W1M Asset Management Ltd Buys New Holdings in Texas Pacific Land Corporation $TPL

Key Points

• W1M Asset Management initiated a Texas Pacific Land position by purchasing 21,966 shares valued at approximately $9.61 million. Institutional investors collectively own 59.94% of TPL.
• TPL’s CFO sold 3,170 shares for about $1.27 million under a pre-arranged Rule 10b5-1 plan, reducing his holdings by 19.76%; corporate insiders own 6.90% of the stock.
• Analysts maintain an overall “Hold” rating with a $639 average price target. TPL recently exceeded quarterly EPS estimates, announced a $0.60 quarterly dividend, and was trading at $384.52.

W1M Asset Management Ltd bought a new position in Texas Pacific Land Corporation (NYSE:TPL - Free Report) in the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm bought 21,966 shares of the financial services provider's stock, valued at approximately $9,610,000.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. EverSource Wealth Advisors LLC boosted its position in shares of 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 valued at $72,000 after acquiring an additional 12 shares in the last quarter. Sei Investments Co. raised its position in Texas Pacific Land by 1.1% in the third quarter. Sei Investments Co. now owns 1,909 shares of the financial services provider's stock worth $1,782,000 after purchasing an additional 20 shares in the last quarter. Larson Financial Group LLC lifted its stake in Texas Pacific Land by 5.4% during the third quarter. Larson Financial Group LLC now owns 410 shares of the financial services provider's stock worth $383,000 after purchasing an additional 21 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in Texas Pacific Land by 1.3% during the third quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 1,916 shares of the financial services provider's stock valued at $1,789,000 after purchasing an additional 24 shares in the last quarter. Finally, Van ECK Associates Corp boosted its holdings in Texas Pacific Land by 0.5% during the third quarter. Van ECK Associates Corp now owns 4,685 shares of the financial services provider's stock valued at $4,374,000 after purchasing an additional 24 shares in the last quarter. Institutional investors own 59.94% of the company's stock.

Insider Activity

In related news, CFO Chris Steddum sold 3,170 shares of Texas Pacific Land stock in a transaction dated Friday, June 5th. The stock was sold at an average price of $400.25, for a total value of $1,268,792.50. Following the completion of the transaction, the chief financial officer directly owned 12,870 shares of the company's stock, valued at $5,151,217.50. The trade was a 19.76% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 6.90% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

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

Texas Pacific Land Trading Up 4.0%

NYSE TPL opened at $384.52 on Friday. Texas Pacific Land Corporation has a 1-year low of $269.23 and a 1-year high of $547.20. The company has a 50 day moving average of $388.01 and a 200-day moving average of $422.90. The firm has a market cap of $26.52 billion, a price-to-earnings ratio of 49.00 and a beta of 0.60.

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

Texas Pacific Land Dividend Announcement

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