Texas Pacific Land Corporation $TPL Shares Purchased by Pictet Asset Management Holding SA

Pictet Asset Management Holding SA boosted its position in Texas Pacific Land Corporation (NYSE:TPL) by 201.0% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 24,546 shares of the financial services provider’s stock after acquiring an additional 16,392 shares during the quarter. Pictet Asset Management Holding SA’s holdings in Texas Pacific Land were worth $7,050,000 at the end of the most recent quarter.

Other hedge funds have also recently added to or reduced their stakes in the company. Bar Harbor Wealth Management raised its holdings in Texas Pacific Land by 195.1% in the fourth quarter. Bar Harbor Wealth Management now owns 36,873 shares of the financial services provider’s stock valued at $10,591,000 after acquiring an additional 24,379 shares in the last quarter. Stratos Wealth Partners LTD. raised its holdings in Texas Pacific Land by 212.9% in the fourth quarter. Stratos Wealth Partners LTD. now owns 18,211 shares of the financial services provider’s stock valued at $5,231,000 after acquiring an additional 12,390 shares in the last quarter. Wealth Enhancement Advisory Services LLC raised its holdings in Texas Pacific Land by 187.5% in the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 37,764 shares of the financial services provider’s stock valued at $11,095,000 after acquiring an additional 24,629 shares in the last quarter. Sumitomo Mitsui Trust Group Inc. raised its holdings in Texas Pacific Land by 192.8% in the fourth quarter. Sumitomo Mitsui Trust Group Inc. now owns 133,731 shares of the financial services provider’s stock valued at $38,410,000 after acquiring an additional 88,053 shares in the last quarter. Finally, Nordea Investment Management AB raised its holdings in Texas Pacific Land by 200.6% in the fourth quarter. Nordea Investment Management AB now owns 3,024 shares of the financial services provider’s stock valued at $873,000 after acquiring an additional 2,018 shares in the last quarter. Institutional investors and hedge funds own 59.94% of the company’s stock.

Insiders Place Their Bets

In related news, CAO Stephanie Buffington sold 1,608 shares of Texas Pacific Land stock in a transaction on Tuesday, February 24th. The shares were sold at an average price of $503.00, for a total value of $808,824.00. Following the transaction, the chief accounting officer directly owned 2,133 shares in the company, valued at $1,072,899. This trade represents a 42.98% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Donna E. Epps bought 895 shares of Texas Pacific Land stock in a transaction on Wednesday, February 25th. The stock was acquired at an average cost of $510.45 per share, with a total value of $456,852.75. Following the acquisition, the director owned 2,921 shares of the company’s stock, valued at $1,491,024.45. This trade represents a 44.18% increase in their position. The SEC filing for this purchase provides additional information. Company insiders own 6.90% of the company’s stock.

Texas Pacific Land Stock Up 0.1%

Shares of Texas Pacific Land stock opened at $433.94 on Monday. The firm has a market capitalization of $29.92 billion, a P/E ratio of 62.20 and a beta of 0.67. Texas Pacific Land Corporation has a 52 week low of $269.23 and a 52 week high of $547.20. The firm’s 50 day moving average is $481.54 and its two-hundred day moving average is $378.81.

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

Texas Pacific Land Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, March 16th. Investors of record on Monday, March 2nd were given a $0.60 dividend. This is a positive change from Texas Pacific Land’s previous quarterly dividend of $0.53. The ex-dividend date was Monday, March 2nd. This represents a $2.40 dividend on an annualized basis and a yield of 0.6%. Texas Pacific Land’s payout ratio is 34.38%.

Analysts Set New Price Targets

Several equities analysts have commented on TPL shares. Wall Street Zen upgraded shares of Texas Pacific Land from a “sell” rating to a “hold” rating in a research note on Sunday, March 15th. Zacks Research upgraded shares of Texas Pacific Land from a “hold” rating to a “strong-buy” rating in a research note on Thursday, April 16th. KeyCorp increased their price target on shares of Texas Pacific Land from $350.00 to $639.00 and gave the company an “overweight” rating in a research note on Monday, February 23rd. Finally, Weiss Ratings upgraded shares of Texas Pacific Land from a “hold (c)” rating to a “hold (c+)” rating in a research note on Friday. One investment 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 issued a Sell rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target 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.