New York Life Investment Management LLC Acquires 5,312 Shares of Texas Pacific Land Corporation $TPL

New York Life Investment Management LLC increased its holdings in shares of Texas Pacific Land Corporation (NYSE:TPL) by 202.7% in the fourth quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 7,932 shares of the financial services provider’s stock after purchasing an additional 5,312 shares during the quarter. New York Life Investment Management LLC’s holdings in Texas Pacific Land were worth $2,278,000 as of its most recent filing with the SEC.

Several other hedge funds have also recently bought and sold shares of TPL. MassMutual Private Wealth & Trust FSB raised its holdings in shares of Texas Pacific Land by 363.2% during the fourth 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 period. Quarry LP acquired a new position in Texas Pacific Land in the 3rd quarter worth $29,000. Eagle Bay Advisors LLC acquired a new position in Texas Pacific Land in the 4th quarter worth $31,000. Silicon Valley Capital Partners bought a new position in Texas Pacific Land during the 3rd quarter worth about $33,000. Finally, Triumph Capital Management bought a new position in Texas Pacific Land during the 3rd quarter worth about $36,000. 59.94% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of brokerages recently issued reports on TPL. KeyCorp lifted their target price on Texas Pacific Land from $350.00 to $639.00 and gave the company an “overweight” rating in a research report on Monday, February 23rd. Wall Street Zen raised Texas Pacific Land from a “sell” rating to a “hold” rating in a research 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 research note on Friday, May 1st. Finally, Zacks Research upgraded shares of Texas Pacific Land from a “hold” rating to a “strong-buy” rating in a report on Thursday, April 16th. One equities research analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $639.00.

Insider Buying and Selling

In other Texas Pacific Land news, Director Donna E. Epps acquired 895 shares of Texas Pacific Land stock in a transaction that occurred on Wednesday, February 25th. The shares were acquired at an average cost of $510.45 per share, with a total value of $456,852.75. Following the completion of the purchase, the director directly owned 2,921 shares of the company’s stock, valued at $1,491,024.45. This represents a 44.18% increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CAO Stephanie Buffington sold 1,608 shares of Texas Pacific Land stock in a transaction dated Tuesday, February 24th. The shares were sold at an average price of $503.00, for a total value of $808,824.00. Following the sale, the chief accounting officer directly owned 2,133 shares in the company, valued at $1,072,899. The trade was a 42.98% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Corporate insiders own 6.90% of the company’s stock.

Texas Pacific Land Stock Performance

Texas Pacific Land stock opened at $386.78 on Tuesday. The stock has a 50-day simple moving average of $457.63 and a 200 day simple moving average of $385.11. The stock has a market capitalization of $26.68 billion, a P/E ratio of 52.98 and a beta of 0.66. Texas Pacific Land Corporation has a 52 week low of $269.23 and a 52 week high of $547.20.

Texas Pacific Land (NYSE:TPL) last issued its quarterly earnings data on Wednesday, May 6th. The financial services provider reported $2.07 earnings per share for the quarter, beating the consensus estimate of $2.03 by $0.04. The company had revenue of $236.80 million for the quarter, compared to analyst estimates of $233.00 million. Texas Pacific Land had a net margin of 60.03% and a return on equity of 35.52%. Research analysts forecast that Texas Pacific Land Corporation will post 9.27 earnings per share for the current year.

Texas Pacific Land Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, June 15th. Investors of record on Monday, June 1st will be paid a $0.60 dividend. 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 payout ratio is 32.88%.

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.