Texas Pacific Land Corporation $TPL Shares Bought by Prospera Financial Services Inc

Key Points

• Prospera Financial Services increased its stake in Texas Pacific Land by 207% in the fourth quarter, bringing its holdings to 14,549 shares worth about $4.18 million.
• The company reported better-than-expected earnings for the latest quarter, with EPS of $2.07 versus the $2.03 estimate and revenue of $236.8 million, while maintaining a very high net margin of 60.03%.
• Texas Pacific Land also announced a quarterly dividend of $0.60 per share, and analysts currently have a Moderate Buy consensus with a price target of $639.

Prospera Financial Services Inc raised its position in Texas Pacific Land Corporation (NYSE:TPL - Free Report) by 207.0% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 14,549 shares of the financial services provider's stock after purchasing an additional 9,810 shares during the quarter. Prospera Financial Services Inc's holdings in Texas Pacific Land were worth $4,180,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently bought and sold shares of TPL. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted 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 purchasing an additional 545 shares during the last quarter. NewEdge Advisors LLC boosted its holdings in Texas Pacific Land by 74.1% in the 1st quarter. NewEdge Advisors LLC now owns 914 shares of the financial services provider's stock valued at $1,211,000 after purchasing an additional 389 shares during the last quarter. Woodline Partners LP boosted its holdings in 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 purchasing an additional 461 shares during the last quarter. EverSource Wealth Advisors LLC raised its stake in shares of 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 valued at $72,000 after acquiring an additional 12 shares during the period. Finally, Marshall Wace LLP raised its stake in shares of 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 valued at $4,812,000 after acquiring an additional 4,355 shares during the period. 59.94% of the stock is currently owned by institutional investors and hedge funds.

Texas Pacific Land Stock Up 0.2%

Shares of TPL opened at $402.89 on Tuesday. Texas Pacific Land Corporation has a fifty-two week low of $269.23 and a fifty-two week high of $547.20. The firm's 50 day moving average price is $444.81 and its 200 day moving average price is $388.30. The company has a market cap of $27.79 billion, a P/E ratio of 55.19 and a beta of 0.66.

Texas Pacific Land (NYSE:TPL - Get Free Report) last announced its earnings results on Wednesday, May 6th. The financial services provider reported $2.07 earnings per share for the quarter, topping the consensus estimate 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 the consensus estimate of $233.00 million. Research analysts forecast that Texas Pacific Land Corporation will post 9.27 earnings per share 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. Investors of record on Monday, June 1st will be paid 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%.

Insiders Place Their Bets

In other news, Director Donna E. Epps purchased 895 shares of the stock in a transaction on Wednesday, February 25th. The stock was bought at an average price of $510.45 per share, for a total transaction of $456,852.75. Following the acquisition, the director directly 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 position. The purchase was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 6.90% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on the stock. 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. 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, KeyCorp boosted their price target on shares of Texas Pacific Land from $350.00 to $639.00 and gave the company an "overweight" rating in a research note on Monday, February 23rd. One analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, Texas Pacific Land currently has a consensus rating of "Moderate Buy" and a consensus price target of $639.00.

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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