Hosking Partners LLP Raises Holdings in Texas Pacific Land Corporation $TPL

Hosking Partners LLP lifted its holdings in shares of Texas Pacific Land Corporation (NYSE:TPL) by 239.1% in the fourth quarter, HoldingsChannel reports. The firm owned 37,470 shares of the financial services provider’s stock after acquiring an additional 26,419 shares during the period. Hosking Partners LLP’s holdings in Texas Pacific Land were worth $10,762,000 at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. Quarry LP purchased a new position in shares of Texas Pacific Land during the 3rd quarter worth approximately $29,000. CX Institutional purchased a new position in shares of Texas Pacific Land during the 3rd quarter worth approximately $30,000. Silicon Valley Capital Partners purchased a new stake in Texas Pacific Land during the 3rd quarter worth about $33,000. Triumph Capital Management purchased a new stake in Texas Pacific Land during the 3rd quarter worth about $36,000. Finally, Versant Capital Management Inc increased its position in Texas Pacific Land by 75.0% during the 3rd quarter. Versant Capital Management Inc now owns 42 shares of the financial services provider’s stock worth $39,000 after purchasing an additional 18 shares in the last quarter. 59.94% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other Texas Pacific Land news, CAO Stephanie Buffington sold 1,608 shares of Texas Pacific Land stock in a transaction dated 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 $1,072,899. The trade was a 42.98% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Donna E. Epps purchased 895 shares of the stock in a transaction on Wednesday, February 25th. The stock was acquired at an average price of $510.45 per share, with a total value of $456,852.75. Following the acquisition, the director directly owned 2,921 shares in the company, valued at $1,491,024.45. This trade represents a 44.18% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. 6.90% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

A number of analysts recently commented on TPL shares. Zacks Research upgraded Texas Pacific Land from a “hold” rating to a “strong-buy” rating in a research report on Thursday, April 16th. KeyCorp lifted their price objective on Texas Pacific Land from $350.00 to $639.00 and gave the stock an “overweight” rating in a research report on Monday, February 23rd. Weiss Ratings upgraded Texas Pacific Land from a “hold (c)” rating to a “hold (c+)” rating in a research report on Friday, May 1st. Finally, Wall Street Zen upgraded Texas Pacific Land from a “sell” rating to a “hold” rating in a research report on Sunday, March 15th. One equities research 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 assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $639.00.

Texas Pacific Land Stock Performance

TPL stock opened at $394.49 on Monday. The stock has a market capitalization of $27.21 billion, a P/E ratio of 54.04 and a beta of 0.66. Texas Pacific Land Corporation has a one year low of $269.23 and a one year high of $547.20. The company has a 50 day moving average price of $475.88 and a two-hundred day moving average price of $381.04.

Texas Pacific Land (NYSE:TPL) last released its earnings results on Wednesday, May 6th. The financial services provider reported $2.07 EPS for the quarter, topping the consensus estimate of $2.03 by $0.04. The firm had revenue of $236.80 million during the quarter, compared to analysts’ expectations of $233.00 million. Texas Pacific Land had a net margin of 60.03% and a return on equity of 35.52%. Research analysts forecast that Texas Pacific Land Corporation will post 9.27 earnings per share for the current fiscal year.

Texas Pacific Land Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, June 15th. Shareholders of record on Monday, June 1st will be issued a $0.60 dividend. The ex-dividend date is Monday, June 1st. This represents a $2.40 annualized dividend and a yield of 0.6%. 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.