Wealthfront Advisers LLC Buys 17,514 Shares of Texas Pacific Land Corporation $TPL

Key Points

• Wealthfront Advisers LLC increased its stake in Texas Pacific Land by 187.9% in Q4, buying 17,514 shares to hold 26,833 shares worth about $7.71 million.
• Analysts have become more positive on TPL—KeyCorp raised its price target to $639 with an "overweight" rating, and the consensus target is $639 with an average rating of "Moderate Buy."
• TPL beat quarterly estimates (EPS $1.79 vs. $1.73, revenue $211.6M vs. $204M), raised its quarterly dividend to $0.60 (annualized $2.40, yield ~0.5%), and shows strong profitability (ROE ~36%, net margin ~60%).

Wealthfront Advisers LLC grew its stake in Texas Pacific Land Corporation (NYSE:TPL - Free Report) by 187.9% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 26,833 shares of the financial services provider's stock after purchasing an additional 17,514 shares during the period. Wealthfront Advisers LLC's holdings in Texas Pacific Land were worth $7,707,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors also recently modified their holdings of the stock. EverSource Wealth Advisors LLC lifted its holdings in 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 worth $72,000 after buying an additional 12 shares in the last quarter. Citizens Financial Group Inc. RI lifted its holdings in Texas Pacific Land by 1.7% during the 3rd quarter. Citizens Financial Group Inc. RI now owns 704 shares of the financial services provider's stock worth $657,000 after buying an additional 12 shares in the last quarter. PFG Investments LLC lifted its holdings in Texas Pacific Land by 3.6% during the 3rd quarter. PFG Investments LLC now owns 373 shares of the financial services provider's stock worth $348,000 after buying an additional 13 shares in the last quarter. Truist Financial Corp lifted its holdings in Texas Pacific Land by 0.6% during the 3rd quarter. Truist Financial Corp now owns 2,195 shares of the financial services provider's stock worth $2,050,000 after buying an additional 14 shares in the last quarter. Finally, Jones Financial Companies Lllp lifted its holdings in Texas Pacific Land by 9.1% during the 3rd quarter. Jones Financial Companies Lllp now owns 168 shares of the financial services provider's stock worth $160,000 after buying an additional 14 shares in the last quarter. 59.94% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

TPL has been the topic of several research reports. KeyCorp upped their price objective on Texas Pacific Land from $350.00 to $639.00 and gave the stock an "overweight" rating in a report on Monday, February 23rd. Weiss Ratings reiterated a "hold (c)" rating on shares of Texas Pacific Land in a report on Friday, March 27th. Zacks Research upgraded Texas Pacific Land from a "hold" rating to a "strong-buy" rating in a report on Thursday, April 16th. Finally, Wall Street Zen upgraded Texas Pacific Land from a "sell" rating to a "hold" rating in a report on Sunday, March 15th. One equities research analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $639.00.

Texas Pacific Land Price Performance

Shares of NYSE TPL opened at $438.83 on Thursday. The stock has a market capitalization of $30.25 billion, a price-to-earnings ratio of 62.90 and a beta of 0.76. The business has a 50-day moving average of $482.39 and a 200-day moving average of $377.26. Texas Pacific Land Corporation has a fifty-two week low of $269.23 and a fifty-two week high of $547.20.

Texas Pacific Land (NYSE:TPL - Get Free Report) last announced its quarterly earnings data on Wednesday, February 18th. The financial services provider reported $1.79 earnings per share for the quarter, beating the consensus estimate of $1.73 by $0.06. The company had revenue of $211.60 million during the quarter, compared to analysts' expectations of $204.00 million. Texas Pacific Land had a return on equity of 36.18% and a net margin of 60.31%. On average, sell-side analysts expect that Texas Pacific Land Corporation will post 9.27 EPS for the current year.

Texas Pacific Land Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, March 16th. Stockholders of record on Monday, March 2nd were issued a $0.60 dividend. This represents a $2.40 annualized dividend and a dividend yield of 0.5%. The ex-dividend date was Monday, March 2nd. This is a positive change from Texas Pacific Land's previous quarterly dividend of $0.53. Texas Pacific Land's dividend payout ratio is 34.38%.

Insider Activity

In related news, Director Donna E. Epps acquired 895 shares of the firm's stock in a transaction dated Wednesday, February 25th. The stock was bought at an average price of $510.45 per share, for a total transaction of $456,852.75. Following the acquisition, the director directly owned 2,921 shares of the company's stock, valued at approximately $1,491,024.45. The trade was a 44.18% increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CAO Stephanie Buffington sold 1,608 shares of the firm's stock in a transaction dated Tuesday, February 24th. The shares were sold at an average price of $503.00, for a total value of $808,824.00. Following the completion of the transaction, the chief accounting officer owned 2,133 shares of the company's stock, valued at $1,072,899. The trade was a 42.98% decrease in their position. The disclosure for this sale is available in the SEC filing. 6.90% of the stock is owned by company insiders.

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.

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