Trust Co. of Vermont Invests $1.91 Million in Texas Pacific Land Corporation $TPL

Key Points

• Trust Co. of Vermont acquired a new $1.91 million stake in Texas Pacific Land during the second quarter, purchasing 4,367 shares. Institutional investors collectively own 59.94% of the company.
• Texas Pacific Land exceeded quarterly EPS expectations, reporting $2.23 versus the $2.18 consensus, while revenue of $246.1 million fell slightly short of estimates. Analysts maintain a consensus “Hold” rating with an average price target of $639.
• The company declared a quarterly dividend of $0.60 per share, equivalent to $2.40 annually and a 0.7% yield. CFO Chris Steddum sold shares worth approximately $1.27 million under a pre-arranged Rule 10b5-1 plan.

Trust Co. of Vermont acquired a new stake in shares of Texas Pacific Land Corporation (NYSE:TPL - Free Report) in the second quarter, according to the company in its most recent Form 13F filing with the SEC. The fund acquired 4,367 shares of the financial services provider's stock, valued at approximately $1,911,000.

Several other hedge funds and other institutional investors have also recently modified their holdings of TPL. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised 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 worth $2,570,000 after purchasing an additional 545 shares during the period. NewEdge Advisors LLC grew its holdings in Texas Pacific Land by 74.1% during the first 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 period. Woodline Partners LP grew its holdings in Texas Pacific Land by 40.8% during the first 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 period. EverSource Wealth Advisors LLC grew its holdings in Texas Pacific Land by 21.4% during the second quarter. EverSource Wealth Advisors LLC now owns 68 shares of the financial services provider's stock valued at $72,000 after purchasing an additional 12 shares during the period. Finally, Marshall Wace LLP increased its position in Texas Pacific Land by 2,177.5% in the second quarter. Marshall Wace LLP now owns 4,555 shares of the financial services provider's stock worth $4,812,000 after buying an additional 4,355 shares in the last quarter. 59.94% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other Texas Pacific Land news, CFO Chris Steddum sold 3,170 shares of Texas Pacific Land stock in a transaction on Friday, June 5th. The shares were sold at an average price of $400.25, for a total value of $1,268,792.50. Following the sale, the chief financial officer directly owned 12,870 shares in the company, valued at approximately $5,151,217.50. The trade was a 19.76% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 6.90% of the company's stock.

Analyst Ratings Changes

Several research analysts have recently commented on the company. Weiss Ratings reaffirmed a "hold (c+)" rating on shares of Texas Pacific Land in a research note on Wednesday, July 29th. Zacks Research upgraded Texas Pacific Land from a "strong sell" rating to a "hold" rating in a research note on Wednesday, July 29th. One research analyst has rated the stock with a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the company has a consensus rating of "Hold" and an average target price of $639.00.

Texas Pacific Land Price Performance

TPL stock opened at $361.09 on Tuesday. Texas Pacific Land Corporation has a 1-year low of $269.23 and a 1-year high of $547.20. The company has a market capitalization of $24.90 billion, a price-to-earnings ratio of 46.02 and a beta of 0.60. The business has a 50 day simple moving average of $388.33 and a two-hundred day simple moving average of $422.82.

Texas Pacific Land (NYSE:TPL - Get Free Report) last released its quarterly earnings data on Wednesday, August 5th. The financial services provider reported $2.23 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.18 by $0.05. The firm had revenue of $246.10 million for the quarter, compared to analysts' expectations of $249.50 million. Texas Pacific Land had a net margin of 60.32% and a return on equity of 35.76%. Sell-side analysts anticipate that Texas Pacific Land Corporation will post 8.88 EPS for the current fiscal year.

Texas Pacific Land Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, September 15th. Investors of record on Tuesday, September 1st will be paid a dividend of $0.60 per share. This represents a $2.40 annualized dividend and a yield of 0.7%. The ex-dividend date of this dividend is Tuesday, September 1st. Texas Pacific Land's dividend payout ratio (DPR) is presently 30.57%.

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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