Watchman Group Inc. Boosts Stock Holdings in Texas Pacific Land Corporation $TPL

Key Points

• Watchman Group Inc. massively increased its stake in Texas Pacific Land during the fourth quarter, boosting holdings by 3,079.3% to 8,584 shares valued at about $2.47 million.
• Texas Pacific Land reported strong quarterly results, with earnings of $2.07 per share beating estimates and revenue of $236.8 million slightly topping forecasts.
• The company declared a quarterly dividend of $0.60 per share, and analysts currently have a consensus Moderate Buy rating with an average price target of $639.

Watchman Group Inc. grew its position in shares of Texas Pacific Land Corporation (NYSE:TPL - Free Report) by 3,079.3% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 8,584 shares of the financial services provider's stock after buying an additional 8,314 shares during the quarter. Watchman Group Inc.'s holdings in Texas Pacific Land were worth $2,465,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors have also recently made changes to their positions in TPL. MassMutual Private Wealth & Trust FSB grew its holdings in shares of Texas Pacific Land by 363.2% during the fourth quarter. MassMutual Private Wealth & Trust FSB now owns 88 shares of the financial services provider's stock valued at $25,000 after buying an additional 69 shares during the last quarter. Quarry LP purchased a new stake in shares of Texas Pacific Land during the third quarter valued at approximately $29,000. Eagle Bay Advisors LLC purchased a new stake in shares of Texas Pacific Land during the fourth quarter valued at approximately $31,000. Silicon Valley Capital Partners purchased a new stake in shares of Texas Pacific Land during the third quarter valued at approximately $33,000. Finally, Triumph Capital Management purchased a new stake in shares of Texas Pacific Land during the third quarter valued at approximately $36,000. Hedge funds and other institutional investors own 59.94% of the company's stock.

Insider Transactions at Texas Pacific Land

In other news, Director Donna E. Epps purchased 895 shares of the company's stock in a transaction that occurred on Wednesday, February 25th. The stock was purchased at an average cost of $510.45 per share, with a total value of $456,852.75. Following the purchase, the director owned 2,921 shares in the company, valued at approximately $1,491,024.45. This trade represents a 44.18% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CAO Stephanie Buffington sold 1,608 shares of Texas Pacific Land stock in a transaction dated Tuesday, February 24th. The stock was sold at an average price of $503.00, for a total transaction of $808,824.00. Following the transaction, the chief accounting officer directly owned 2,133 shares of the company's stock, valued at approximately $1,072,899. This represents a 42.98% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 6.90% of the stock is currently owned by insiders.

Texas Pacific Land Price Performance

Shares of TPL stock opened at $386.78 on Tuesday. The company has a market capitalization of $26.68 billion, a price-to-earnings ratio of 52.98 and a beta of 0.66. Texas Pacific Land Corporation has a one year low of $269.23 and a one year high of $547.20. The company's fifty day moving average price is $457.63 and its 200-day moving average price is $385.11.

Texas Pacific Land (NYSE:TPL - Get Free Report) last released its quarterly earnings results on Wednesday, May 6th. The financial services provider reported $2.07 earnings per share 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 company had revenue of $236.80 million for the quarter, compared to analyst estimates of $233.00 million. Equities research analysts expect that Texas Pacific Land Corporation will post 9.27 earnings per share for the current fiscal year.

Texas Pacific Land Announces Dividend

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

Analyst Upgrades and Downgrades

A number of research analysts recently weighed in on the stock. Wall Street Zen upgraded shares of Texas Pacific Land from a "sell" rating to a "hold" rating in a research report on Sunday, March 15th. KeyCorp increased their price target on shares of Texas Pacific Land from $350.00 to $639.00 and gave the stock an "overweight" rating in a research report on Monday, February 23rd. Weiss Ratings upgraded shares of Texas Pacific Land from a "hold (c)" rating to a "hold (c+)" rating in a research report on Friday, May 1st. Finally, Zacks Research upgraded shares of Texas Pacific Land from a "hold" rating to a "strong-buy" rating in a research report on Thursday, April 16th. One equities research analyst has rated the stock with a Strong Buy rating, one has given a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, Texas Pacific Land presently has a consensus rating of "Moderate Buy" and an average target price of $639.00.

About Texas Pacific Land

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.

Want to see what other hedge funds are holding TPL? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Texas Pacific Land Corporation (NYSE:TPL - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.