Aventail Capital Group LP Invests $5.41 Million in Texas Pacific Land Corporation $TPL

Aventail Capital Group LP bought a new stake in shares of Texas Pacific Land Corporation (NYSE:TPL) during the 4th quarter, HoldingsChannel.com reports. The firm bought 18,820 shares of the financial services provider’s stock, valued at approximately $5,405,000.

Several other institutional investors have also made changes to their positions in TPL. Horizon Kinetics Asset Management LLC boosted its position in shares of Texas Pacific Land by 194.9% during the 4th quarter. Horizon Kinetics Asset Management LLC now owns 10,333,762 shares of the financial services provider’s stock valued at $2,968,063,000 after acquiring an additional 6,829,070 shares in the last quarter. Vanguard Group Inc. boosted its position in shares of Texas Pacific Land by 192.8% during 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 acquiring an additional 4,975,738 shares in the last quarter. State Street Corp boosted its position in shares of Texas Pacific Land by 206.8% during the 4th quarter. State Street Corp now owns 3,587,004 shares of the financial services provider’s stock valued at $1,030,259,000 after acquiring an additional 2,417,705 shares in the last quarter. Geode Capital Management LLC boosted its position in shares of Texas Pacific Land by 203.7% during 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 acquiring an additional 1,179,788 shares in the last quarter. Finally, SoftVest Advisors LLC boosted its position in shares of Texas Pacific Land by 200.0% during the 4th quarter. SoftVest Advisors LLC now owns 1,180,800 shares of the financial services provider’s stock valued at $339,149,000 after acquiring an additional 787,200 shares in the last quarter. 59.94% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In other news, CFO Chris Steddum sold 3,170 shares of the company’s stock in a transaction that occurred on Friday, June 5th. The shares were sold at an average price of $400.25, for a total transaction of $1,268,792.50. Following the transaction, the chief financial officer directly owned 12,870 shares in the company, valued at approximately $5,151,217.50. This represents a 19.76% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 6.90% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

TPL has been the topic of several recent research reports. Weiss Ratings upgraded shares of Texas Pacific Land from a “hold (c)” rating to a “hold (c+)” rating in a research report on Friday, May 1st. Wall Street Zen upgraded shares of Texas Pacific Land from a “sell” rating to a “hold” rating in a research report on Sunday, March 15th. KeyCorp lifted their target price on shares of Texas Pacific Land from $350.00 to $639.00 and gave the company an “overweight” rating in a research report on Monday, February 23rd. Finally, Zacks Research lowered shares of Texas Pacific Land from a “strong-buy” rating to a “hold” rating in a research report on Monday, June 1st. One equities research analyst has rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $639.00.

Texas Pacific Land Stock Down 0.4%

NYSE:TPL opened at $354.75 on Thursday. The firm has a market cap of $24.47 billion, a PE ratio of 48.60 and a beta of 0.61. Texas Pacific Land Corporation has a 12 month low of $269.23 and a 12 month high of $547.20. The company’s 50-day moving average price is $404.86 and its two-hundred day moving average price is $396.79.

Texas Pacific Land (NYSE:TPL) last released its quarterly earnings results on Wednesday, May 6th. The financial services provider reported $2.07 EPS for the quarter, beating analysts’ consensus estimates of $2.03 by $0.04. The firm had revenue of $236.80 million for the quarter, compared to analyst estimates of $233.00 million. Texas Pacific Land had a net margin of 60.03% and a return on equity of 35.52%. On average, research analysts expect that Texas Pacific Land Corporation will post 8.88 EPS for the current fiscal year.

Texas Pacific Land Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, June 15th. Shareholders of record on Monday, June 1st were given a $0.60 dividend. The ex-dividend date was Monday, June 1st. This represents a $2.40 dividend on an annualized basis and a yield of 0.7%. Texas Pacific Land’s payout ratio is 32.88%.

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.