Texas Pacific Land Corporation $TPL Holdings Boosted by Rockefeller Capital Management L.P.

Key Points

• Rockefeller Capital Management increased its stake in Texas Pacific Land by 82.3% in the fourth quarter, bringing its holdings to 7,336 shares valued at about $2.1 million.
• Other large institutional investors also sharply boosted their positions, including Horizon Kinetics, Vanguard, and State Street, with institutional ownership now at 59.94%.
• Texas Pacific Land reported better-than-expected quarterly earnings of $2.07 per share and revenue of $236.8 million, while also paying a $0.60 quarterly dividend; analysts currently rate the stock Hold on average.

Rockefeller Capital Management L.P. raised its stake in Texas Pacific Land Corporation (NYSE:TPL - Free Report) by 82.3% in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 7,336 shares of the financial services provider's stock after acquiring an additional 3,312 shares during the period. Rockefeller Capital Management L.P.'s holdings in Texas Pacific Land were worth $2,107,000 as of its most recent SEC filing.

Other institutional investors also recently made changes to their positions in the company. Horizon Kinetics Asset Management LLC boosted its position in Texas Pacific Land by 194.9% during the 4th quarter. Horizon Kinetics Asset Management LLC now owns 10,333,762 shares of the financial services provider's stock valued at $2,968,063,000 after purchasing an additional 6,829,070 shares during the period. Vanguard Group Inc. boosted its holdings in shares of Texas Pacific Land by 192.8% during the fourth quarter. Vanguard Group Inc. now owns 7,556,966 shares of the financial services provider's stock valued at $2,170,512,000 after acquiring an additional 4,975,738 shares during the period. State Street Corp boosted its holdings in shares of Texas Pacific Land by 206.8% during the fourth quarter. State Street Corp now owns 3,587,004 shares of the financial services provider's stock valued at $1,030,259,000 after acquiring an additional 2,417,705 shares during the period. Geode Capital Management LLC grew its position in shares of Texas Pacific Land by 203.7% during the fourth quarter. Geode Capital Management LLC now owns 1,759,107 shares of the financial services provider's stock worth $503,581,000 after acquiring an additional 1,179,788 shares during the last quarter. Finally, SoftVest Advisors LLC grew its position in shares of Texas Pacific Land by 200.0% during the fourth quarter. SoftVest Advisors LLC now owns 1,180,800 shares of the financial services provider's stock worth $339,149,000 after acquiring an additional 787,200 shares during the last quarter. 59.94% of the stock is owned by institutional investors.

Insider Buying and Selling at Texas Pacific Land

In related news, CFO Chris Steddum sold 3,170 shares of Texas Pacific Land stock in a transaction dated Friday, June 5th. The stock was sold at an average price of $400.25, for a total value of $1,268,792.50. Following the transaction, the chief financial officer owned 12,870 shares of the company's stock, valued at approximately $5,151,217.50. This trade represents a 19.76% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 6.90% of the stock is owned by company insiders.

Texas Pacific Land Stock Performance

Shares of NYSE:TPL opened at $419.78 on Tuesday. The stock has a market capitalization of $28.95 billion, a price-to-earnings ratio of 57.50 and a beta of 0.61. Texas Pacific Land Corporation has a 1-year low of $269.23 and a 1-year high of $547.20. The company has a 50 day moving average price of $398.27 and a 200 day moving average price of $401.38.

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 (EPS) for the quarter, beating the consensus estimate 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 company had revenue of $236.80 million for the quarter, compared to analysts' expectations of $233.00 million. On average, sell-side analysts expect that Texas Pacific Land Corporation will post 8.88 EPS for the current fiscal year.

Texas Pacific Land Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, June 15th. Stockholders of record on Monday, June 1st were issued a dividend of $0.60 per share. This represents a $2.40 annualized dividend and a dividend yield of 0.6%. The ex-dividend date of this dividend was Monday, June 1st. Texas Pacific Land's dividend payout ratio is currently 32.88%.

Wall Street Analysts Forecast Growth

TPL has been the topic of several recent research reports. Weiss Ratings upgraded shares of Texas Pacific Land from a "hold (c)" rating to a "hold (c+)" rating in a research report on Friday, May 1st. Wall Street Zen upgraded shares of Texas Pacific Land from a "sell" rating to a "hold" rating in a research report on Sunday, March 15th. Finally, Zacks Research cut shares of Texas Pacific Land from a "strong-buy" rating to a "hold" rating in a research note on Monday, June 1st. One investment analyst has rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat, the stock has a consensus rating of "Hold" and an average target price of $639.00.

About Texas Pacific Land

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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