Groupama Asset Managment Raises Holdings in Texas Pacific Land Corporation $TPL

Groupama Asset Managment raised its stake in shares of Texas Pacific Land Corporation (NYSE:TPL) by 171.4% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 2,247 shares of the financial services provider’s stock after purchasing an additional 1,419 shares during the quarter. Groupama Asset Managment’s holdings in Texas Pacific Land were worth $645,000 at the end of the most recent reporting period.

Several other institutional investors have also recently modified their holdings of the company. MassMutual Private Wealth & Trust FSB raised its position in 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 worth $25,000 after buying an additional 69 shares during the last quarter. Summit Securities Group LLC raised its position in shares of Texas Pacific Land by 171.9% in the fourth quarter. Summit Securities Group LLC now owns 87 shares of the financial services provider’s stock worth $25,000 after acquiring an additional 55 shares during the period. IFP Advisors Inc raised its holdings in Texas Pacific Land by 185.3% in the 4th quarter. IFP Advisors Inc now owns 97 shares of the financial services provider’s stock worth $28,000 after purchasing an additional 63 shares during the period. Quarry LP acquired a new position in shares of Texas Pacific Land during the 3rd quarter worth approximately $29,000. Finally, Eagle Bay Advisors LLC purchased a new position in Texas Pacific Land during the fourth quarter valued at $31,000. 59.94% of the stock is currently owned by hedge funds and other institutional investors.

Texas Pacific Land Stock Performance

Shares of Texas Pacific Land stock opened at $355.05 on Friday. Texas Pacific Land Corporation has a one year low of $269.23 and a one year high of $547.20. The company has a market cap of $24.49 billion, a PE ratio of 48.64 and a beta of 0.61. The business has a 50-day simple moving average of $401.16 and a 200-day simple moving average of $396.96.

Texas Pacific Land (NYSE:TPL) last announced its quarterly earnings data 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 company had revenue of $236.80 million for the quarter, compared to the consensus estimate of $233.00 million. Texas Pacific Land had a net margin of 60.03% and a return on equity of 35.52%. On average, sell-side analysts predict that Texas Pacific Land Corporation will post 8.88 earnings per share for the current fiscal year.

Texas Pacific Land Announces Dividend

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

Analyst Ratings Changes

A number of analysts have recently issued reports on TPL shares. Zacks Research lowered Texas Pacific Land from a “strong-buy” rating to a “hold” rating in a research note on Monday, June 1st. Weiss Ratings raised shares of Texas Pacific Land from a “hold (c)” rating to a “hold (c+)” rating in a research note on Friday, May 1st. Wall Street Zen upgraded Texas Pacific Land from a “sell” rating to a “hold” rating in a report on Sunday, March 15th. Finally, KeyCorp increased their price objective on shares of Texas Pacific Land from $350.00 to $639.00 and gave the stock an “overweight” rating in a research report on Monday, February 23rd. One analyst has rated the stock with a Buy rating, two have given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $639.00.

Insider Activity

In related news, CFO Chris Steddum sold 3,170 shares of the stock in a transaction on Friday, June 5th. The shares were sold at an average price of $400.25, for a total value of $1,268,792.50. Following the transaction, the chief financial officer directly owned 12,870 shares of the company’s stock, valued at $5,151,217.50. This trade represents a 19.76% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 6.90% of the company’s stock.

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.