SG Americas Securities LLC Raises Position in Texas Pacific Land Corporation $TPL

Key Points

• SG Americas Securities LLC boosted its Texas Pacific Land stake by 408.5% in the first quarter, ending with 46,957 shares valued at about $22.3 million.
• Other institutional investors also increased holdings, and institutional ownership now stands at 59.94% of the company.
• Texas Pacific Land reported better-than-expected Q1 earnings of $2.07 per share on revenue of $236.8 million, while analysts currently rate the stock Hold with a consensus price target of $639.

SG Americas Securities LLC increased its stake in Texas Pacific Land Corporation (NYSE:TPL - Free Report) by 408.5% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 46,957 shares of the financial services provider's stock after purchasing an additional 37,723 shares during the quarter. SG Americas Securities LLC owned approximately 0.07% of Texas Pacific Land worth $22,284,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also bought and sold shares of the company. Bar Harbor Wealth Management boosted its holdings in shares of Texas Pacific Land by 195.1% in the fourth quarter. Bar Harbor Wealth Management now owns 36,873 shares of the financial services provider's stock worth $10,591,000 after acquiring an additional 24,379 shares during the period. Stratos Wealth Partners LTD. grew its holdings in shares of Texas Pacific Land by 212.9% during the fourth quarter. Stratos Wealth Partners LTD. now owns 18,211 shares of the financial services provider's stock worth $5,231,000 after purchasing an additional 12,390 shares in the last quarter. Daiwa Securities Group Inc. grew its stake in Texas Pacific Land by 200.7% in the 4th quarter. Daiwa Securities Group Inc. now owns 9,450 shares of the financial services provider's stock worth $2,714,000 after buying an additional 6,307 shares in the last quarter. Schwartz Investment Counsel Inc. increased its stake in Texas Pacific Land by 209.7% in the fourth quarter. Schwartz Investment Counsel Inc. now owns 475,104 shares of the financial services provider's stock valued at $136,459,000 after acquiring an additional 321,683 shares during the last quarter. Finally, Sumitomo Mitsui Trust Group Inc. increased its stake 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 valued at $38,410,000 after acquiring an additional 88,053 shares during the last quarter. 59.94% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of equities analysts recently weighed in on the company. Wall Street Zen raised Texas Pacific Land from a "sell" rating to a "hold" rating in a report on Sunday, March 15th. Zacks Research cut shares of Texas Pacific Land from a "strong-buy" rating to a "hold" rating in a research report on Monday, June 1st. Finally, Weiss Ratings upgraded Texas Pacific Land from a "hold (c)" rating to a "hold (c+)" rating in a report on Friday, May 1st. One analyst has rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the stock currently has a consensus rating of "Hold" and an average price target of $639.00.

Texas Pacific Land Stock Up 2.2%

TPL opened at $378.01 on Thursday. Texas Pacific Land Corporation has a 52 week low of $269.23 and a 52 week high of $547.20. The stock has a market cap of $26.07 billion, a PE ratio of 51.78 and a beta of 0.61. The business has a 50 day moving average of $399.22 and a 200-day moving average of $399.22.

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, topping the consensus estimate of $2.03 by $0.04. The company had revenue of $236.80 million for the quarter, compared to analysts' expectations of $233.00 million. Texas Pacific Land had a return on equity of 35.52% and a net margin of 60.03%. Equities analysts anticipate that Texas Pacific Land Corporation will post 8.88 EPS for the current year.

Texas Pacific Land Announces Dividend

The firm 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 dividend on an annualized basis and a dividend yield of 0.6%. The ex-dividend date was Monday, June 1st. Texas Pacific Land's payout ratio is 32.88%.

Insider Buying and Selling at Texas Pacific Land

In other news, CFO Chris Steddum sold 830 shares of the company's stock in a transaction dated Monday, June 8th. The shares were sold at an average price of $400.33, for a total value of $332,273.90. Following the sale, the chief financial officer directly owned 12,040 shares of the company's stock, valued at $4,819,973.20. This represents a 6.45% decrease in their position. The transaction was disclosed in a filing 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 owned by corporate 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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