Texas Pacific Land Corporation $TPL Shares Bought by Pacific Heights Asset Management LLC

Pacific Heights Asset Management LLC grew its holdings in Texas Pacific Land Corporation (NYSE:TPL) by 235.1% during the fourth quarter, HoldingsChannel reports. The firm owned 620,000 shares of the financial services provider’s stock after acquiring an additional 435,000 shares during the period. Texas Pacific Land comprises about 6.7% of Pacific Heights Asset Management LLC’s investment portfolio, making the stock its 2nd biggest holding. Pacific Heights Asset Management LLC’s holdings in Texas Pacific Land were worth $178,076,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in TPL. MassMutual Private Wealth & Trust FSB increased its stake in shares of Texas Pacific Land by 363.2% in 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 during the last quarter. Quarry LP acquired a new position in shares of Texas Pacific Land during the 3rd quarter valued at about $29,000. Eagle Bay Advisors LLC purchased a new stake in shares of Texas Pacific Land in the fourth quarter valued at about $31,000. Silicon Valley Capital Partners purchased a new stake in shares of Texas Pacific Land in the 3rd quarter valued at approximately $33,000. Finally, Triumph Capital Management acquired a new stake in shares of Texas Pacific Land during the 3rd quarter worth approximately $36,000. Institutional investors and hedge funds own 59.94% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms recently commented on TPL. Zacks Research upgraded Texas Pacific Land from a “hold” rating to a “strong-buy” rating in a report on Thursday, April 16th. Weiss Ratings raised 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 research report on Sunday, March 15th. Finally, KeyCorp increased their price target on Texas Pacific Land from $350.00 to $639.00 and gave the stock an “overweight” rating in a report on Monday, February 23rd. One investment 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, the company has a consensus rating of “Moderate Buy” and a consensus price target of $639.00.

Texas Pacific Land Stock Performance

Texas Pacific Land stock opened at $385.55 on Monday. The company’s 50 day simple moving average is $460.34 and its 200-day simple moving average is $384.54. Texas Pacific Land Corporation has a 1 year low of $269.23 and a 1 year high of $547.20. The company has a market capitalization of $26.59 billion, a price-to-earnings ratio of 52.82 and a beta of 0.66.

Texas Pacific Land (NYSE:TPL) last posted its quarterly earnings data on Wednesday, May 6th. The financial services provider reported $2.07 earnings per share for the quarter, topping 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 firm had revenue of $236.80 million during the quarter, compared to analysts’ expectations of $233.00 million. Equities analysts expect that Texas Pacific Land Corporation will post 9.27 earnings per share for the current year.

Texas Pacific Land Dividend Announcement

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 given a dividend of $0.60 per share. This represents a $2.40 annualized dividend 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%.

Insiders Place Their Bets

In other news, Director Donna E. Epps acquired 895 shares of the business’s stock in a transaction that occurred on Wednesday, February 25th. The shares were purchased at an average price of $510.45 per share, for a total transaction of $456,852.75. Following the acquisition, the director owned 2,921 shares of the company’s stock, valued at $1,491,024.45. This represents a 44.18% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CAO Stephanie Buffington sold 1,608 shares of the 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 transaction, the chief accounting officer directly owned 2,133 shares in the company, valued at approximately $1,072,899. The trade was a 42.98% decrease in their position. The disclosure for this sale is available in the SEC filing. 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.