Texas Pacific Land Corporation $TPL Shares Acquired by AG2R LA Mondiale Gestion D Actifs

Key Points

• Institutional ownership increased in Texas Pacific Land, with AG2R LA Mondiale Gestion D Actifs boosting its stake by 219.1% in the fourth quarter to 4,541 shares valued at about $1.3 million. Several other hedge funds also raised positions, and institutions now hold 59.94% of the stock.
• Analyst sentiment improved, highlighted by KeyCorp lifting its price target from $350 to $639 and maintaining an overweight rating. The stock now carries a consensus rating of “Moderate Buy” with a consensus target price of $639.
• Texas Pacific Land reported solid quarterly results, posting EPS of $2.07 versus expectations of $2.03 and revenue of $236.8 million versus $233 million estimated. The company also announced a quarterly dividend of $0.60 per share, payable June 15.

AG2R LA Mondiale Gestion D Actifs increased its holdings in shares of Texas Pacific Land Corporation (NYSE:TPL - Free Report) by 219.1% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 4,541 shares of the financial services provider's stock after acquiring an additional 3,118 shares during the quarter. AG2R LA Mondiale Gestion D Actifs' holdings in Texas Pacific Land were worth $1,304,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the business. Fortem Financial Group LLC boosted its position in Texas Pacific Land by 200.0% during the fourth quarter. Fortem Financial Group LLC now owns 1,200 shares of the financial services provider's stock worth $345,000 after acquiring an additional 800 shares during the last quarter. Valeo Financial Advisors LLC boosted its position in Texas Pacific Land by 203.4% during the fourth quarter. Valeo Financial Advisors LLC now owns 1,617 shares of the financial services provider's stock worth $464,000 after acquiring an additional 1,084 shares during the last quarter. Swiss Life Asset Management Ltd boosted its position in Texas Pacific Land by 200.7% during the fourth quarter. Swiss Life Asset Management Ltd now owns 12,103 shares of the financial services provider's stock worth $3,476,000 after acquiring an additional 8,078 shares during the last quarter. Sentry Investment Management LLC boosted its position in Texas Pacific Land by 200.0% during the fourth quarter. Sentry Investment Management LLC now owns 144 shares of the financial services provider's stock worth $41,000 after acquiring an additional 96 shares during the last quarter. Finally, Hosking Partners LLP boosted its position in Texas Pacific Land by 239.1% during the fourth quarter. Hosking Partners LLP now owns 37,470 shares of the financial services provider's stock worth $10,762,000 after acquiring an additional 26,419 shares during the last quarter. 59.94% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of equities analysts recently weighed in on TPL shares. KeyCorp boosted their price target on shares of Texas Pacific Land from $350.00 to $639.00 and gave the stock an "overweight" rating in a research report on Monday, February 23rd. Zacks Research raised shares of Texas Pacific Land from a "hold" rating to a "strong-buy" rating in a research note on Thursday, April 16th. Weiss Ratings raised shares of Texas Pacific Land from a "hold (c)" rating to a "hold (c+)" rating in a research note on Friday, May 1st. Finally, Wall Street Zen raised shares of Texas Pacific Land from a "sell" rating to a "hold" rating in a research note on Sunday, March 15th. One research analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating, one has given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $639.00.

Insider Buying and Selling

In related news, Director Donna E. Epps purchased 895 shares of Texas Pacific Land stock in a transaction dated Wednesday, February 25th. The shares were acquired at an average cost of $510.45 per share, with a total value of $456,852.75. Following the purchase, the director 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 transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CAO Stephanie Buffington sold 1,608 shares of the business's stock in a transaction that occurred on Tuesday, February 24th. The shares were 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 $1,072,899. This trade represents a 42.98% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 6.90% of the stock is currently owned by insiders.

Texas Pacific Land Stock Performance

Texas Pacific Land stock opened at $401.13 on Wednesday. The company's 50 day simple moving average is $468.92 and its 200-day simple moving average is $382.93. The company has a market capitalization of $27.67 billion, a price-to-earnings ratio of 54.95 and a beta of 0.66. Texas Pacific Land Corporation has a 1 year low of $269.23 and a 1 year high of $547.20.

Texas Pacific Land (NYSE:TPL - Get Free Report) last released its quarterly earnings results on Wednesday, May 6th. The financial services provider reported $2.07 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $2.03 by $0.04. The business had revenue of $236.80 million for the quarter, compared to the consensus estimate of $233.00 million. Texas Pacific Land had a net margin of 60.03% and a return on equity of 35.52%. Equities analysts expect that Texas Pacific Land Corporation will post 9.27 earnings per share for the current year.

Texas Pacific Land Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, June 15th. Stockholders of record on Monday, June 1st will be paid 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 of this dividend is Monday, June 1st. Texas Pacific Land's payout ratio is 32.88%.

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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