Seneschal Advisors LLC Increases Stake in Texas Pacific Land Corporation $TPL

Key Points

• Seneschal Advisors LLC increased its Texas Pacific Land stake by 189.5% in the fourth quarter, buying 4,896 additional shares and bringing its total to 7,479 shares worth about $2.15 million.
• Texas Pacific Land also saw major buying from other institutional investors, including Horizon Kinetics, Vanguard, State Street, Geode Capital, and SoftVest, with hedge funds and institutions owning 59.94% of the stock.
• The company reported better-than-expected quarterly earnings of $2.07 per share on revenue of $236.8 million, while also paying a quarterly dividend of $0.60 per share; however, the stock was trading down 4.3% and insider CFO Chris Steddum recently sold shares under a pre-arranged plan.

Seneschal Advisors LLC lifted its stake in Texas Pacific Land Corporation (NYSE:TPL - Free Report) by 189.5% in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 7,479 shares of the financial services provider's stock after purchasing an additional 4,896 shares during the quarter. Texas Pacific Land comprises about 1.6% of Seneschal Advisors LLC's portfolio, making the stock its 13th largest holding. Seneschal Advisors LLC's holdings in Texas Pacific Land were worth $2,148,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also recently modified their holdings of TPL. Horizon Kinetics Asset Management LLC raised its position in shares of Texas Pacific Land by 194.9% in the 4th quarter. Horizon Kinetics Asset Management LLC now owns 10,333,762 shares of the financial services provider's stock valued at $2,968,063,000 after purchasing an additional 6,829,070 shares during the last quarter. Vanguard Group Inc. raised its position in shares of Texas Pacific Land by 192.8% in the 4th quarter. Vanguard Group Inc. now owns 7,556,966 shares of the financial services provider's stock valued at $2,170,512,000 after purchasing an additional 4,975,738 shares during the last quarter. State Street Corp raised its position in shares of Texas Pacific Land by 206.8% in the 4th quarter. State Street Corp now owns 3,587,004 shares of the financial services provider's stock valued at $1,030,259,000 after purchasing an additional 2,417,705 shares during the last quarter. Geode Capital Management LLC raised its position in shares of Texas Pacific Land by 203.7% in the 4th quarter. Geode Capital Management LLC now owns 1,759,107 shares of the financial services provider's stock valued at $503,581,000 after purchasing an additional 1,179,788 shares during the last quarter. Finally, SoftVest Advisors LLC raised its position in shares of Texas Pacific Land by 200.0% in the 4th quarter. SoftVest Advisors LLC now owns 1,180,800 shares of the financial services provider's stock valued at $339,149,000 after purchasing an additional 787,200 shares during the last quarter. 59.94% of the stock is owned by hedge funds and other institutional investors.

Texas Pacific Land Trading Down 4.3%

TPL opened at $362.58 on Tuesday. Texas Pacific Land Corporation has a 12-month low of $269.23 and a 12-month high of $547.20. The firm has a market capitalization of $25.01 billion, a PE ratio of 49.67 and a beta of 0.61. The firm has a 50 day moving average of $408.49 and a two-hundred day moving average of $395.83.

Texas Pacific Land (NYSE:TPL - Get Free Report) last posted its earnings results on Wednesday, May 6th. The financial services provider reported $2.07 earnings per share for the quarter, beating the consensus estimate 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%. As a group, analysts predict that Texas Pacific Land Corporation will post 8.88 EPS for the current fiscal year.

Texas Pacific Land Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, June 15th. Stockholders of record on Monday, June 1st were issued a dividend of $0.60 per share. This represents a $2.40 annualized dividend and a dividend yield of 0.7%. The ex-dividend date of this dividend was Monday, June 1st. Texas Pacific Land's payout ratio is 32.88%.

Analyst Ratings Changes

A number of research firms have issued reports on TPL. KeyCorp raised their price target on shares of Texas Pacific Land from $350.00 to $639.00 and gave the stock an "overweight" rating in a research report on Monday, February 23rd. 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. 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. Finally, Zacks Research lowered shares of Texas Pacific Land from a "strong-buy" rating to a "hold" rating in a research report on Monday, June 1st. 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 stock. Based on data from MarketBeat.com, Texas Pacific Land has an average rating of "Hold" and a consensus price target of $639.00.

Insider Buying and Selling at Texas Pacific Land

In other news, CFO Chris Steddum sold 3,170 shares of Texas Pacific Land stock in a transaction that occurred on 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 $5,151,217.50. The trade was a 19.76% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available 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 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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