State of Alaska Department of Revenue Has $1.66 Million Stock Holdings in Texas Pacific Land Corporation $TPL

Key Points

• State of Alaska Department of Revenue boosted its stake in Texas Pacific Land by 179.6% in Q4, buying 3,702 shares to hold 5,763 shares valued at about $1.655 million.
• Analysts are mixed but the stock carries a consensus rating of "Moderate Buy" with a consensus price target of $639, and KeyCorp recently raised its target to $639 with an overweight rating.
• Texas Pacific Land beat Q4 estimates (EPS $1.79 vs. $1.73), shows strong profitability (net margin 60.31%, ROE 36.18%), has a $29.2B market cap, and raised its quarterly dividend to $0.60 (annualized $2.40, ~0.6% yield).

State of Alaska Department of Revenue lifted its stake in shares of Texas Pacific Land Corporation (NYSE:TPL - Free Report) by 179.6% in the fourth quarter, according to the company in its most recent filing with the SEC. The fund owned 5,763 shares of the financial services provider's stock after buying an additional 3,702 shares during the quarter. State of Alaska Department of Revenue's holdings in Texas Pacific Land were worth $1,655,000 as of its most recent SEC filing.

A number of other hedge funds also recently modified their holdings of the stock. Citizens Financial Group Inc. RI lifted its stake in shares of Texas Pacific Land by 1.7% during the 3rd quarter. Citizens Financial Group Inc. RI now owns 704 shares of the financial services provider's stock worth $657,000 after buying an additional 12 shares during the last quarter. EverSource Wealth Advisors LLC lifted its stake in shares of 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 worth $72,000 after buying an additional 12 shares during the last quarter. PFG Investments LLC lifted its stake in shares of Texas Pacific Land by 3.6% during the 3rd quarter. PFG Investments LLC now owns 373 shares of the financial services provider's stock worth $348,000 after buying an additional 13 shares during the last quarter. Truist Financial Corp lifted its stake in shares of Texas Pacific Land by 0.6% during the 3rd quarter. Truist Financial Corp now owns 2,195 shares of the financial services provider's stock worth $2,050,000 after buying an additional 14 shares during the last quarter. Finally, Jones Financial Companies Lllp lifted its stake in shares of Texas Pacific Land by 9.1% during the 3rd quarter. Jones Financial Companies Lllp now owns 168 shares of the financial services provider's stock worth $160,000 after buying an additional 14 shares during the last quarter. Institutional investors and hedge funds own 59.94% of the company's stock.

Wall Street Analyst Weigh In

A number of research firms have recently issued reports on TPL. Weiss Ratings restated a "hold (c)" rating on shares of Texas Pacific Land in a research note on Friday, March 27th. KeyCorp raised their target price on shares of Texas Pacific Land from $350.00 to $639.00 and gave the stock an "overweight" rating in a research note on Monday, February 23rd. Wall Street Zen upgraded shares of Texas Pacific Land from a "sell" rating to a "hold" rating in a research note on Sunday, March 15th. Finally, Zacks Research upgraded shares of Texas Pacific Land from a "hold" rating to a "strong-buy" rating in a research note on Thursday. One analyst has rated the stock with a Strong Buy rating, one has given a Buy rating, one has given a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $639.00.

Texas Pacific Land Trading Up 0.2%

Shares of NYSE:TPL opened at $423.45 on Monday. The firm has a 50 day moving average of $479.04 and a 200-day moving average of $370.76. The stock has a market capitalization of $29.19 billion, a PE ratio of 60.69 and a beta of 0.76. Texas Pacific Land Corporation has a 12 month low of $269.23 and a 12 month high of $547.20.

Texas Pacific Land (NYSE:TPL - Get Free Report) last issued its earnings results on Wednesday, February 18th. The financial services provider reported $1.79 EPS for the quarter, beating the consensus estimate of $1.73 by $0.06. The company had revenue of $211.60 million during the quarter, compared to analysts' expectations of $204.00 million. Texas Pacific Land had a net margin of 60.31% and a return on equity of 36.18%.

Texas Pacific Land Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, March 16th. Stockholders of record on Monday, March 2nd were given a $0.60 dividend. This represents a $2.40 annualized dividend and a dividend yield of 0.6%. The ex-dividend date was Monday, March 2nd. This is a boost from Texas Pacific Land's previous quarterly dividend of $0.53. Texas Pacific Land's dividend payout ratio is presently 34.38%.

Insider Activity at Texas Pacific Land

In other news, CAO Stephanie Buffington sold 1,608 shares of the business's stock in a transaction that occurred on Tuesday, February 24th. The shares were sold at an average price of $503.00, for a total value of $808,824.00. Following the completion of the transaction, the chief accounting officer directly owned 2,133 shares in the company, valued at approximately $1,072,899. The trade was a 42.98% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Donna E. Epps bought 895 shares of the company's stock in a transaction dated Wednesday, February 25th. The stock was purchased at an average price of $510.45 per share, with a total value of $456,852.75. Following the completion of the transaction, the director directly owned 2,921 shares in the company, valued at approximately $1,491,024.45. This represents a 44.18% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. 6.90% of the stock is currently owned by 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.