Sumitomo Mitsui DS Asset Management Company Ltd Buys 5,226 Shares of Texas Pacific Land Corporation $TPL

Key Points

• Sumitomo Mitsui DS Asset Management increased its stake in Texas Pacific Land by 208.1% in the fourth quarter, buying 5,226 additional shares and bringing its total holding to 7,737 shares worth about $2.22 million.
• Texas Pacific Land reported better-than-expected quarterly results, with earnings per share of $2.07 versus the $2.03 consensus and revenue of $236.8 million, while also projecting full-year EPS of 9.27.
• The company declared a quarterly dividend of $0.60 per share, payable June 15, and analysts currently hold a Moderate Buy consensus with a $639 price target.

Sumitomo Mitsui DS Asset Management Company Ltd boosted its stake in shares of Texas Pacific Land Corporation (NYSE:TPL - Free Report) by 208.1% in the 4th quarter, according to its most recent Form 13F filing with the SEC. The fund owned 7,737 shares of the financial services provider's stock after purchasing an additional 5,226 shares during the period. Sumitomo Mitsui DS Asset Management Company Ltd's holdings in Texas Pacific Land were worth $2,222,000 as of its most recent filing with the SEC.

A number of other hedge funds have also recently bought and sold shares of the stock. Quarry LP bought a new stake in shares of Texas Pacific Land during the 3rd quarter worth approximately $29,000. CX Institutional bought a new stake in shares of Texas Pacific Land during the 3rd quarter worth approximately $30,000. Silicon Valley Capital Partners bought a new stake in shares of Texas Pacific Land during the 3rd quarter worth approximately $33,000. Triumph Capital Management bought a new stake in shares of Texas Pacific Land during the 3rd quarter worth approximately $36,000. Finally, Versant Capital Management Inc raised its stake in shares of Texas Pacific Land by 75.0% during the 3rd quarter. Versant Capital Management Inc now owns 42 shares of the financial services provider's stock worth $39,000 after purchasing an additional 18 shares in the last quarter. 59.94% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In related news, CAO Stephanie Buffington sold 1,608 shares of the stock in a transaction on Tuesday, February 24th. The stock was sold at an average price of $503.00, for a total value of $808,824.00. Following the sale, the chief accounting officer owned 2,133 shares in the company, valued at approximately $1,072,899. This represents a 42.98% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Donna E. Epps purchased 895 shares of the company's stock in a transaction that occurred on Wednesday, February 25th. The stock was acquired at an average price of $510.45 per share, for a total transaction of $456,852.75. Following the purchase, the director owned 2,921 shares in the company, valued at $1,491,024.45. This trade 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 corporate insiders.

Texas Pacific Land Trading Down 1.2%

TPL opened at $394.49 on Friday. Texas Pacific Land Corporation has a 1-year low of $269.23 and a 1-year high of $547.20. The stock's fifty day simple moving average is $475.88 and its 200 day simple moving average is $381.04. The stock has a market cap of $27.21 billion, a PE ratio of 54.04 and a beta of 0.66.

Texas Pacific Land (NYSE:TPL - Get Free Report) last posted its quarterly earnings results on Wednesday, May 6th. The financial services provider reported $2.07 earnings per share for the quarter, beating analysts' consensus estimates of $2.03 by $0.04. Texas Pacific Land had a return on equity of 35.52% and a net margin of 60.03%.The business had revenue of $236.80 million for the quarter, compared to analysts' expectations of $233.00 million. Equities analysts forecast that Texas Pacific Land Corporation will post 9.27 earnings per share for the current year.

Texas Pacific Land Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, June 15th. Investors of record on Monday, June 1st will be 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 is Monday, June 1st. Texas Pacific Land's dividend payout ratio is 32.88%.

Analyst Ratings Changes

A number of brokerages have recently issued reports on TPL. Weiss Ratings upgraded Texas Pacific Land from a "hold (c)" rating to a "hold (c+)" rating in a research note on Friday, May 1st. Wall Street Zen upgraded Texas Pacific Land from a "sell" rating to a "hold" rating in a research note on Sunday, March 15th. KeyCorp upped their price objective on Texas Pacific Land from $350.00 to $639.00 and gave the stock an "overweight" rating in a research note on Monday, February 23rd. Finally, Zacks Research upgraded Texas Pacific Land from a "hold" rating to a "strong-buy" rating in a research note on Thursday, April 16th. One equities research analyst has rated the stock with a Strong Buy rating, one has given a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $639.00.

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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