Balentine LLC Acquires 3,959 Shares of Texas Pacific Land Corporation $TPL

Balentine LLC raised its holdings in Texas Pacific Land Corporation (NYSE:TPL) by 200.2% in the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 5,937 shares of the financial services provider’s stock after purchasing an additional 3,959 shares during the period. Balentine LLC’s holdings in Texas Pacific Land were worth $1,705,000 at the end of the most recent quarter.

A number of other institutional investors have also recently bought and sold shares of the business. Vanguard Group Inc. boosted its holdings in 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 purchasing an additional 4,975,738 shares during the period. State Street Corp boosted its holdings in Texas Pacific Land by 1.9% in the 3rd quarter. State Street Corp now owns 1,169,299 shares of the financial services provider’s stock valued at $1,091,704,000 after purchasing an additional 22,296 shares during the period. 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 during the period. Invesco Ltd. boosted its holdings in Texas Pacific Land by 3.4% in the 3rd 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 period. Finally, York GP Ltd. boosted its holdings in Texas Pacific Land by 195.1% in the 4th 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 period. Institutional investors own 59.94% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts have issued reports on the stock. KeyCorp boosted their price objective 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. Wall Street Zen raised shares of Texas Pacific Land from a “sell” rating to a “hold” rating in a report on Sunday, March 15th. Weiss Ratings raised shares of Texas Pacific Land from a “hold (c)” rating to a “hold (c+)” rating in a report on Friday. Finally, Zacks Research raised shares of Texas Pacific Land from a “hold” rating to a “strong-buy” rating in a report on Thursday, April 16th. One research analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $639.00.

Texas Pacific Land Trading Down 2.2%

Shares of Texas Pacific Land stock opened at $433.94 on Friday. The company has a market cap of $29.92 billion, a PE ratio of 62.20 and a beta of 0.67. The company has a 50 day moving average of $481.54 and a 200-day moving average of $378.28. 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 issued its quarterly earnings data on Wednesday, February 18th. The financial services provider reported $1.79 EPS for the quarter, beating the consensus estimate of $1.73 by $0.06. The business had revenue of $211.60 million during the quarter, compared to the consensus estimate of $204.00 million. Texas Pacific Land had a net margin of 60.31% and a return on equity of 36.18%. Research analysts forecast that Texas Pacific Land Corporation will post 9.27 earnings per share for the current year.

Texas Pacific Land Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, March 16th. Investors of record on Monday, March 2nd were paid a $0.60 dividend. This represents a $2.40 annualized dividend and a yield of 0.6%. The ex-dividend date of this dividend was Monday, March 2nd. This is a positive change from Texas Pacific Land’s previous quarterly dividend of $0.53. Texas Pacific Land’s payout ratio is currently 34.38%.

Insider Activity at Texas Pacific Land

In related news, CAO Stephanie Buffington sold 1,608 shares of the stock in a transaction that occurred 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 completion of the transaction, the chief accounting officer owned 2,133 shares of the company’s stock, valued at $1,072,899. This represents a 42.98% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Donna E. Epps acquired 895 shares of the company’s stock in a transaction that occurred on Wednesday, February 25th. The stock was bought at an average cost of $510.45 per share, with a total value of $456,852.75. Following the purchase, the director owned 2,921 shares in the company, valued at $1,491,024.45. The trade was a 44.18% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. 6.90% of the stock is owned by corporate 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.