Resurgent Financial Advisors LLC Buys 5,380 Shares of Texas Pacific Land Corporation $TPL

Resurgent Financial Advisors LLC lifted its stake in Texas Pacific Land Corporation (NYSE:TPL) by 200.0% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 8,070 shares of the financial services provider’s stock after purchasing an additional 5,380 shares during the period. Texas Pacific Land comprises about 1.2% of Resurgent Financial Advisors LLC’s investment portfolio, making the stock its 16th largest position. Resurgent Financial Advisors LLC’s holdings in Texas Pacific Land were worth $2,318,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also recently made changes to their positions in the company. MassMutual Private Wealth & Trust FSB grew its holdings 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 acquiring an additional 69 shares in the last quarter. IFP Advisors Inc grew its holdings in Texas Pacific Land by 185.3% during the 4th quarter. IFP Advisors Inc now owns 97 shares of the financial services provider’s stock worth $28,000 after acquiring an additional 63 shares in the last quarter. Quarry LP bought a new position in Texas Pacific Land during the 3rd quarter worth about $29,000. Eagle Bay Advisors LLC bought a new position in Texas Pacific Land during the 4th quarter worth about $31,000. Finally, Los Angeles Capital Management LLC bought a new position in Texas Pacific Land during the 4th quarter worth about $31,000. 59.94% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Texas Pacific Land

In other news, CFO Chris Steddum sold 830 shares of the firm’s stock in a transaction dated Monday, June 8th. The shares were sold at an average price of $400.33, for a total value of $332,273.90. Following the sale, the chief financial officer directly owned 12,040 shares in the company, valued at approximately $4,819,973.20. This trade represents a 6.45% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Corporate insiders own 6.90% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts have issued reports on TPL shares. KeyCorp increased their target price on shares of Texas Pacific Land from $350.00 to $639.00 and gave the stock an “overweight” rating in a report on Monday, February 23rd. Wall Street Zen upgraded shares of Texas Pacific Land from a “sell” rating to a “hold” rating in a report on Sunday, March 15th. Weiss Ratings upgraded shares of Texas Pacific Land from a “hold (c)” rating to a “hold (c+)” rating in a report on Friday, May 1st. Finally, Zacks Research cut shares of Texas Pacific Land from a “strong-buy” rating to a “hold” rating in a report on Monday, June 1st. One 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, the stock currently has a consensus rating of “Hold” and a consensus price target of $639.00.

Texas Pacific Land Price Performance

Shares of Texas Pacific Land stock opened at $369.53 on Friday. Texas Pacific Land Corporation has a 1 year low of $269.23 and a 1 year high of $547.20. The stock has a market cap of $25.49 billion, a price-to-earnings ratio of 50.62 and a beta of 0.61. The firm’s 50-day moving average is $411.32 and its two-hundred day moving average is $394.70.

Texas Pacific Land (NYSE:TPL) last released its quarterly earnings results on Wednesday, May 6th. The financial services provider reported $2.07 earnings per share for the quarter, beating 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 business had revenue of $236.80 million for the quarter, compared to analysts’ expectations of $233.00 million. On average, equities analysts expect that Texas Pacific Land Corporation will post 8.88 earnings per share for the current year.

Texas Pacific Land Announces Dividend

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 is Monday, June 1st. Texas Pacific Land’s dividend payout ratio (DPR) is currently 32.88%.

Texas Pacific Land 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.