Texas Pacific Land Corporation $TPL Shares Acquired by State of Michigan Retirement System

State of Michigan Retirement System increased its position in shares of Texas Pacific Land Corporation (NYSE:TPL) by 204.6% in the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 19,800 shares of the financial services provider’s stock after purchasing an additional 13,300 shares during the period. State of Michigan Retirement System’s holdings in Texas Pacific Land were worth $5,687,000 as of its most recent SEC filing.

A number of other hedge funds have also recently added to or reduced their stakes in TPL. UBS Group AG boosted its holdings in Texas Pacific Land by 232.4% in the 4th quarter. UBS Group AG now owns 456,034 shares of the financial services provider’s stock valued at $130,982,000 after purchasing an additional 318,842 shares in the last quarter. J. Team Financial Inc. increased its position in Texas Pacific Land by 144.5% during the 4th quarter. J. Team Financial Inc. now owns 2,599 shares of the financial services provider’s stock worth $759,000 after purchasing an additional 1,536 shares during the period. Quent Capital LLC raised its stake in shares of Texas Pacific Land by 4,321.6% during the 4th quarter. Quent Capital LLC now owns 15,785 shares of the financial services provider’s stock worth $4,534,000 after buying an additional 15,428 shares in the last quarter. Teachers Retirement System of The State of Kentucky raised its stake in shares of Texas Pacific Land by 200.0% during the 4th quarter. Teachers Retirement System of The State of Kentucky now owns 4,365 shares of the financial services provider’s stock worth $1,253,000 after buying an additional 2,910 shares in the last quarter. Finally, Vanguard Group Inc. lifted its holdings in shares of Texas Pacific Land by 192.8% in 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 buying an additional 4,975,738 shares during the period. Institutional investors and hedge funds own 59.94% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts recently weighed in on TPL shares. Wall Street Zen upgraded Texas Pacific Land from a “sell” rating to a “hold” rating in a research note on Sunday, March 15th. Zacks Research raised Texas Pacific Land from a “hold” rating to a “strong-buy” rating in a report on Thursday, April 16th. Weiss Ratings restated a “hold (c)” rating on shares of Texas Pacific Land in a research report on Friday, March 27th. Finally, KeyCorp increased their price target 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 analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, Texas Pacific Land presently has a consensus rating of “Moderate Buy” and an average target price of $639.00.

Texas Pacific Land Stock Performance

Shares of TPL stock opened at $438.83 on Thursday. The stock has a fifty day moving average price of $482.39 and a 200 day moving average price of $377.26. The stock has a market cap of $30.25 billion, a PE ratio of 62.90 and a beta of 0.76. Texas Pacific Land Corporation has a 1 year low of $269.23 and a 1 year high of $547.20.

Texas Pacific Land (NYSE:TPL) last posted its earnings results on Wednesday, February 18th. The financial services provider reported $1.79 earnings per share for the quarter, beating the consensus estimate of $1.73 by $0.06. The company had revenue of $211.60 million for the quarter, compared to analyst estimates of $204.00 million. Texas Pacific Land had a return on equity of 36.18% and a net margin of 60.31%. As a group, equities research analysts predict that Texas Pacific Land Corporation will post 9.27 earnings per share for the current year.

Texas Pacific Land Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, March 16th. Shareholders of record on Monday, March 2nd were issued a dividend of $0.60 per share. This is an increase from Texas Pacific Land’s previous quarterly dividend of $0.53. The ex-dividend date was Monday, March 2nd. This represents a $2.40 annualized dividend and a yield of 0.5%. Texas Pacific Land’s payout ratio is 34.38%.

Insider Activity

In other Texas Pacific Land news, Director Donna E. Epps bought 895 shares of the business’s stock in a transaction on Wednesday, February 25th. The stock was bought at an average price of $510.45 per share, for a total transaction of $456,852.75. Following the completion of the transaction, the director owned 2,921 shares in the company, valued at approximately $1,491,024.45. The trade was a 44.18% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CAO Stephanie Buffington sold 1,608 shares of the company’s stock in a transaction dated Tuesday, February 24th. The shares were 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 $1,072,899. This trade represents a 42.98% decrease in their position. The SEC filing for this sale provides additional information. Company insiders own 6.90% of the company’s stock.

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.