Gabelli Funds LLC Buys 5,800 Shares of Texas Pacific Land Corporation $TPL

Gabelli Funds LLC boosted its stake in shares of Texas Pacific Land Corporation (NYSE:TPL) by 200.0% in the 4th quarter, according to the company in its most recent disclosure with the SEC. The firm owned 8,700 shares of the financial services provider’s stock after buying an additional 5,800 shares during the quarter. Gabelli Funds LLC’s holdings in Texas Pacific Land were worth $2,499,000 as of its most recent SEC filing.

Several other institutional investors also recently added to or reduced their stakes in the stock. Vanguard Group Inc. grew its position in Texas Pacific Land by 192.8% during the fourth quarter. Vanguard Group Inc. now owns 7,556,966 shares of the financial services provider’s stock valued at $2,170,512,000 after buying an additional 4,975,738 shares during the period. State Street Corp grew its position in Texas Pacific Land by 1.9% during the third quarter. State Street Corp now owns 1,169,299 shares of the financial services provider’s stock valued at $1,091,704,000 after buying an additional 22,296 shares during the period. Schwartz Investment Counsel Inc. grew its position in Texas Pacific Land by 209.7% during the fourth quarter. Schwartz Investment Counsel Inc. now owns 475,104 shares of the financial services provider’s stock valued at $136,459,000 after buying an additional 321,683 shares during the period. UBS Group AG grew its position in Texas Pacific Land by 232.4% during the fourth quarter. UBS Group AG now owns 456,034 shares of the financial services provider’s stock valued at $130,982,000 after buying an additional 318,842 shares during the period. Finally, Invesco Ltd. grew its position in Texas Pacific Land by 3.4% during the third quarter. Invesco Ltd. now owns 283,910 shares of the financial services provider’s stock valued at $265,070,000 after buying an additional 9,389 shares during the period. 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 stock in a transaction dated Wednesday, February 25th. The shares were purchased at an average cost of $510.45 per share, with a total value of $456,852.75. Following the completion of the acquisition, the director owned 2,921 shares in the company, valued at $1,491,024.45. This represents a 44.18% increase in their position. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CAO Stephanie Buffington sold 1,608 shares of the 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 completion of the sale, the chief accounting officer directly owned 2,133 shares in the company, valued at approximately $1,072,899. The trade was a 42.98% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Corporate insiders own 6.90% of the company’s stock.

Analyst Ratings Changes

TPL has been the topic of several recent research reports. Weiss Ratings raised shares of Texas Pacific Land from a “hold (c)” rating to a “hold (c+)” rating in a report on Friday, May 1st. Wall Street Zen raised shares of Texas Pacific Land from a “sell” rating to a “hold” rating in a report on Sunday, March 15th. Zacks Research raised shares of Texas Pacific Land from a “hold” rating to a “strong-buy” rating in a report on Thursday, April 16th. Finally, KeyCorp upped their price objective on shares of Texas Pacific Land from $350.00 to $639.00 and gave the company an “overweight” rating in a report on Monday, February 23rd. One research analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating, one has issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, Texas Pacific Land presently has a consensus rating of “Moderate Buy” and a consensus price target of $639.00.

Texas Pacific Land Stock Down 1.2%

NYSE TPL opened at $397.60 on Friday. The company has a market cap of $27.42 billion, a PE ratio of 54.47 and a beta of 0.66. 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 simple moving average is $449.80 and its two-hundred day simple moving average is $386.95.

Texas Pacific Land (NYSE:TPL) last announced 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 net margin of 60.03% and a return on equity of 35.52%. The firm had revenue of $236.80 million for the quarter, compared to the consensus estimate of $233.00 million. As a group, equities research analysts anticipate that Texas Pacific Land Corporation will post 9.27 EPS for the current year.

Texas Pacific Land Dividend Announcement

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

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.