North Dakota State Investment Board Makes New Investment in Texas Pacific Land Corporation $TPL

North Dakota State Investment Board bought a new position in Texas Pacific Land Corporation (NYSE:TPL) in the fourth quarter, HoldingsChannel reports. The institutional investor bought 1,977 shares of the financial services provider’s stock, valued at approximately $568,000.

A number of other institutional investors and hedge funds have also modified their holdings of the business. Barr E S & Co. increased its holdings in shares of Texas Pacific Land by 200.0% in the 4th quarter. Barr E S & Co. now owns 1,350 shares of the financial services provider’s stock worth $388,000 after purchasing an additional 900 shares in the last quarter. Canada Post Corp Registered Pension Plan increased its holdings in shares of Texas Pacific Land by 296.8% in the 4th quarter. Canada Post Corp Registered Pension Plan now owns 1,230 shares of the financial services provider’s stock worth $353,000 after purchasing an additional 920 shares in the last quarter. Stephens Inc. AR increased its holdings in shares of Texas Pacific Land by 115.2% in the 4th quarter. Stephens Inc. AR now owns 2,163 shares of the financial services provider’s stock worth $621,000 after purchasing an additional 1,158 shares in the last quarter. DNB Asset Management AS increased its holdings in shares of Texas Pacific Land by 200.0% in the 4th quarter. DNB Asset Management AS now owns 11,889 shares of the financial services provider’s stock worth $3,415,000 after purchasing an additional 7,926 shares in the last quarter. Finally, Northwestern Mutual Investment Management Company LLC increased its holdings in shares of Texas Pacific Land by 200.5% in the 4th quarter. Northwestern Mutual Investment Management Company LLC now owns 1,851 shares of the financial services provider’s stock worth $532,000 after purchasing an additional 1,235 shares in the last quarter. Institutional investors own 59.94% of the company’s stock.

Analysts Set New Price Targets

A number of analysts have commented 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. KeyCorp lifted their target price on Texas Pacific Land from $350.00 to $639.00 and gave the stock an “overweight” rating in a report on Monday, February 23rd. Zacks Research raised Texas Pacific Land from a “hold” rating to a “strong-buy” rating in a report on Thursday, April 16th. Finally, Wall Street Zen raised Texas Pacific Land from a “sell” rating to a “hold” rating in a report on Sunday, March 15th. One analyst has rated the stock with a Strong Buy rating, one has given a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $639.00.

Texas Pacific Land Price Performance

Shares of TPL opened at $397.60 on Friday. Texas Pacific Land Corporation has a one year low of $269.23 and a one year high of $547.20. The firm has a market capitalization of $27.42 billion, a P/E ratio of 54.47 and a beta of 0.66. The business has a fifty day moving average of $449.80 and a 200 day moving average of $386.95.

Texas Pacific Land (NYSE:TPL) last issued its quarterly earnings data 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. Texas Pacific Land had a return on equity of 35.52% and a net margin of 60.03%.The company had revenue of $236.80 million during the quarter, compared to analyst estimates of $233.00 million. Analysts expect that Texas Pacific Land Corporation will post 9.27 EPS for the current fiscal year.

Texas Pacific Land Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, June 15th. Investors of record on Monday, June 1st will be issued 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 presently 32.88%.

Insider Buying and Selling at Texas Pacific Land

In related news, Director Donna E. Epps bought 895 shares of the stock in a transaction that occurred on Wednesday, February 25th. The shares were bought at an average cost 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 of the company’s stock, valued at approximately $1,491,024.45. This trade represents a 44.18% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CAO Stephanie Buffington sold 1,608 shares of Texas Pacific Land stock in a transaction on Tuesday, February 24th. The shares were sold at an average price of $503.00, for a total value of $808,824.00. Following the transaction, the chief accounting officer owned 2,133 shares in the company, valued at $1,072,899. This trade represents a 42.98% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 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.