Texas Pacific Land Corporation $TPL Shares Purchased by New York State Teachers Retirement System

Key Points

• New York State Teachers Retirement System increased its stake in Texas Pacific Land by 184.1%, purchasing 25,170 shares to hold 38,841 shares valued at about $11.16 million (≈0.06% of the company).
• Analyst sentiment has improved to a Moderate Buy consensus with a $639 target price; KeyCorp raised its target from $350 to $639 and assigned an overweight rating.
• TPL recently beat quarterly EPS and revenue estimates, raised its quarterly dividend to $0.60 ($2.40 annualized, 0.6% yield), and has a market cap near $29.9 billion with a PE of 62.09.

New York State Teachers Retirement System boosted its holdings in Texas Pacific Land Corporation (NYSE:TPL - Free Report) by 184.1% in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 38,841 shares of the financial services provider's stock after purchasing an additional 25,170 shares during the quarter. New York State Teachers Retirement System owned about 0.06% of Texas Pacific Land worth $11,156,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in Texas Pacific Land by 39.1% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 1,940 shares of the financial services provider's stock worth $2,570,000 after purchasing an additional 545 shares during the last quarter. NewEdge Advisors LLC grew its position in Texas Pacific Land by 74.1% during the 1st quarter. NewEdge Advisors LLC now owns 914 shares of the financial services provider's stock worth $1,211,000 after purchasing an additional 389 shares during the last quarter. Woodline Partners LP grew its position in Texas Pacific Land by 40.8% during the 1st quarter. Woodline Partners LP now owns 1,592 shares of the financial services provider's stock worth $2,109,000 after purchasing an additional 461 shares during the last quarter. EverSource Wealth Advisors LLC grew its position in Texas Pacific Land by 21.4% during 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 last quarter. Finally, Marshall Wace LLP raised its stake in shares of Texas Pacific Land by 2,177.5% during the second 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 last quarter. Hedge funds and other institutional investors own 59.94% of the company's stock.

Wall Street Analysts Forecast Growth

TPL has been the subject of several analyst reports. Weiss Ratings upgraded Texas Pacific Land from a "hold (c)" rating to a "hold (c+)" rating in a research note on Friday. Wall Street Zen upgraded Texas Pacific Land from a "sell" rating to a "hold" rating in a research note on Sunday, March 15th. KeyCorp upped their price target 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. Finally, Zacks Research upgraded Texas Pacific Land from a "hold" rating to a "strong-buy" rating in a research note on Thursday, April 16th. One equities research analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $639.00.

Texas Pacific Land Stock Down 0.1%

Shares of TPL opened at $433.22 on Tuesday. Texas Pacific Land Corporation has a 52-week low of $269.23 and a 52-week high of $547.20. The company has a 50-day simple moving average of $481.54 and a 200-day simple moving average of $378.81. The company has a market capitalization of $29.87 billion, a PE ratio of 62.09 and a beta of 0.66.

Texas Pacific Land (NYSE:TPL - Get Free Report) last issued its earnings results on Wednesday, February 18th. The financial services provider reported $1.79 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.73 by $0.06. The company had revenue of $211.60 million during the quarter, compared to analysts' expectations of $204.00 million. Texas Pacific Land had a net margin of 60.31% and a return on equity of 36.18%. On average, research analysts anticipate that Texas Pacific Land Corporation will post 9.27 EPS for the current year.

Texas Pacific Land Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, March 16th. Shareholders of record on Monday, March 2nd were issued a $0.60 dividend. This represents a $2.40 annualized dividend and a yield of 0.6%. This is a positive change from Texas Pacific Land's previous quarterly dividend of $0.53. The ex-dividend date of this dividend was Monday, March 2nd. Texas Pacific Land's dividend payout ratio is currently 34.38%.

Insider Buying and Selling at Texas Pacific Land

In other news, Director Donna E. Epps purchased 895 shares of the business's stock in a transaction dated Wednesday, February 25th. The stock was acquired at an average price of $510.45 per share, with a total value of $456,852.75. Following the purchase, the director directly owned 2,921 shares of the company's stock, valued at $1,491,024.45. This represents a 44.18% increase in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. 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 value of $808,824.00. Following the transaction, the chief accounting officer directly owned 2,133 shares of the company's stock, valued at $1,072,899. This trade represents a 42.98% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders own 6.90% of the company's stock.

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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