Zurcher Kantonalbank Zurich Cantonalbank Has $4.02 Million Stake in Texas Pacific Land Corporation $TPL

Key Points

• Zurcher Kantonalbank increased its stake in Texas Pacific Land by 193.3% in Q4, adding 9,215 shares to hold 13,983 shares valued at about $4.02 million per its SEC filing.
• Analysts have turned more positive on TPL — KeyCorp raised its price target from $350 to $639 with an "overweight" rating, and MarketBeat's consensus is a "Moderate Buy" with an average target of $639.
• Texas Pacific Land beat Q4 estimates with EPS $1.79 (vs. $1.73) and $211.6M revenue, and increased its quarterly dividend to $0.60 (annualized $2.40, ~0.5% yield).

Zurcher Kantonalbank Zurich Cantonalbank increased its stake in shares of Texas Pacific Land Corporation (NYSE:TPL - Free Report) by 193.3% during the fourth quarter, according to the company in its most recent filing with the SEC. The fund owned 13,983 shares of the financial services provider's stock after acquiring an additional 9,215 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank's holdings in Texas Pacific Land were worth $4,016,000 as of its most recent filing with the SEC.

A number of other hedge funds have also made changes to their positions in TPL. MassMutual Private Wealth & Trust FSB increased its holdings in shares of Texas Pacific Land by 363.2% during the 4th quarter. MassMutual Private Wealth & Trust FSB now owns 88 shares of the financial services provider's stock valued at $25,000 after acquiring an additional 69 shares during the last quarter. Quarry LP acquired a new position in shares of Texas Pacific Land during the 3rd quarter valued at about $29,000. CX Institutional acquired a new position in shares of Texas Pacific Land during the 3rd quarter valued at about $30,000. Eagle Bay Advisors LLC acquired a new position in shares of Texas Pacific Land during the 4th quarter valued at about $31,000. Finally, Silicon Valley Capital Partners acquired a new position in shares of Texas Pacific Land during the 3rd quarter valued at about $33,000. Institutional investors and hedge funds own 59.94% of the company's stock.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on TPL shares. KeyCorp increased their price objective on Texas Pacific Land from $350.00 to $639.00 and gave the company an "overweight" rating in a report on Monday, February 23rd. Weiss Ratings reaffirmed a "hold (c)" rating on shares of Texas Pacific Land in a report on Friday, March 27th. Zacks Research raised Texas Pacific Land from a "hold" rating to a "strong-buy" rating in a report on Thursday, April 16th. Finally, Wall Street Zen raised Texas Pacific Land from a "sell" rating to a "hold" rating in a report on Sunday, March 15th. One 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 given a Sell rating to the company's stock. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target of $639.00.

Insider Buying and Selling

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

Texas Pacific Land Stock Down 0.1%

TPL opened at $438.78 on Friday. The firm has a market capitalization of $30.25 billion, a P/E ratio of 62.89 and a beta of 0.76. The stock's 50 day moving average price is $482.20 and its two-hundred day moving average price is $374.52. Texas Pacific Land Corporation has a 12-month low of $269.23 and a 12-month high of $547.20.

Texas Pacific Land (NYSE:TPL - Get Free Report) last released its earnings results on Wednesday, February 18th. The financial services provider reported $1.79 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.73 by $0.06. The firm had revenue of $211.60 million for the quarter, compared to analyst estimates of $204.00 million. Texas Pacific Land had a return on equity of 36.18% and a net margin of 60.31%. As a group, analysts anticipate that Texas Pacific Land Corporation will post 9.27 earnings per share for the current year.

Texas Pacific Land Increases Dividend

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

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.

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.