TMB Capital Partners LLC Takes $7.34 Million Position in Texas Pacific Land Corporation $TPL

Key Points

• TMB Capital Partners initiated a new position in Texas Pacific Land, buying 25,560 shares valued at about $7.34 million. The stake represents 2.5% of the firm’s portfolio and its 8th-largest holding.
• Other institutions were also active in TPL, with several increasing their holdings during recent quarters. Institutional investors now own 59.94% of the company.
• Texas Pacific Land recently reported better-than-expected earnings of $2.07 per share and maintained a quarterly dividend of $0.60 per share. Despite that, analysts currently have a consensus Hold rating with a $639 target price.

TMB Capital Partners LLC bought a new position in shares of Texas Pacific Land Corporation (NYSE:TPL - Free Report) in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor bought 25,560 shares of the financial services provider's stock, valued at approximately $7,341,000. Texas Pacific Land accounts for 2.5% of TMB Capital Partners LLC's investment portfolio, making the stock its 8th largest position.

Several other large investors have also added to or reduced their stakes in the stock. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake in shares of 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 valued at $2,570,000 after purchasing an additional 545 shares in the last quarter. NewEdge Advisors LLC raised its position in shares of Texas Pacific Land by 74.1% in 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 lifted its stake in shares of Texas Pacific Land by 40.8% in the first quarter. Woodline Partners LP now owns 1,592 shares of the financial services provider's stock worth $2,109,000 after buying an additional 461 shares in the last quarter. EverSource Wealth Advisors LLC lifted its position in 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 in the last quarter. Finally, Marshall Wace LLP lifted its holdings 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 valued at $4,812,000 after purchasing an additional 4,355 shares in the last quarter. Institutional investors own 59.94% of the company's stock.

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on TPL. Zacks Research lowered shares of Texas Pacific Land from a "strong-buy" rating to a "hold" rating in a research note on Monday, June 1st. KeyCorp boosted their price objective on shares of Texas Pacific Land from $350.00 to $639.00 and gave the company an "overweight" rating in a research report on Monday, February 23rd. Wall Street Zen raised Texas Pacific Land from a "sell" rating to a "hold" rating in a report on Sunday, March 15th. Finally, Weiss Ratings upgraded Texas Pacific Land from a "hold (c)" rating to a "hold (c+)" rating in a research report on Friday, May 1st. One investment analyst has rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, Texas Pacific Land has an average rating of "Hold" and a consensus target price of $639.00.

Texas Pacific Land Stock Performance

Shares of Texas Pacific Land stock opened at $355.05 on Friday. Texas Pacific Land Corporation has a fifty-two week low of $269.23 and a fifty-two week high of $547.20. The company has a market capitalization of $24.49 billion, a P/E ratio of 48.64 and a beta of 0.61. The company has a fifty day moving average of $403.01 and a 200 day moving average of $397.26.

Texas Pacific Land (NYSE:TPL - Get Free Report) last posted its quarterly earnings results on Wednesday, May 6th. The financial services provider reported $2.07 EPS for the quarter, beating analysts' consensus estimates of $2.03 by $0.04. The business had revenue of $236.80 million for 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%. Analysts forecast that Texas Pacific Land Corporation will post 8.88 EPS for the current year.

Texas Pacific Land Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, June 15th. Shareholders of record on Monday, June 1st were paid a $0.60 dividend. This represents a $2.40 annualized dividend and a yield of 0.7%. The ex-dividend date was Monday, June 1st. Texas Pacific Land's dividend payout ratio is presently 32.88%.

Insider Transactions at Texas Pacific Land

In other news, CFO Chris Steddum sold 830 shares of Texas Pacific Land stock in a transaction that occurred on Monday, June 8th. The shares were sold at an average price of $400.33, for a total transaction of $332,273.90. Following the sale, the chief financial officer owned 12,040 shares in the company, valued at $4,819,973.20. This trade represents a 6.45% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 6.90% of the stock is currently owned by company insiders.

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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