Teachers Retirement System of The State of Kentucky Grows Stake in Texas Pacific Land Corporation $TPL

Key Points

• Several institutions increased holdings in Texas Pacific Land, notably Teachers Retirement System of Kentucky which raised its stake 200% to 4,365 shares (worth $1.253M) and Vanguard which added to 7,556,966 shares; institutional investors now own about 59.94% of TPL.
• Wall Street sentiment skews positive with a consensus rating of “Moderate Buy” and a consensus price target of $639, as firms like KeyCorp raised their targets and Zacks upgraded to a strong-buy.
• TPL reported a quarterly beat (EPS $1.79 vs. $1.73; revenue $211.6M vs. $204M) and raised its quarterly dividend to $0.60 (annualized $2.40, ~0.5% yield); the stock trades with a market cap of $30.25B and a PE of 62.9.

Teachers Retirement System of The State of Kentucky raised its stake in Texas Pacific Land Corporation (NYSE:TPL - Free Report) by 200.0% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 4,365 shares of the financial services provider's stock after acquiring an additional 2,910 shares during the period. Teachers Retirement System of The State of Kentucky's holdings in Texas Pacific Land were worth $1,253,000 as of its most recent SEC filing.

A number of other institutional investors have also recently modified their holdings of the stock. Vanguard Group Inc. grew its stake in shares of Texas Pacific Land by 192.8% in the fourth quarter. Vanguard Group Inc. now owns 7,556,966 shares of the financial services provider's stock worth $2,170,512,000 after acquiring an additional 4,975,738 shares during the last quarter. Compass Ion Advisors LLC raised its stake in shares of Texas Pacific Land by 203.7% in the fourth quarter. Compass Ion Advisors LLC now owns 26,420 shares of the financial services provider's stock worth $7,588,000 after buying an additional 17,721 shares during the period. NBC Securities Inc. raised its stake in shares of Texas Pacific Land by 200.6% in the fourth quarter. NBC Securities Inc. now owns 1,560 shares of the financial services provider's stock worth $448,000 after buying an additional 1,041 shares during the period. Arizona State Retirement System raised its stake in shares of Texas Pacific Land by 181.4% in the fourth quarter. Arizona State Retirement System now owns 16,122 shares of the financial services provider's stock worth $4,631,000 after buying an additional 10,392 shares during the period. Finally, Mowery & Schoenfeld Wealth Management LLC raised its stake in shares of Texas Pacific Land by 200.0% in the fourth quarter. Mowery & Schoenfeld Wealth Management LLC now owns 1,470 shares of the financial services provider's stock worth $422,000 after buying an additional 980 shares during the period. 59.94% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several research firms have recently commented on TPL. Weiss Ratings reaffirmed a "hold (c)" rating on shares of Texas Pacific Land in a research note on Friday, March 27th. KeyCorp raised 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. Zacks Research raised Texas Pacific Land from a "hold" rating to a "strong-buy" rating in a research note on Thursday, April 16th. Finally, Wall Street Zen raised Texas Pacific Land from a "sell" rating to a "hold" rating in a research note on Sunday, March 15th. One analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $639.00.

Texas Pacific Land Trading Up 1.8%

Shares of TPL opened at $438.83 on Thursday. The business's 50 day moving average is $482.39 and its 200 day moving average is $377.26. The company has a market capitalization of $30.25 billion, a PE ratio of 62.90 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 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.73 by $0.06. The company had revenue of $211.60 million for the quarter, compared to the consensus estimate of $204.00 million. Texas Pacific Land had a return on equity of 36.18% and a net margin of 60.31%. Equities research analysts predict that Texas Pacific Land Corporation will post 9.27 earnings per share for the current year.

Texas Pacific Land Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, March 16th. Shareholders of record on Monday, March 2nd were issued a dividend of $0.60 per share. The ex-dividend date was Monday, March 2nd. This represents a $2.40 annualized dividend and a yield of 0.5%. This is a boost from Texas Pacific Land's previous quarterly dividend of $0.53. Texas Pacific Land's dividend payout ratio (DPR) is 34.38%.

Insider Activity at Texas Pacific Land

In other Texas Pacific Land news, CAO Stephanie Buffington sold 1,608 shares of the firm's stock in a transaction that occurred on Tuesday, February 24th. The stock was sold at an average price of $503.00, for a total transaction of $808,824.00. Following the completion of the transaction, the chief accounting officer owned 2,133 shares in the company, valued at $1,072,899. This trade represents a 42.98% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, Director Donna E. Epps purchased 895 shares of the business's stock in a transaction on Wednesday, February 25th. The shares were purchased at an average price of $510.45 per share, with a total value of $456,852.75. Following the acquisition, the director directly owned 2,921 shares in the company, valued at $1,491,024.45. This represents a 44.18% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Company insiders own 6.90% of the company's stock.

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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