Texas Pacific Land Corporation $TPL Shares Acquired by Hsbc Holdings PLC

Key Points

• HSBC Holdings PLC increased its stake in Texas Pacific Land by 11.6% in the first quarter, buying 10,302 additional shares and bringing its total to 99,373 shares worth about $47.1 million.
• Institutional ownership remains high, with hedge funds and asset managers such as Horizon Kinetics, Vanguard, and State Street making large additions to their positions; institutions now own 59.94% of the company.
• Texas Pacific Land reported solid quarterly results and a dividend: it beat earnings estimates with $2.07 EPS, paid a $0.60 quarterly dividend, and currently yields about 0.6%.

Hsbc Holdings PLC boosted its stake in Texas Pacific Land Corporation (NYSE:TPL - Free Report) by 11.6% during the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 99,373 shares of the financial services provider's stock after acquiring an additional 10,302 shares during the period. Hsbc Holdings PLC owned 0.14% of Texas Pacific Land worth $47,087,000 as of its most recent SEC filing.

Other institutional investors have also recently added to or reduced their stakes in the company. Horizon Kinetics Asset Management LLC grew its stake in shares of Texas Pacific Land by 194.9% in 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 last quarter. Vanguard Group Inc. raised its stake 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 worth $2,170,512,000 after purchasing an additional 4,975,738 shares during the last quarter. State Street Corp lifted 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 worth $1,030,259,000 after purchasing an additional 2,417,705 shares during the period. Geode Capital Management LLC lifted its holdings 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 purchasing an additional 1,179,788 shares during the period. Finally, SoftVest Advisors LLC grew its position in Texas Pacific Land by 200.0% in the 4th quarter. SoftVest Advisors LLC now owns 1,180,800 shares of the financial services provider's stock valued at $339,149,000 after buying an additional 787,200 shares during the last quarter. Institutional investors and hedge funds own 59.94% of the company's stock.

Insider Activity at Texas Pacific Land

In other news, CFO Chris Steddum sold 830 shares of the stock in a transaction dated Monday, June 8th. The shares were sold at an average price of $400.33, for a total value of $332,273.90. Following the completion of the transaction, the chief financial officer owned 12,040 shares in the company, valued at $4,819,973.20. This trade represents a 6.45% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 6.90% of the company's stock.

Texas Pacific Land Trading Down 2.4%

Shares of TPL stock opened at $405.89 on Tuesday. The company has a market cap of $27.99 billion, a price-to-earnings ratio of 55.60 and a beta of 0.58. The stock has a 50 day simple moving average of $392.57 and a 200-day simple moving average of $413.68. Texas Pacific Land Corporation has a 12-month low of $269.23 and a 12-month high of $547.20.

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 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 business had revenue of $236.80 million during the quarter, compared to analysts' expectations of $233.00 million. On average, equities analysts forecast that Texas Pacific Land Corporation will post 8.88 earnings per share for the current fiscal year.

Texas Pacific Land Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, June 15th. Shareholders of record on Monday, June 1st were issued a $0.60 dividend. The ex-dividend date of this dividend was 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 32.88%.

Analyst Upgrades and Downgrades

Several brokerages have issued reports on TPL. Zacks Research cut shares of Texas Pacific Land from a "hold" rating to a "strong sell" rating in a research note on Tuesday, June 30th. Weiss Ratings upgraded shares of Texas Pacific Land from a "hold (c)" rating to a "hold (c+)" rating in a research note on Friday, May 1st. One equities research analyst has rated the stock with a Buy rating, one has issued a Hold rating and two have given a Sell rating to the company. According to MarketBeat, the company currently has a consensus rating of "Reduce" and a consensus 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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