen mixed sentiment: analysts’ consensus rating is “Reduce” with a $639 target price, while the company also paid a quarterly dividend of $0.60 per share and CFO Chris Steddum sold shares under a pre-arranged trading plan.

Schwartz Investment Counsel Inc. lowered its holdings in shares of Texas Pacific Land Corporation (NYSE:TPL - Free Report) by 13.5% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 410,926 shares of the financial services provider's stock after selling 64,178 shares during the quarter. Texas Pacific Land makes up 6.9% of Schwartz Investment Counsel Inc.'s portfolio, making the stock its biggest holding. Schwartz Investment Counsel Inc. owned approximately 0.60% of Texas Pacific Land worth $195,009,000 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 grew its stake in shares of Texas Pacific Land by 195.1% in 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 in the last quarter. Stratos Wealth Partners LTD. lifted its holdings in shares of Texas Pacific Land by 212.9% in the 4th quarter. Stratos Wealth Partners LTD. now owns 18,211 shares of the financial services provider's stock valued at $5,231,000 after acquiring an additional 12,390 shares during the last quarter. Daiwa Securities Group Inc. grew its position in Texas Pacific Land by 200.7% in the fourth quarter. Daiwa Securities Group Inc. now owns 9,450 shares of the financial services provider's stock worth $2,714,000 after acquiring an additional 6,307 shares in the last quarter. Sumitomo Mitsui Trust Group Inc. grew its position in Texas Pacific Land by 192.8% in the fourth quarter. Sumitomo Mitsui Trust Group Inc. now owns 133,731 shares of the financial services provider's stock worth $38,410,000 after acquiring an additional 88,053 shares in the last quarter. Finally, New York State Teachers Retirement System increased its stake in Texas Pacific Land by 184.1% during the fourth quarter. New York State Teachers Retirement System now owns 38,841 shares of the financial services provider's stock worth $11,156,000 after acquiring an additional 25,170 shares during the last quarter. 59.94% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on the company. Weiss Ratings upgraded Texas Pacific Land from a "hold (c)" rating to a "hold (c+)" rating in a research report on Friday, May 1st. Zacks Research cut shares of Texas Pacific Land from a "hold" rating to a "strong sell" rating in a research report on Tuesday, June 30th. One analyst has rated the stock with a Buy rating, one has given a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of "Reduce" and a consensus target price of $639.00.

Texas Pacific Land Stock Up 2.9%

TPL stock opened at $409.40 on Tuesday. Texas Pacific Land Corporation has a twelve month low of $269.23 and a twelve month high of $547.20. The firm has a market cap of $28.24 billion, a price-to-earnings ratio of 56.08 and a beta of 0.58. The business's fifty day simple moving average is $392.20 and its two-hundred day simple moving average is $409.43.

Texas Pacific Land (NYSE:TPL - Get Free Report) last issued its earnings results on Wednesday, May 6th. The financial services provider reported $2.07 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $2.03 by $0.04. The firm had revenue of $236.80 million during the quarter, compared to analyst estimates of $233.00 million. Texas Pacific Land had a net margin of 60.03% and a return on equity of 35.52%. Research analysts expect that Texas Pacific Land Corporation will post 8.88 EPS for the current year.

Texas Pacific Land Dividend Announcement

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

Insider Activity at Texas Pacific Land

In related news, CFO Chris Steddum sold 3,170 shares of the business'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. The trade was a 19.76% decrease in their ownership of the stock. The sale was disclosed in a document filed 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. Company insiders own 6.90% of the company's stock.

Texas Pacific Land Company 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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