Texas Pacific Land Corporation $TPL Shares Bought by Truist Financial Corp

Key Points

• Truist Financial Corp boosted its stake in Texas Pacific Land by 188.7% in the fourth quarter, ending with 6,338 shares worth about $1.82 million.
• Several other hedge funds also increased their positions, and institutional investors now own 59.94% of the company’s shares.
• Texas Pacific Land reported better-than-expected Q1 earnings of $2.07 per share and revenue of $236.8 million, while also declaring a quarterly dividend of $0.60 per share.

Truist Financial Corp raised its stake in Texas Pacific Land Corporation (NYSE:TPL - Free Report) by 188.7% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 6,338 shares of the financial services provider's stock after purchasing an additional 4,143 shares during the quarter. Truist Financial Corp's holdings in Texas Pacific Land were worth $1,820,000 at the end of the most recent quarter.

A number of other hedge funds also recently made changes to their positions in the stock. Heritage Financial Services LLC grew its position in Texas Pacific Land by 200.0% during the fourth quarter. Heritage Financial Services LLC now owns 1,188 shares of the financial services provider's stock valued at $341,000 after acquiring an additional 792 shares during the period. PKO Investment Management Joint Stock Co grew its position in Texas Pacific Land by 152.4% during the fourth quarter. PKO Investment Management Joint Stock Co now owns 1,590 shares of the financial services provider's stock valued at $457,000 after acquiring an additional 960 shares during the period. Pittenger & Anderson Inc. grew its position in Texas Pacific Land by 3,238.3% during the fourth quarter. Pittenger & Anderson Inc. now owns 6,009 shares of the financial services provider's stock valued at $1,726,000 after acquiring an additional 5,829 shares during the period. Balentine LLC grew its position in Texas Pacific Land by 200.2% during the fourth quarter. Balentine LLC now owns 5,937 shares of the financial services provider's stock valued at $1,705,000 after acquiring an additional 3,959 shares during the period. Finally, Partners in Financial Planning grew its position in Texas Pacific Land by 200.0% during the fourth quarter. Partners in Financial Planning now owns 2,142 shares of the financial services provider's stock valued at $615,000 after acquiring an additional 1,428 shares during the period. Institutional investors and hedge funds own 59.94% of the company's stock.

Insiders Place Their Bets

In other news, Director Donna E. Epps purchased 895 shares of the stock in a transaction that occurred on Wednesday, February 25th. The stock was acquired at an average cost of $510.45 per share, with a total value of $456,852.75. Following the acquisition, the director owned 2,921 shares in the company, valued at approximately $1,491,024.45. This trade represents a 44.18% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CAO Stephanie Buffington sold 1,608 shares of the firm's stock in a transaction on Tuesday, February 24th. The shares were 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 of the company's stock, valued at approximately $1,072,899. The trade was a 42.98% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 6.90% of the stock is currently owned by company insiders.

Analyst Ratings Changes

A number of analysts 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 report on Sunday, March 15th. KeyCorp increased their target price on shares of Texas Pacific Land from $350.00 to $639.00 and gave the stock an "overweight" rating in a research report on Monday, February 23rd. Zacks Research raised shares of Texas Pacific Land from a "hold" rating to a "strong-buy" rating in a research report on Thursday, April 16th. Finally, 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. One analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $639.00.

Texas Pacific Land Price Performance

Shares of TPL opened at $388.39 on Friday. The stock's 50-day moving average is $463.34 and its two-hundred day moving average is $384.01. The stock has a market cap of $26.79 billion, a PE ratio of 53.20 and a beta of 0.66. 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 released 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. The firm had revenue of $236.80 million during the quarter, compared to analysts' expectations of $233.00 million. Texas Pacific Land had a return on equity of 35.52% and a net margin of 60.03%. On average, research analysts anticipate that Texas Pacific Land Corporation will post 9.27 earnings per share for the current year.

Texas Pacific Land Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, June 15th. Shareholders of record on Monday, June 1st will be issued a $0.60 dividend. This represents a $2.40 dividend on an annualized basis and a yield of 0.6%. The ex-dividend date is Monday, June 1st. Texas Pacific Land's dividend payout ratio is currently 32.88%.

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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