State Street Corp Increases Position in Texas Pacific Land Corporation $TPL

Key Points

• State Street increased its Texas Pacific Land stake by 4.8% in the second quarter, adding 179,791 shares to own 3.96 million shares valued at approximately $1.74 billion, or 5.75% of the company. Institutional investors collectively own 59.94% of TPL.
• Analyst sentiment remains cautious: TPL has an average “Hold” rating and a consensus price target of $639, with ratings spanning Buy, Hold, and Sell.
• TPL reported quarterly earnings of $2.23 per share, topping estimates, while revenue came in slightly below forecasts. The company also pays a $0.60 quarterly dividend, equivalent to a 0.7% yield.

State Street Corp boosted its stake in shares of Texas Pacific Land Corporation (NYSE:TPL - Free Report) by 4.8% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 3,964,748 shares of the financial services provider's stock after acquiring an additional 179,791 shares during the quarter. State Street Corp owned about 5.75% of Texas Pacific Land worth $1,735,132,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors also recently modified their holdings of TPL. Cherry Tree Wealth Management LLC acquired a new position in Texas Pacific Land in the 2nd quarter valued at $31,000. Global Retirement Partners LLC acquired a new stake in shares of Texas Pacific Land in the 2nd quarter worth $41,000. IFP Advisors Inc boosted its holdings in shares of Texas Pacific Land by 185.3% in the fourth quarter. IFP Advisors Inc now owns 97 shares of the financial services provider's stock valued at $28,000 after acquiring an additional 63 shares in the last quarter. Rothschild Investment LLC increased its position in Texas Pacific Land by 187.8% during the 4th quarter. Rothschild Investment LLC now owns 141 shares of the financial services provider's stock worth $40,000 after purchasing an additional 92 shares during the period. Finally, IMA Advisory Services Inc. raised its stake in shares of Texas Pacific Land by 200.0% during the 4th quarter. IMA Advisory Services Inc. now owns 144 shares of the financial services provider's stock worth $41,000 after buying an additional 96 shares in the last quarter. 59.94% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of analysts recently weighed in on TPL shares. Zacks Research upgraded Texas Pacific Land from a "strong sell" rating to a "hold" rating in a research note on Wednesday, July 29th. Weiss Ratings reaffirmed a "hold (c+)" rating on shares of Texas Pacific Land in a research note on Wednesday, July 29th. One investment 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's stock. Based on data from MarketBeat, the stock presently has an average rating of "Hold" and a consensus target price of $639.00.

Texas Pacific Land Stock Performance

Shares of NYSE TPL opened at $355.08 on Wednesday. The firm has a market cap of $24.49 billion, a P/E ratio of 45.25 and a beta of 0.61. The firm's 50 day moving average price is $377.46 and its 200 day moving average price is $410.59. Texas Pacific Land Corporation has a 1 year low of $269.23 and a 1 year high of $547.20.

Texas Pacific Land (NYSE:TPL - Get Free Report) last announced its quarterly earnings data on Wednesday, August 5th. The financial services provider reported $2.23 earnings per share for the quarter, topping the consensus estimate of $2.18 by $0.05. The business had revenue of $246.10 million for the quarter, compared to analyst estimates of $249.50 million. Texas Pacific Land had a net margin of 60.32% and a return on equity of 35.76%. As a group, equities analysts predict that Texas Pacific Land Corporation will post 8.88 EPS for the current year.

Texas Pacific Land Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, September 15th. Shareholders of record on Tuesday, September 1st were paid a dividend of $0.60 per share. This represents a $2.40 annualized dividend and a yield of 0.7%. The ex-dividend date was Tuesday, September 1st. Texas Pacific Land's payout ratio is currently 30.57%.

Texas Pacific Land Profile

Texas Pacific Land Corporation NYSE: TPL is a land and natural resources company focused primarily on properties in the Permian Basin of West Texas. The company owns and manages a large portfolio of land and mineral interests, generating revenue from oil and gas royalties, easements, surface leases, grazing leases, and other land-use arrangements.

Texas Pacific Land also provides water-related services to customers engaged in oil and gas development. Its activities include sourcing, handling, treating, and disposing of water, as well as developing and managing water infrastructure.

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