Vivid Wealth Management LLC Buys Shares of 4,784 Texas Pacific Land Corporation $TPL

Key Points

• Vivid Wealth Management opened a new position in Texas Pacific Land, buying 4,784 shares worth about $2.27 million in the first quarter.
• Texas Pacific Land reported better-than-expected quarterly earnings, with EPS of $2.07 versus estimates of $2.03 and revenue of $236.8 million, while also posting strong profitability metrics.
• The company paid a quarterly dividend of $0.60 per share, and recent analyst sentiment remains cautious, with an average rating of “Reduce” despite a $639 average price target.

Vivid Wealth Management LLC bought a new stake in shares of Texas Pacific Land Corporation (NYSE:TPL - Free Report) in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The firm bought 4,784 shares of the financial services provider's stock, valued at approximately $2,270,000.

A number of other hedge funds have also recently made changes to their positions in the stock. Horizon Kinetics Asset Management LLC increased its position in 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 buying an additional 6,829,070 shares in the last quarter. Vanguard Group Inc. raised its stake in Texas Pacific Land by 192.8% during the fourth quarter. Vanguard Group Inc. now owns 7,556,966 shares of the financial services provider's stock valued at $2,170,512,000 after buying an additional 4,975,738 shares during the last quarter. State Street Corp boosted its holdings in Texas Pacific Land by 206.8% in 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 acquiring an additional 2,417,705 shares in the last quarter. Geode Capital Management LLC boosted its holdings in Texas Pacific Land by 203.7% in the fourth quarter. Geode Capital Management LLC now owns 1,759,107 shares of the financial services provider's stock worth $503,581,000 after acquiring an additional 1,179,788 shares in the last quarter. Finally, SoftVest Advisors LLC grew its stake in shares of Texas Pacific Land by 200.0% in the fourth quarter. SoftVest Advisors LLC now owns 1,180,800 shares of the financial services provider's stock worth $339,149,000 after acquiring an additional 787,200 shares during the last quarter. 59.94% of the stock is owned by institutional investors.

Texas Pacific Land Stock Up 0.0%

Shares of NYSE TPL opened at $407.29 on Friday. Texas Pacific Land Corporation has a twelve month low of $269.23 and a twelve month high of $547.20. The firm has a market cap of $28.09 billion, a P/E ratio of 55.79 and a beta of 0.58. The company has a 50 day moving average of $396.85 and a 200 day moving average of $404.11.

Texas Pacific Land (NYSE:TPL - Get Free Report) last released its quarterly earnings data on Wednesday, May 6th. The financial services provider reported $2.07 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.03 by $0.04. Texas Pacific Land had a return on equity of 35.52% and a net margin of 60.03%.The business had revenue of $236.80 million for the quarter, compared to analysts' expectations of $233.00 million. As a group, equities analysts expect that Texas Pacific Land Corporation will post 8.88 earnings per share for the current fiscal year.

Texas Pacific Land Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, June 15th. Stockholders of record on Monday, June 1st were issued a dividend of $0.60 per share. This represents a $2.40 dividend on an annualized basis and a dividend yield of 0.6%. The ex-dividend date of this dividend was Monday, June 1st. Texas Pacific Land's dividend payout ratio is presently 32.88%.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on TPL. Wall Street Zen upgraded Texas Pacific Land from a "sell" rating to a "hold" rating in a report on Sunday, March 15th. Zacks Research cut shares of Texas Pacific Land from a "hold" rating to a "strong sell" rating in a research note on Tuesday. Finally, Weiss Ratings raised shares of Texas Pacific Land from a "hold (c)" rating to a "hold (c+)" rating in a research report on Friday, May 1st. One analyst has rated the stock with a Buy rating, one has given a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat.com, Texas Pacific Land currently has an average rating of "Reduce" and an average price target of $639.00.

Insider Activity at Texas Pacific Land

In related news, CFO Chris Steddum sold 830 shares of the stock in a transaction on Monday, June 8th. The stock was sold at an average price of $400.33, for a total transaction of $332,273.90. Following the sale, the chief financial officer directly owned 12,040 shares of the company's stock, 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 owned by company insiders.

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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