X Square Capital LLC Purchases 3,109 Shares of Texas Pacific Land Corporation $TPL

Key Points

• X Square Capital LLC increased its Texas Pacific Land stake by 208.2% in the fourth quarter, buying 3,109 more shares to bring its total to 4,602 shares valued at about $1.32 million.
• Institutional interest in TPL remains high, with firms like Vanguard and Geode also sharply boosting holdings; overall, 59.94% of the stock is owned by institutional investors.
• Texas Pacific Land reported solid quarterly results, with EPS of $2.07 beating estimates and revenue of $236.8 million, while the company also announced a $0.60 quarterly dividend payable June 15.

X Square Capital LLC boosted its position in shares of Texas Pacific Land Corporation (NYSE:TPL - Free Report) by 208.2% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 4,602 shares of the financial services provider's stock after buying an additional 3,109 shares during the period. X Square Capital LLC's holdings in Texas Pacific Land were worth $1,322,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in TPL. Vanguard Group Inc. lifted its stake in shares of Texas Pacific Land by 192.8% in the 4th quarter. Vanguard Group Inc. now owns 7,556,966 shares of the financial services provider's stock valued at $2,170,512,000 after purchasing an additional 4,975,738 shares during the last quarter. Geode Capital Management LLC lifted its stake in shares of 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 purchasing an additional 1,179,788 shares during the last quarter. State Street Corp lifted its stake in shares of Texas Pacific Land by 1.9% in the 3rd quarter. State Street Corp now owns 1,169,299 shares of the financial services provider's stock valued at $1,091,704,000 after purchasing an additional 22,296 shares during the last quarter. Pacific Heights Asset Management LLC lifted its stake in shares of Texas Pacific Land by 235.1% in the 4th quarter. Pacific Heights Asset Management LLC now owns 620,000 shares of the financial services provider's stock valued at $178,076,000 after purchasing an additional 435,000 shares during the last quarter. Finally, Schwartz Investment Counsel Inc. lifted its stake in shares of Texas Pacific Land by 209.7% in the 4th quarter. Schwartz Investment Counsel Inc. now owns 475,104 shares of the financial services provider's stock valued at $136,459,000 after purchasing an additional 321,683 shares during the last quarter. 59.94% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several equities research analysts have recently issued reports on the company. KeyCorp raised their price objective on Texas Pacific Land from $350.00 to $639.00 and gave the company an "overweight" rating in a research note on Monday, February 23rd. Zacks Research lowered Texas Pacific Land from a "strong-buy" rating to a "hold" rating in a research note on Monday, June 1st. Wall Street Zen raised Texas Pacific Land from a "sell" rating to a "hold" rating in a research note on Sunday, March 15th. Finally, Weiss Ratings raised Texas Pacific Land from a "hold (c)" rating to a "hold (c+)" rating in a research note on Friday, May 1st. One 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. According to data from MarketBeat.com, the company presently has an average rating of "Hold" and an average price target of $639.00.

Texas Pacific Land Stock Performance

Shares of TPL stock opened at $397.28 on Tuesday. Texas Pacific Land Corporation has a 52-week low of $269.23 and a 52-week high of $547.20. The firm has a market capitalization of $27.40 billion, a P/E ratio of 54.42 and a beta of 0.61. The stock has a 50 day moving average price of $417.86 and a 200 day moving average price of $393.07.

Texas Pacific Land (NYSE:TPL - Get Free Report) last issued its quarterly earnings results on Wednesday, May 6th. The financial services provider reported $2.07 earnings per share (EPS) for the quarter, topping analysts' consensus estimates 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 firm had revenue of $236.80 million during the quarter, compared to analyst estimates of $233.00 million. As a group, sell-side analysts forecast that Texas Pacific Land Corporation will post 8.88 EPS for the current year.

Texas Pacific Land Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, June 15th. Shareholders of record on Monday, June 1st will be issued a dividend of $0.60 per share. This represents a $2.40 annualized dividend and a yield of 0.6%. The ex-dividend date is Monday, June 1st. Texas Pacific Land's dividend payout ratio (DPR) is presently 32.88%.

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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