Teamwork Financial Advisors LLC Grows Holdings in Texas Pacific Land Corporation $TPL

Key Points

• Teamwork Financial Advisors LLC nearly doubled its Texas Pacific Land stake during the second quarter, increasing holdings by 94% to 28,709 shares valued at approximately $12.6 million. Institutional investors collectively own 59.94% of TPL.
• Texas Pacific Land reported quarterly EPS of $2.23, exceeding estimates of $2.18, while revenue of $246.1 million fell slightly short of expectations. The company also declared a quarterly dividend of $0.60 per share, representing a 0.6% annual yield.
• Analyst sentiment remains cautious, with a consensus “Hold” rating from four analysts and an average price target of $639, compared with shares opening at $382.39.

Teamwork Financial Advisors LLC raised its stake in Texas Pacific Land Corporation (NYSE:TPL - Free Report) by 94.0% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 28,709 shares of the financial services provider's stock after buying an additional 13,914 shares during the period. Teamwork Financial Advisors LLC's holdings in Texas Pacific Land were worth $12,564,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently made changes to their positions in the company. EverSource Wealth Advisors LLC lifted its holdings 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 acquiring an additional 12 shares during the last quarter. Sei Investments Co. increased its stake in Texas Pacific Land by 1.1% in the third quarter. Sei Investments Co. now owns 1,909 shares of the financial services provider's stock valued at $1,782,000 after acquiring an additional 20 shares during the last quarter. Larson Financial Group LLC increased its stake in Texas Pacific Land by 5.4% in the third quarter. Larson Financial Group LLC now owns 410 shares of the financial services provider's stock valued at $383,000 after acquiring an additional 21 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position in Texas Pacific Land by 1.3% during the third quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 1,916 shares of the financial services provider's stock valued at $1,789,000 after purchasing an additional 24 shares in the last quarter. Finally, Van ECK Associates Corp raised its position in Texas Pacific Land by 0.5% during the third quarter. Van ECK Associates Corp now owns 4,685 shares of the financial services provider's stock valued at $4,374,000 after purchasing an additional 24 shares in the last quarter. Hedge funds and other institutional investors own 59.94% of the company's stock.

Texas Pacific Land Stock Up 5.5%

Shares of TPL opened at $382.39 on Wednesday. The stock has a market capitalization of $26.37 billion, a P/E ratio of 48.73 and a beta of 0.61. Texas Pacific Land Corporation has a twelve month low of $269.23 and a twelve month high of $547.20. The firm has a fifty day simple moving average of $385.99 and a two-hundred day simple moving average of $421.44.

Texas Pacific Land (NYSE:TPL - Get Free Report) last issued its quarterly earnings data on Wednesday, August 5th. The financial services provider reported $2.23 EPS for the quarter, beating the consensus estimate of $2.18 by $0.05. The firm had revenue of $246.10 million during the quarter, compared to the consensus estimate of $249.50 million. Texas Pacific Land had a net margin of 60.32% and a return on equity of 35.76%. Sell-side analysts expect that Texas Pacific Land Corporation will post 8.88 EPS for the current fiscal year.

Texas Pacific Land Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 15th. Stockholders of record on Tuesday, September 1st will be given a $0.60 dividend. This represents a $2.40 dividend on an annualized basis and a dividend yield of 0.6%. The ex-dividend date is Tuesday, September 1st. Texas Pacific Land's dividend payout ratio (DPR) is currently 30.57%.

Wall Street Analyst Weigh In

A number of equities analysts have recently issued reports on the company. Weiss Ratings reiterated a "hold (c+)" rating on shares of Texas Pacific Land in a report on Wednesday, July 29th. Zacks Research raised Texas Pacific Land from a "strong sell" rating to a "hold" rating in a research note on Wednesday, July 29th. One research analyst has rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, Texas Pacific Land presently has a consensus rating of "Hold" and an average target price of $639.00.

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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