Texas Pacific Land Corporation $TPL Shares Bought by Adams Natural Resources Fund Inc.

Key Points

• Adams Natural Resources Fund increased its stake in Texas Pacific Land by 159.2% in the fourth quarter, ending with 13,350 shares valued at about $3.83 million.
• Texas Pacific Land reported solid quarterly results, posting EPS of $2.07 versus the $2.03 estimate and revenue of $236.8 million, while maintaining strong profitability metrics.
• The company also announced a quarterly dividend of $0.60 per share, and its stock was trading up 2.6% at $379.00; meanwhile, CFO Chris Steddum sold 3,170 shares under a pre-arranged trading plan.

Adams Natural Resources Fund Inc. grew its holdings in shares of Texas Pacific Land Corporation (NYSE:TPL - Free Report) by 159.2% in the fourth quarter, according to its most recent filing with the SEC. The firm owned 13,350 shares of the financial services provider's stock after acquiring an additional 8,200 shares during the quarter. Adams Natural Resources Fund Inc.'s holdings in Texas Pacific Land were worth $3,834,000 as of its most recent SEC filing.

Other institutional investors also recently added to or reduced their stakes in the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings in Texas Pacific Land by 39.1% in 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 acquiring an additional 545 shares during the last quarter. NewEdge Advisors LLC boosted its holdings in shares of Texas Pacific Land by 74.1% in the first quarter. NewEdge Advisors LLC now owns 914 shares of the financial services provider's stock worth $1,211,000 after buying an additional 389 shares during the period. Woodline Partners LP lifted its position in shares of Texas Pacific Land by 40.8% in the 1st quarter. Woodline Partners LP now owns 1,592 shares of the financial services provider's stock valued at $2,109,000 after acquiring an additional 461 shares in the last quarter. EverSource Wealth Advisors LLC boosted 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 purchasing an additional 12 shares during the period. Finally, Marshall Wace LLP boosted its stake in Texas Pacific Land by 2,177.5% in the 2nd quarter. Marshall Wace LLP now owns 4,555 shares of the financial services provider's stock worth $4,812,000 after purchasing an additional 4,355 shares during the period. Institutional investors and hedge funds own 59.94% of the company's stock.

Texas Pacific Land Trading Up 2.6%

NYSE TPL opened at $379.00 on Friday. Texas Pacific Land Corporation has a 1-year low of $269.23 and a 1-year high of $547.20. The company has a market capitalization of $26.14 billion, a PE ratio of 51.92 and a beta of 0.61. The firm's fifty day simple moving average is $410.12 and its 200-day simple moving average is $394.59.

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 earnings per share for the quarter, topping analysts' consensus estimates 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. As a group, analysts predict that Texas Pacific Land Corporation will post 8.88 EPS for the current year.

Texas Pacific Land Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, June 15th. Shareholders of record on Monday, June 1st will be given a dividend of $0.60 per share. This represents a $2.40 annualized dividend and a yield of 0.6%. The ex-dividend date of this dividend is Monday, June 1st. Texas Pacific Land's dividend payout ratio is presently 32.88%.

Analyst Ratings Changes

Several brokerages have issued reports on TPL. 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. Zacks Research cut Texas Pacific Land from a "strong-buy" rating to a "hold" rating in a research report on Monday, June 1st. Wall Street Zen upgraded Texas Pacific Land from a "sell" rating to a "hold" rating in a report on Sunday, March 15th. Finally, KeyCorp boosted their price objective on shares of Texas Pacific Land from $350.00 to $639.00 and gave the company an "overweight" rating in a research report on Monday, February 23rd. One analyst has rated the stock with a Buy rating, two have given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the stock has a consensus rating of "Hold" and an average price target of $639.00.

Insider Buying and Selling

In other Texas Pacific Land news, CFO Chris Steddum sold 3,170 shares of the stock in a transaction on Friday, June 5th. The shares were sold at an average price of $400.25, for a total transaction of $1,268,792.50. Following the transaction, the chief financial officer directly owned 12,870 shares of the company's stock, valued at $5,151,217.50. This represents a 19.76% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 6.90% of the stock is owned by insiders.

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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