Texas Pacific Land Corporation $TPL is Lunt Capital Management Inc.'s 10th Largest Position

Key Points

• Lunt Capital increased its stake in Texas Pacific Land (TPL) by 167.6% in Q4 to 24,702 shares, making TPL its 10th largest position (2.7% of the portfolio) worth $7.095 million.
• Wall Street consensus is a "Hold" with an average price target of $639, and KeyCorp upgraded TPL to Overweight while raising its price objective to $639.
• TPL beat quarterly estimates (EPS $1.79 vs. $1.73; revenue $211.6M vs. $204M), raised its quarterly dividend to $0.60 ($2.40 annualized), and saw insider activity—one director bought 895 shares while the CAO sold 1,608 shares.

Lunt Capital Management Inc. increased its position in Texas Pacific Land Corporation (NYSE:TPL - Free Report) by 167.6% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 24,702 shares of the financial services provider's stock after purchasing an additional 15,471 shares during the quarter. Texas Pacific Land accounts for 2.7% of Lunt Capital Management Inc.'s portfolio, making the stock its 10th largest position. Lunt Capital Management Inc.'s holdings in Texas Pacific Land were worth $7,095,000 at the end of the most recent quarter.

A number of other hedge funds have also recently bought and sold shares of TPL. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in Texas Pacific Land by 39.1% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 1,940 shares of the financial services provider's stock valued at $2,570,000 after purchasing an additional 545 shares in the last quarter. NewEdge Advisors LLC grew its stake in Texas Pacific Land by 74.1% during the 1st quarter. NewEdge Advisors LLC now owns 914 shares of the financial services provider's stock valued at $1,211,000 after purchasing an additional 389 shares in the last quarter. Woodline Partners LP grew its stake in Texas Pacific Land by 40.8% during the 1st quarter. Woodline Partners LP now owns 1,592 shares of the financial services provider's stock valued at $2,109,000 after purchasing an additional 461 shares in the last quarter. EverSource Wealth Advisors LLC grew its stake in 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 valued at $72,000 after purchasing an additional 12 shares in the last quarter. Finally, Marshall Wace LLP grew its stake in Texas Pacific Land by 2,177.5% during the 2nd quarter. Marshall Wace LLP now owns 4,555 shares of the financial services provider's stock valued at $4,812,000 after purchasing an additional 4,355 shares in the last quarter. Institutional investors and hedge funds own 59.94% of the company's stock.

Wall Street Analyst Weigh In

TPL has been the subject of a number of recent analyst reports. Wall Street Zen upgraded Texas Pacific Land from a "sell" rating to a "hold" rating in a research note on Sunday, March 15th. KeyCorp raised their price objective on Texas Pacific Land from $350.00 to $639.00 and gave the company an "overweight" rating in a research note on Monday, February 23rd. Finally, Weiss Ratings restated a "hold (c)" rating on shares of Texas Pacific Land in a research note on Friday, March 27th. One research analyst has rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the company currently has an average rating of "Hold" and an average price target of $639.00.

Insider Activity at Texas Pacific Land

In other news, Director Donna E. Epps bought 895 shares of the firm's stock in a transaction dated Wednesday, February 25th. The stock was bought at an average price of $510.45 per share, for a total transaction of $456,852.75. Following the transaction, the director owned 2,921 shares in the company, valued at $1,491,024.45. The trade was a 44.18% increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is accessible through this link. Also, CAO Stephanie Buffington sold 1,608 shares of Texas Pacific Land stock in a transaction that occurred 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 completion of the transaction, the chief accounting officer owned 2,133 shares of the company's stock, valued at approximately $1,072,899. The trade was a 42.98% decrease in their position. The SEC filing for this sale provides additional information. 6.90% of the stock is currently owned by company insiders.

Texas Pacific Land Trading Up 1.5%

Shares of TPL opened at $416.18 on Tuesday. The firm has a market cap of $28.69 billion, a price-to-earnings ratio of 59.65 and a beta of 0.76. The stock has a 50 day moving average of $473.36 and a 200-day moving average of $367.78. Texas Pacific Land Corporation has a 52 week low of $269.23 and a 52 week 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 EPS for the quarter, topping the consensus estimate of $1.73 by $0.06. The company had revenue of $211.60 million during the quarter, compared to analyst estimates of $204.00 million. Texas Pacific Land had a return on equity of 36.18% and a net margin of 60.31%.

Texas Pacific Land Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, March 16th. Stockholders of record on Monday, March 2nd were given a $0.60 dividend. This represents a $2.40 annualized dividend and a dividend yield of 0.6%. The ex-dividend date was Monday, March 2nd. This is a positive change from Texas Pacific Land's previous quarterly dividend of $0.53. Texas Pacific Land's payout ratio is 34.38%.

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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