Texas Pacific Land Corporation $TPL Shares Acquired by Pacer Advisors Inc.

Key Points

• Pacer Advisors Inc. boosted its stake in Texas Pacific Land by 302.2% in the fourth quarter, ending with 43,757 shares worth about $12.6 million.
• Texas Pacific Land reported better-than-expected quarterly results, posting EPS of $2.07 versus the $2.03 estimate and revenue of $236.8 million versus $233 million expected.
• The company paid a $0.60 quarterly dividend and currently yields about 0.7%; meanwhile, CFO Chris Steddum sold 3,170 shares in a pre-arranged transaction.

Pacer Advisors Inc. grew its stake in Texas Pacific Land Corporation (NYSE:TPL - Free Report) by 302.2% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 43,757 shares of the financial services provider's stock after buying an additional 32,877 shares during the period. Pacer Advisors Inc. owned 0.06% of Texas Pacific Land worth $12,568,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also made changes to their positions in the stock. EverSource Wealth Advisors LLC raised its stake in Texas Pacific Land by 21.4% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 68 shares of the financial services provider's stock worth $72,000 after acquiring an additional 12 shares during the last quarter. Bridgewater Advisors Inc. grew its stake in Texas Pacific Land by 7.0% during the 3rd quarter. Bridgewater Advisors Inc. now owns 229 shares of the financial services provider's stock valued at $232,000 after purchasing an additional 15 shares during the last quarter. Aptus Capital Advisors LLC grew its stake in Texas Pacific Land by 1.6% during the 3rd quarter. Aptus Capital Advisors LLC now owns 969 shares of the financial services provider's stock valued at $905,000 after purchasing an additional 15 shares during the last quarter. Intech Investment Management LLC increased its holdings in shares of Texas Pacific Land by 1.6% in the third quarter. Intech Investment Management LLC now owns 1,031 shares of the financial services provider's stock valued at $963,000 after purchasing an additional 16 shares during the period. Finally, Sei Investments Co. increased its holdings in shares of Texas Pacific Land by 1.1% in the third quarter. Sei Investments Co. now owns 1,909 shares of the financial services provider's stock valued at $1,782,000 after purchasing an additional 20 shares during the period. Hedge funds and other institutional investors own 59.94% of the company's stock.

Texas Pacific Land Stock Performance

Shares of TPL opened at $355.05 on Friday. The business's 50-day moving average is $401.16 and its two-hundred day moving average is $396.96. The company has a market capitalization of $24.49 billion, a P/E ratio of 48.64 and a beta of 0.61. Texas Pacific Land Corporation has a fifty-two week low of $269.23 and a fifty-two week high of $547.20.

Texas Pacific Land (NYSE:TPL - Get Free Report) last issued 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 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. Analysts forecast that Texas Pacific Land Corporation will post 8.88 EPS for the current year.

Texas Pacific Land Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, June 15th. Investors of record on Monday, June 1st were given a dividend of $0.60 per share. This represents a $2.40 annualized dividend and a yield of 0.7%. The ex-dividend date was Monday, June 1st. Texas Pacific Land's dividend payout ratio (DPR) is currently 32.88%.

Insider Transactions at Texas Pacific Land

In other Texas Pacific Land news, CFO Chris Steddum sold 3,170 shares of the company's stock in a transaction that occurred on 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 sale, the chief financial officer owned 12,870 shares in the company, valued at approximately $5,151,217.50. This represents a 19.76% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 6.90% of the company's stock.

Wall Street Analyst Weigh In

A number of equities research analysts recently commented on TPL shares. Wall Street Zen raised Texas Pacific Land from a "sell" rating to a "hold" rating in a report on Sunday, March 15th. KeyCorp increased their price target on shares of Texas Pacific Land from $350.00 to $639.00 and gave the stock an "overweight" rating in a report on Monday, February 23rd. Zacks Research lowered shares of Texas Pacific Land from a "strong-buy" rating to a "hold" rating in a research report on Monday, June 1st. Finally, 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 research analyst has rated the stock with a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, Texas Pacific Land presently has a consensus rating of "Hold" and a consensus target price of $639.00.

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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