UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC Has $208.94 Million Stake in Texas Pacific Land Corporation $TPL

Key Points

• UBS Asset Management increased its Texas Pacific Land stake by 6.9% in the second quarter, holding 477,430 shares valued at approximately $208.9 million. Institutional investors collectively own 59.94% of the company.
• Analysts maintain a consensus “Hold” rating on TPL, with an average price target of $639. The stock opened at $374.51, while its latest quarterly earnings of $2.23 per share exceeded estimates.
• Texas Pacific Land declared a quarterly dividend of $0.60 per share, equivalent to $2.40 annually and a 0.6% yield; its CFO also sold 3,170 shares under a pre-arranged Rule 10b5-1 trading plan.

UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its position in shares of Texas Pacific Land Corporation (NYSE:TPL - Free Report) by 6.9% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 477,430 shares of the financial services provider's stock after acquiring an additional 30,911 shares during the quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC owned about 0.69% of Texas Pacific Land worth $208,942,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. Horizon Kinetics Asset Management LLC lifted its holdings in shares of Texas Pacific Land by 194.9% during the 4th quarter. Horizon Kinetics Asset Management LLC now owns 10,333,762 shares of the financial services provider's stock valued at $2,968,063,000 after purchasing an additional 6,829,070 shares in the last quarter. State Street Corp boosted its holdings in Texas Pacific Land by 206.8% during the fourth quarter. State Street Corp now owns 3,587,004 shares of the financial services provider's stock worth $1,030,259,000 after purchasing an additional 2,417,705 shares during the last quarter. Geode Capital Management LLC increased its stake in Texas Pacific Land by 203.7% in the 4th quarter. Geode Capital Management LLC now owns 1,759,107 shares of the financial services provider's stock valued at $503,581,000 after buying an additional 1,179,788 shares during the last quarter. SoftVest Advisors LLC lifted its position in Texas Pacific Land by 200.0% during the 4th quarter. SoftVest Advisors LLC now owns 1,180,800 shares of the financial services provider's stock worth $339,149,000 after buying an additional 787,200 shares in the last quarter. Finally, First Manhattan CO. LLC. boosted its stake in shares of Texas Pacific Land by 200.1% during the 4th quarter. First Manhattan CO. LLC. now owns 1,013,363 shares of the financial services provider's stock worth $291,058,000 after buying an additional 675,682 shares during the last quarter. 59.94% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of analysts recently issued reports on TPL shares. Weiss Ratings reaffirmed a "hold (c+)" rating on shares of Texas Pacific Land in a research report on Wednesday, July 29th. Zacks Research raised Texas Pacific Land from a "strong sell" rating to a "hold" rating in a research report on Wednesday, July 29th. One analyst has rated the stock with a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, Texas Pacific Land presently has a consensus rating of "Hold" and an average price target of $639.00.

Texas Pacific Land Stock Up 2.8%

NYSE TPL opened at $374.51 on Tuesday. The company has a market capitalization of $25.83 billion, a P/E ratio of 47.73 and a beta of 0.60. Texas Pacific Land Corporation has a 12-month low of $269.23 and a 12-month high of $547.20. The firm has a 50-day moving average price of $389.62 and a two-hundred day moving average price of $423.89.

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

Texas Pacific Land Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 15th. Stockholders of record on Tuesday, September 1st will be given a $0.60 dividend. The ex-dividend date is Tuesday, September 1st. This represents a $2.40 annualized dividend and a dividend yield of 0.6%. Texas Pacific Land's payout ratio is presently 30.57%.

Insider Activity at Texas Pacific Land

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

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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