Texas Pacific Land Corporation $TPL Shares Purchased by Marietta Wealth Management LLC

Key Points

• Marietta Wealth Management boosted its stake in Texas Pacific Land by 230.5% in Q4 to 22,631 shares worth about $6.5 million, adding to major institutional holders (Vanguard, State Street, Invesco) that together own roughly 59.94% of the stock.
• Insider activity was notable: CAO Stephanie Buffington sold 1,608 shares at about $503 (a 42.98% reduction in her holdings) while Director Donna E. Epps purchased 895 shares at $510.45 (a 44.18% increase in her stake).
• Analyst coverage is mixed but the consensus is a "Moderate Buy" with a $639 price target; TPL has a $30.33 billion market cap, a P/E of 63.07, and recently raised its quarterly dividend to $0.60 ($2.40 annualized, ~0.5% yield).

Marietta Wealth Management LLC lifted its stake in Texas Pacific Land Corporation (NYSE:TPL - Free Report) by 230.5% during the 4th quarter, according to the company in its most recent filing with the SEC. The fund owned 22,631 shares of the financial services provider's stock after acquiring an additional 15,783 shares during the quarter. Marietta Wealth Management LLC's holdings in Texas Pacific Land were worth $6,500,000 at the end of the most recent reporting period.

A number of other hedge funds also recently added to or reduced their stakes in the business. Vanguard Group Inc. lifted its holdings in Texas Pacific Land by 7.9% during the 3rd quarter. Vanguard Group Inc. now owns 2,581,228 shares of the financial services provider's stock worth $2,409,938,000 after buying an additional 189,842 shares in the last quarter. State Street Corp increased its position in shares of Texas Pacific Land by 1.9% in the 3rd quarter. State Street Corp now owns 1,169,299 shares of the financial services provider's stock valued at $1,091,704,000 after purchasing an additional 22,296 shares during the last quarter. Invesco Ltd. increased its position in shares of Texas Pacific Land by 3.4% in the 3rd quarter. Invesco Ltd. now owns 283,910 shares of the financial services provider's stock valued at $265,070,000 after purchasing an additional 9,389 shares during the last quarter. York GP Ltd. increased its position in shares of Texas Pacific Land by 195.1% in the 4th quarter. York GP Ltd. now owns 270,600 shares of the financial services provider's stock valued at $77,722,000 after purchasing an additional 178,900 shares during the last quarter. Finally, Pacific Heights Asset Management LLC increased its position in shares of Texas Pacific Land by 12.1% in the 3rd quarter. Pacific Heights Asset Management LLC now owns 185,000 shares of the financial services provider's stock valued at $172,723,000 after purchasing an additional 20,000 shares during the last quarter. 59.94% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other news, CAO Stephanie Buffington sold 1,608 shares of Texas Pacific Land stock in a transaction dated Tuesday, February 24th. The shares were sold at an average price of $503.00, for a total transaction of $808,824.00. Following the completion of the sale, the chief accounting officer directly owned 2,133 shares in the company, valued at $1,072,899. The trade was a 42.98% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Donna E. Epps purchased 895 shares of the stock in a transaction dated Wednesday, February 25th. The shares were purchased at an average price of $510.45 per share, with a total value of $456,852.75. Following the completion of the acquisition, the director owned 2,921 shares of the company's stock, valued at approximately $1,491,024.45. This represents a 44.18% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Company insiders own 6.90% of the company's stock.

Analyst Ratings Changes

TPL has been the topic of a number of recent analyst reports. 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. Wall Street Zen upgraded shares of Texas Pacific Land from a "sell" rating to a "hold" rating in a research note 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 research note on Monday, February 23rd. Finally, Weiss Ratings reiterated a "hold (c)" rating on shares of Texas Pacific Land in a research note on Friday, March 27th. One investment 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 issued a Sell rating to the stock. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $639.00.

Texas Pacific Land Stock Up 0.5%

Shares of NYSE TPL opened at $439.99 on Thursday. Texas Pacific Land Corporation has a 52 week low of $269.23 and a 52 week high of $547.20. The firm has a 50-day moving average price of $481.52 and a 200 day moving average price of $372.90. The stock has a market capitalization of $30.33 billion, a price-to-earnings ratio of 63.07 and a beta of 0.76.

Texas Pacific Land (NYSE:TPL - Get Free Report) last announced its quarterly earnings data on Wednesday, February 18th. The financial services provider reported $1.79 EPS for the quarter, beating the consensus estimate of $1.73 by $0.06. Texas Pacific Land had a net margin of 60.31% and a return on equity of 36.18%. The firm had revenue of $211.60 million during the quarter, compared to analysts' expectations of $204.00 million. Equities research analysts expect that Texas Pacific Land Corporation will post 9.27 EPS for the current fiscal year.

Texas Pacific Land Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, March 16th. Shareholders of record on Monday, March 2nd were issued a dividend of $0.60 per share. This is an increase from Texas Pacific Land's previous quarterly dividend of $0.53. The ex-dividend date was Monday, March 2nd. This represents a $2.40 annualized dividend and a yield of 0.5%. Texas Pacific Land's payout ratio is 34.38%.

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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