Texas Pacific Land Corporation $TPL Shares Bought by Ethic Inc.

Ethic Inc. lifted its holdings in Texas Pacific Land Corporation (NYSE:TPL) by 204.9% during the fourth quarter, HoldingsChannel reports. The institutional investor owned 6,469 shares of the financial services provider’s stock after purchasing an additional 4,347 shares during the period. Ethic Inc.’s holdings in Texas Pacific Land were worth $1,858,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also modified their holdings of TPL. Vanguard Group Inc. raised its stake in Texas Pacific Land by 192.8% during the fourth quarter. Vanguard Group Inc. now owns 7,556,966 shares of the financial services provider’s stock worth $2,170,512,000 after acquiring an additional 4,975,738 shares during the period. State Street Corp boosted its stake in Texas Pacific Land by 1.9% in the third quarter. State Street Corp now owns 1,169,299 shares of the financial services provider’s stock valued at $1,091,704,000 after acquiring an additional 22,296 shares during the period. UBS Group AG boosted its stake in Texas Pacific Land by 232.4% in the fourth quarter. UBS Group AG now owns 456,034 shares of the financial services provider’s stock valued at $130,982,000 after acquiring an additional 318,842 shares during the period. Invesco Ltd. grew its holdings in shares of Texas Pacific Land by 3.4% during the third quarter. Invesco Ltd. now owns 283,910 shares of the financial services provider’s stock valued at $265,070,000 after purchasing an additional 9,389 shares during the last quarter. Finally, York GP Ltd. grew its holdings in shares of Texas Pacific Land by 195.1% during the fourth quarter. York GP Ltd. now owns 270,600 shares of the financial services provider’s stock valued at $77,722,000 after purchasing an additional 178,900 shares during the last quarter. 59.94% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Texas Pacific Land

In other news, CAO Stephanie Buffington sold 1,608 shares of the firm’s stock in a transaction on Tuesday, February 24th. The stock was 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 of the company’s stock, valued at $1,072,899. This trade represents a 42.98% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Donna E. Epps acquired 895 shares of the business’s stock in a transaction on Wednesday, February 25th. The shares were bought 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 in the company, valued at approximately $1,491,024.45. This trade represents a 44.18% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. Insiders own 6.90% of the company’s stock.

Texas Pacific Land Stock Down 0.4%

Shares of Texas Pacific Land stock opened at $401.13 on Wednesday. The firm has a market cap of $27.67 billion, a price-to-earnings ratio of 54.95 and a beta of 0.66. The business has a fifty day simple moving average of $468.92 and a 200-day simple moving average of $382.93. Texas Pacific Land Corporation has a fifty-two week low of $269.23 and a fifty-two week high of $547.20.

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

Texas Pacific Land Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, June 15th. Stockholders of record on Monday, June 1st will be paid a $0.60 dividend. The ex-dividend date of this dividend is Monday, June 1st. This represents a $2.40 annualized dividend and a dividend yield of 0.6%. Texas Pacific Land’s payout ratio is currently 32.88%.

Analysts Set New Price Targets

Several analysts recently issued reports on the company. Weiss Ratings raised Texas Pacific Land from a “hold (c)” rating to a “hold (c+)” rating in a report on Friday, May 1st. 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 research report on Thursday, April 16th. Finally, KeyCorp raised their target price on Texas Pacific Land from $350.00 to $639.00 and gave the company an “overweight” rating in a research note on Monday, February 23rd. One analyst has rated the stock with a Strong Buy rating, one has given a Buy rating, one has given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, Texas Pacific Land currently has an average rating of “Moderate Buy” and an average price target of $639.00.

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.