Texas Pacific Land Corporation $TPL Holdings Increased by Pacific Heights Asset Management LLC

Key Points

• Pacific Heights Asset Management increased its Texas Pacific Land stake by 235.1% in the fourth quarter, buying 435,000 more shares to bring its total to 620,000 shares. The position was valued at about $178.1 million and represented 6.7% of the fund’s holdings.
• Texas Pacific Land reported better-than-expected quarterly results, posting EPS of $2.07 versus estimates of $2.03 and revenue of $236.8 million versus $233.0 million expected. The company also posted strong profitability, with a 60.03% net margin and 35.52% return on equity.
• The company declared a quarterly dividend of $0.60 per share, payable June 15 to shareholders of record on June 1. On the analyst side, sentiment remains constructive, with a Moderate Buy consensus and an average price target of $639.

Pacific Heights Asset Management LLC boosted its stake in shares of Texas Pacific Land Corporation (NYSE:TPL - Free Report) by 235.1% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 620,000 shares of the financial services provider's stock after acquiring an additional 435,000 shares during the quarter. Texas Pacific Land accounts for 6.7% of Pacific Heights Asset Management LLC's holdings, making the stock its 2nd largest position. Pacific Heights Asset Management LLC owned approximately 0.90% of Texas Pacific Land worth $178,076,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also bought and sold shares of TPL. EverSource Wealth Advisors LLC grew its stake 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 purchasing an additional 12 shares during the period. PFG Investments LLC lifted its stake in shares of Texas Pacific Land by 3.6% in the 3rd quarter. PFG Investments LLC now owns 373 shares of the financial services provider's stock valued at $348,000 after purchasing an additional 13 shares during the period. Truist Financial Corp boosted its holdings in Texas Pacific Land by 0.6% during the third quarter. Truist Financial Corp now owns 2,195 shares of the financial services provider's stock worth $2,050,000 after buying an additional 14 shares in the last quarter. Jones Financial Companies Lllp grew its position in Texas Pacific Land by 9.1% during the third quarter. Jones Financial Companies Lllp now owns 168 shares of the financial services provider's stock valued at $160,000 after buying an additional 14 shares during the period. Finally, Northwestern Mutual Investment Management Company LLC grew its position in Texas Pacific Land by 2.5% during the third quarter. Northwestern Mutual Investment Management Company LLC now owns 616 shares of the financial services provider's stock valued at $575,000 after buying an additional 15 shares during the period. Hedge funds and other institutional investors own 59.94% of the company's stock.

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Texas Pacific Land Stock Performance

Shares of NYSE TPL opened at $385.55 on Monday. The firm has a fifty day moving average of $460.34 and a 200 day moving average of $384.54. The firm has a market cap of $26.59 billion, a PE ratio of 52.82 and a beta of 0.66. Texas Pacific Land Corporation has a one year low of $269.23 and a one year high of $547.20.

Texas Pacific Land (NYSE:TPL - Get Free Report) last posted its quarterly earnings data 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 net margin of 60.03% and a return on equity of 35.52%. The business had revenue of $236.80 million for the quarter, compared to the consensus estimate of $233.00 million. On average, equities analysts predict that Texas Pacific Land Corporation will post 9.27 EPS for the current fiscal year.

Texas Pacific Land Dividend Announcement

The business 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. The ex-dividend date of this dividend is Monday, June 1st. This represents a $2.40 dividend on an annualized basis and a yield of 0.6%. Texas Pacific Land's dividend payout ratio (DPR) is currently 32.88%.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on the stock. 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. Weiss Ratings upgraded Texas Pacific Land from a "hold (c)" rating to a "hold (c+)" rating in a research report on Friday, May 1st. Zacks Research upgraded Texas Pacific Land from a "hold" rating to a "strong-buy" rating in a research note on Thursday, April 16th. Finally, KeyCorp upped their price target on Texas Pacific Land from $350.00 to $639.00 and gave the stock an "overweight" rating in a report on Monday, February 23rd. One equities research analyst has rated the stock with a Strong Buy rating, one has given a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $639.00.

Insider Activity

In other Texas Pacific Land news, CAO Stephanie Buffington sold 1,608 shares of the business'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 sale, the chief accounting officer directly owned 2,133 shares in the company, valued at approximately $1,072,899. The trade was a 42.98% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Donna E. Epps bought 895 shares of Texas Pacific Land stock in a transaction on Wednesday, February 25th. The shares were purchased at an average cost of $510.45 per share, with a total value of $456,852.75. Following the acquisition, the director directly owned 2,921 shares of the company's stock, valued at approximately $1,491,024.45. The trade was a 44.18% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Insiders own 6.90% of the company's stock.

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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