SIR Capital Management L.P. Purchases New Position in Texas Pacific Land Corporation $TPL

SIR Capital Management L.P. purchased a new stake in Texas Pacific Land Corporation (NYSE:TPL) during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 11,200 shares of the financial services provider’s stock, valued at approximately $4,902,000.

Several other large investors have also modified their holdings of TPL. Summit Securities Group LLC lifted its position in Texas Pacific Land by 171.9% in the fourth quarter. Summit Securities Group LLC now owns 87 shares of the financial services provider’s stock valued at $25,000 after acquiring an additional 55 shares during the last quarter. IFP Advisors Inc boosted its stake in Texas Pacific Land by 185.3% in the fourth quarter. IFP Advisors Inc now owns 97 shares of the financial services provider’s stock valued at $28,000 after acquiring an additional 63 shares in the last quarter. Quarry LP purchased a new position in shares of Texas Pacific Land during the third quarter worth about $29,000. Los Angeles Capital Management LLC purchased a new position in shares of Texas Pacific Land during the fourth quarter worth about $31,000. Finally, Silicon Valley Capital Partners purchased a new position in shares of Texas Pacific Land during the third quarter worth about $33,000. Institutional investors and hedge funds own 59.94% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on TPL. Zacks Research raised Texas Pacific Land from a “strong sell” rating to a “hold” rating in a report on Wednesday, July 29th. Weiss Ratings restated a “hold (c+)” rating on shares of Texas Pacific Land in a research note on Wednesday, July 29th. One investment analyst has rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $639.00.

Texas Pacific Land Price Performance

TPL stock opened at $373.28 on Tuesday. The company has a market cap of $25.75 billion, a price-to-earnings ratio of 47.57 and a beta of 0.60. The company has a fifty day moving average price of $388.23 and a 200 day moving average price of $423.77. Texas Pacific Land Corporation has a 12 month low of $269.23 and a 12 month high of $547.20.

Texas Pacific Land (NYSE:TPL) last issued its quarterly earnings data on Wednesday, August 5th. The financial services provider reported $2.23 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.18 by $0.05. The company had revenue of $246.10 million for the quarter, compared to the consensus estimate of $249.50 million. Texas Pacific Land had a net margin of 60.32% and a return on equity of 35.76%. As a group, analysts anticipate that Texas Pacific Land Corporation will post 8.88 earnings per share for the current year.

Texas Pacific Land Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 15th. Investors of record on Tuesday, September 1st will be issued a dividend of $0.60 per share. The ex-dividend date of this dividend is Tuesday, September 1st. This represents a $2.40 dividend on an annualized basis and a dividend yield of 0.6%. Texas Pacific Land’s dividend payout ratio (DPR) is currently 30.57%.

Insider Transactions at Texas Pacific Land

In related news, CFO Chris Steddum sold 3,170 shares of the business’s stock in a transaction dated Friday, June 5th. The stock was sold at an average price of $400.25, for a total value of $1,268,792.50. Following the transaction, the chief financial officer owned 12,870 shares in the company, valued at $5,151,217.50. The trade was a 19.76% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 6.90% of the stock is owned by company insiders.

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.