Texas Pacific Land Corporation $TPL Shares Bought by Gateway Investment Advisers LLC

Key Points

• Gateway Investment Advisers LLC increased its stake in Texas Pacific Land by 338.8% in the fourth quarter, ending with 4,120 shares valued at about $1.18 million.
• Several other institutional investors also sharply boosted their holdings, and overall institutions own 59.94% of the company’s stock.
• Texas Pacific Land reported better-than-expected quarterly earnings of $2.07 per share and announced a quarterly dividend of $0.60 per share, with analysts maintaining a Moderate Buy consensus and a $639 price target.

Gateway Investment Advisers LLC grew its stake in Texas Pacific Land Corporation (NYSE:TPL - Free Report) by 338.8% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 4,120 shares of the financial services provider's stock after purchasing an additional 3,181 shares during the period. Gateway Investment Advisers LLC's holdings in Texas Pacific Land were worth $1,183,000 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 company. Bar Harbor Wealth Management boosted its holdings in Texas Pacific Land by 195.1% during the fourth quarter. Bar Harbor Wealth Management now owns 36,873 shares of the financial services provider's stock worth $10,591,000 after buying an additional 24,379 shares in the last quarter. Stratos Wealth Partners LTD. increased its holdings in Texas Pacific Land by 212.9% in the fourth quarter. Stratos Wealth Partners LTD. now owns 18,211 shares of the financial services provider's stock valued at $5,231,000 after buying an additional 12,390 shares in the last quarter. Sumitomo Mitsui Trust Group Inc. raised its position in shares of Texas Pacific Land by 192.8% in the fourth quarter. Sumitomo Mitsui Trust Group Inc. now owns 133,731 shares of the financial services provider's stock worth $38,410,000 after acquiring an additional 88,053 shares during the period. Wealth Enhancement Advisory Services LLC raised its position in shares of Texas Pacific Land by 187.5% in the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 37,764 shares of the financial services provider's stock worth $11,095,000 after acquiring an additional 24,629 shares during the period. Finally, New York State Teachers Retirement System boosted its stake in shares of Texas Pacific Land by 184.1% during the 4th quarter. New York State Teachers Retirement System now owns 38,841 shares of the financial services provider's stock worth $11,156,000 after acquiring an additional 25,170 shares in the last quarter. Institutional investors and hedge funds own 59.94% of the company's stock.

Analysts Set New Price Targets

A number of equities research analysts have recently commented on the company. Zacks Research upgraded Texas Pacific Land from a "hold" rating to a "strong-buy" rating in a research report on Thursday, April 16th. Wall Street Zen upgraded Texas Pacific Land from a "sell" rating to a "hold" rating in a research report on Sunday, March 15th. Weiss Ratings raised Texas Pacific Land from a "hold (c)" rating to a "hold (c+)" rating in a report on Friday, May 1st. Finally, KeyCorp upped their target price on Texas Pacific Land from $350.00 to $639.00 and gave the stock an "overweight" rating in a research note on Monday, February 23rd. One equities 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. According to data from MarketBeat, Texas Pacific Land presently has a consensus rating of "Moderate Buy" and a consensus price target of $639.00.

Insider Buying and Selling

In other news, Director Donna E. Epps acquired 895 shares of the firm's stock in a transaction on Wednesday, February 25th. The shares were bought at an average price of $510.45 per share, for a total transaction of $456,852.75. Following the acquisition, the director owned 2,921 shares of the company's stock, valued at approximately $1,491,024.45. This trade represents a 44.18% increase in their position. The acquisition was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CAO Stephanie Buffington sold 1,608 shares of Texas Pacific Land stock in a transaction on Tuesday, February 24th. The stock was sold at an average price of $503.00, for a total transaction of $808,824.00. Following the sale, the chief accounting officer directly owned 2,133 shares in the company, valued at approximately $1,072,899. This trade represents a 42.98% decrease in their position. The SEC filing for this sale provides additional information. Insiders own 6.90% of the company's stock.

Texas Pacific Land Stock Down 1.2%

Shares of NYSE TPL opened at $394.49 on Friday. The firm has a market cap of $27.21 billion, a price-to-earnings ratio of 54.04 and a beta of 0.66. The company's 50-day simple moving average is $475.88 and its 200-day simple moving average is $381.04. 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 quarterly earnings results on Wednesday, May 6th. The financial services provider reported $2.07 earnings per share for the quarter, beating 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 firm had revenue of $236.80 million for the quarter, compared to analyst estimates of $233.00 million. Equities research analysts anticipate that Texas Pacific Land Corporation will post 9.27 EPS for the current fiscal year.

Texas Pacific Land Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, June 15th. Stockholders of record on Monday, June 1st will be given a $0.60 dividend. This represents a $2.40 annualized dividend and a dividend yield of 0.6%. The ex-dividend date is Monday, June 1st. Texas Pacific Land's dividend payout ratio (DPR) 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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